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CC utilization before purchase...

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meeklo062704
New Contributor

CC utilization before purchase...

I made payments on some credit cards in preparation of buying a new car. It was the balances from Christmas. They're now at a combined 40%, with one of the 4 cards a little higher than the others. I believe the statement dates are the 28th and 5th for the 2 I just made payments on. So do I need to wait a while so they can show on my report, or is showing proof of payment enough?

I believe my score is in the 640-650 range, it's hard to get any sort of continuity between all of the fako and vantage 3.0 sites. My hope is that my previous auto loan will balance everything else out as it was 36 perfect payments that closed in July, and my credit cards I've gotten since then all have prefect payment history.
Message 1 of 15
14 REPLIES 14
EddieK
Established Contributor

Re: CC utilization before purchase...

Wait til it reports.

Starting Scores:
1/19/14:

1/28/14:
2/12/14:
Current Scores:
7/10/19:
12/17/16:
9/05/17:
Message 2 of 15
meeklo062704
New Contributor

Re: CC utilization before purchase...

Do the bureaus update on set days, or as the info comes in? I have mismatched account info on the different free credit sites, just want to see if there's method to it.
Message 3 of 15
StartingOver10
Moderator Emerita

Re: CC utilization before purchase...

Your report is updated as the creditor reports to the CRA. It is typical for the creditor to report 3 to 7 days after the statement date.

You can see which date is reported by looking at your Credit Karma account - it will show you the date of the last report of each TL.  Ignore the CK scores.

 

I agree with the other poster, wait until your payments report.

You might want to also get your auto enhanced scores here first before you go auto loan shopping - at least you will know what they are....check the products section 3B report.

Message 4 of 15
Anonymous
Not applicable

Re: CC utilization before purchase...

when i got my car ha.. it was at 80% Smiley Very Happy but only had one card.

Message 5 of 15
meeklo062704
New Contributor

Re: CC utilization before purchase...

Is the auto enhanced score accurate? I was under the impression that it was unavailable to anyone but lenders. I also recently found out my auto loan wasn't reported to Equifax, but is on the other 2 bureaus.
Message 6 of 15
guydiver
Established Contributor

Re: CC utilization before purchase...

Wait until they report.  No Brainer.  Your scores won't reflect your lower utilization until then.  FYI, my reports usually update by the end of the day after my statement date, but YMMV. 

Message 7 of 15
guydiver
Established Contributor

Re: CC utilization before purchase...


@meeklo062704 wrote:
Is the auto enhanced score accurate? I was under the impression that it was unavailable to anyone but lenders. I also recently found out my auto loan wasn't reported to Equifax, but is on the other 2 bureaus.
The auto enhanced score, or "auto industry option", used to be unavailable until recently.  MyFico now has it.  I haven't heard much if any input as to anyone reporting their auto enhanced scores if pulled from here, then the dealer's score.  Not all dealers use the auto enhanced scoring.  Sounds like a good new thread to me.  MyFico auto enhanced score vs. dealer auto enhanced score. 
Message 8 of 15
meeklo062704
New Contributor

Re: CC utilization before purchase...

I'd be interested to hear that too. I saw the price on it, but didn't look too deep. Mobile site isn't so great. Is it a one time purchase, or recurring charge? Is there an introductory special rate on it? I'm in one of those weird spots where I'm pretty sure I won't have huge problems getting financed, it'll just be on not do great terms. Once I get the car I'm going to get another cap1 cc, and maybe another retail installment account. Once the my score gets over 700 I'll refi for better terms.
Message 9 of 15
guydiver
Established Contributor

Re: CC utilization before purchase...

It's $59.85 for all 3 bureaus, including the various scores from EQ and EX.  One time pull with one time price.  You won't get any additional scores from TU though.  If I was going to buy, and have the dealer pull my scores, I'd probably do it.  If I already had my financing in my pocket, maybe not.  Just depends on how comfortable you are with your scores.  Your dealer may or may not use the auto enhanced scores anyway, but I would probably want to know them.  But, the dealer might pull TU, like say Toyota.  So you won't know your auto enhanced score.  But, all things being equal, if you know your EQ and EX scores, your TU will likely trend the same way, up or down with auto enhanced versions.  If my reports were clean, no auto baddies, then it's up to you.  But I would never let a dealer pull my credit without having my own financing in my pocket to begin with.  That way, they will likely bend over backwards to beat it and get the business.  It's just part of their game.  I once bought a new car and I had credit union financing already.  They tried to get me to go with their financing at 0.01% less than my rate.  I declined because I wanted my CU payroll deduction every two weeks.  They tried the hard sell, but I stood firm.  When I got into the F&I office, I was signing the docs and discovered a $1000 factory rebate that I wasn't even aware of.  Had I taken their financing at 0.01% less than my CU, I would have forfeited the rebate and they basically would have made an additional 1K on the deal!  Same with aftermarket warranty.  I got my truck warranty at HALF what they wanted in the beginning because I found out my CU offerred one for way less than what they wanted.  Basically everything is negotiable.   

Message 10 of 15
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