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Car loan or CC first

Valued Member

Car loan or CC first

Hi everyone, nice to learn each day from you guys, this is my first post,  rebuilding after a long wait for all this years, I was in dec 10 , EX 566, EQ 568, TU 566, January 31, EX 566, EQ 665, TU 572,  but FICO EQ 620, TU 588, hope in second round EX and Tu go up, but is really exciting, I read this place so much, I was working just in cash, never care about my credit for the last 10  years, now is different, want a car soon, about 18,000.00 and I think a house in less than a year, hope 8 months, no Credit Cards for now,  need to ask if is better to get a car loan or  CC first, what is better and easier, Thanks.


Starting Score: EQ 566,TU 567 12/2012Current Score: EQ 640,TU 747, EX 705,8/2013
Fico EQ 672, Fico TU 722, Fico EX 674,

Goal Score: 750 +


Take the myFICO Fitness Challenge
Message 1 of 5
4 REPLIES
New Contributor

Re: Car loan or CC first

If it were me, I'd get a few different cards first and then get the car, but only apply for cards you are pretty sure you will get approved for.  With your credit as it is now I'm pretty sure you will need a decent amount down.  I would take a part of that and get a secured credit card if you get declined for an unsecured card or think you might.  Also get a wal mart card for the free transunion Fico score.  

 

You should get a score bump after a month or two of halving some cards. Keep one at 0 percent balance(but use it a little to help with future cli's(walmart/GE) and let the other one report at ~9%

 

If you can't wait a few months then you can always just refinance after establishing your credit more, but you will most likely have to put more money down than if you first raised your score with credit cards.

 

 

 

Message 2 of 5
Epic Contributor

Re: Car loan or CC first


jufer wrote:

Hi everyone, nice to learn each day from you gays, this is my first post,  rebuilding after a long wait for all this years, I was in dec 10 , EX 566, EQ 568, TU 566, January 31, EX 566, EQ 665, TU 572,  but FICO EQ 620, TU 588, hope in second round EX and Tu go up, but is really exciting, I read this place so much, I was working just in cash, never care about my credit for the last 10  years, now is different, want a car soon, about 18,000.00 and I think a house in less than a year, hope 8 months, no Credit Cards for now,  need to ask if is better to get a car loan or  CC first, what is better and easier, Thanks.


If you have not used credit in 10 years what is on your credit?

What is still on your credit and what credit cards or auto/home loans did you not pay before?

Message 3 of 5
Valued Member

Re: Car loan or CC first

Thanks Robert  , very good about the wallmart card, ill do it,I just applied Friday for a secured card, declined,  have some problems because I don't have settle my home place yet , have to move after Sandy throw me out  here in NY, 12'' of water,  confirmation for residential address and land line phone  plus my  license got a old address from 6 years ago,  hope fix all this soon,  but I need to get a auto really soon, was thinking wait a month to see what happen with new disputes and get a loan,  and refinance later . Thanks again


Starting Score: EQ 566,TU 567 12/2012Current Score: EQ 640,TU 747, EX 705,8/2013
Fico EQ 672, Fico TU 722, Fico EX 674,

Goal Score: 750 +


Take the myFICO Fitness Challenge
Message 4 of 5
Valued Member

Re: Car loan or CC first

I got some small collections, negatives close, paid mortgage loan, I lot of late payments, oldest account 16 years, got 3 judgments. 8 years ago I destroy all credit cards, like ten , in hands of my ex , to many bills, hate that, LOL  time to start again, but with good steps.


Starting Score: EQ 566,TU 567 12/2012Current Score: EQ 640,TU 747, EX 705,8/2013
Fico EQ 672, Fico TU 722, Fico EX 674,

Goal Score: 750 +


Take the myFICO Fitness Challenge
Message 5 of 5