I'm so confused.
I had been waiting to buy the myfico until I was ready to finance a car for a first time .
My Fako scores are pretty awful
Capital One and Credit Karma - > 664
Credit Sesame - > 623
... but they used to be a lot worse. small collections that I could not track down, idenity theft not worth hiring a lawyer, chasing my student loans as they got sold from place to place, never owning a credit card till I was 30. I knew rebuilding credit takes time. I don't desperately need for a car, I can get to work and around with public transit so there was no rush.
My plan to combat my awful credit was to put down a higher down payment on a reasonable late model used car. 30-40% down on a car that costs no more than 15K. Like a 2010-2015 Honda Civic. My take home is 3800/ month. My rent is $610 and going down to $350 when I move into the house of my fiancé next year.
Everybody says those Fakos are inflated. So I held my breath to see what myFico would tell me.
Equifax 705
TU 727
Experian 731
The lowest score in the report was the mortgage fico 2 (683). My "auto scores" Fico 8 and 2 were 735 and 709 respectively. Okay, not amazingly good but not in the realm of credit I was expecting.
So now my question is this, should I still offer up 30-40%? or would 25% be okay? I'm planning on financing through my local federal credit union
