Credit Score is 660....I will be putting some money down.....will I get my Jeep?

[Brian_Trying_700]

I learn everyday as I get older. Thanks for the information. It will make my next car shopping much easier.

[BoothwynAP]

I hate to be so specific, but would it make sense to bank shop maybe one week before I pick up the vehicle? 

If I do a mix of online and brick and mortar inquiries, would it be just "one pull" on my credit report? 

[FrugalRican]

As long as they are all classified as AUTO and are done within 30 days, they will eventually all be counted as 1.

[Brian_Trying_700]

+1 dont geat panic when you pull your C.R 1 week after getting your Jeep.  It will be all counted as 1 H.P. They will drop off within 1 month. My old 1993 Cherokee had 328k on the clock when I sold it and she was still running stong. Great choice.

[dodgeball]

You shouldn't have any issues getting financing at all. 660 while not a great score is not a horrible score either and most lenders should have no problem financing you. Contrary to popular belief, Lenders are not as strict on there lending practices than a few years ago. They are actually quite liberal again.

[BoothwynAP]

Thanks, I will update the board when I complete the transaction!

[webhopper]

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@BoothwynAP wrote:

Thanks, I will update the board when I complete the transaction!

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You may see a significant score increase by paying off your CC balances.   what is your balance vs available limit?

[BoothwynAP]

Thank you for asking. I only have one Credit Card. 5K Limit with 4K on it. 

I had it down to 2K but just had to add 2K for a family funeral emargency.  (flight and hotel etc.)

But that is my only CC. 

With me likely picking up the vehicle in the last week of April or first week of May, I didn't know what made the most sese. Use some of the Down Payment towarss the CC or just use it all for the car. 

Either way I feel comfortable I will be able to pay off both and meet the payments. Probably more agressivelyy with the CC. 

If I could hold out for another month or two I would....but with 216K miles on my Ford Escape, no AC, Oil leak, and inspection due in July.....the new car is a necessity. 

I woud appreciate your thoughts though. 

[webhopper]

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@BoothwynAP wrote:

Thank you for asking. I only have one Credit Card. 5K Limit with 4K on it. 

I had it down to 2K but just had to add 2K for a family funeral emargency.  (flight and hotel etc.)

But that is my only CC. 

With me likely picking up the vehicle in the last week of April or first week of May, I didn't know what made the most sese. Use some of the Down Payment towarss the CC or just use it all for the car. 

Either way I feel comfortable I will be able to pay off both and meet the payments. Probably more agressivelyy with the CC. 

If I could hold out for another month or two I would....but with 216K miles on my Ford Escape, no AC, Oil leak, and inspection due in July.....the new car is a necessity. 

I woud appreciate your thoughts though. 

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I was in your boat, with Discover More being my only CC, the util% was killing my chances on getting a house because it was making my score be in the 667 range... After paying down the balance to less than 50%, I got to 694.  If you could bring your balance below 50% Utilization, which would require about 1500-1600 from what you've stated... then contact the CC company and ask for an out of cycle update to the bureaus, I believe you would get a better rate on your new vehicle and be required to put down less money.  After paying down the balance to less than 50% you could also ask your CC company for a Credit Limit Increase, which would also decrease your util%.  Make sure you ask if they can do it with a soft inquiry, you dont want them pulling a hard inquiry to do it.  Also, having 2 or more major CC's reporting to the bureaus will increase your score, due to the boost you get from having 2 CCs. My scores have increased 20 pts as a result of adding the credit lines in my siggy.

Any other forum members comment on what I've posted above? Is this a good plan for the OP?

[BoothwynAP]

I never heard of an out of cycle update.  Thanks for the heads up.