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Established Contributor
Posts: 672
Registered: ‎10-25-2011
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Re: First time buyer questions

1.9%, that's how you shop for an auto loan! Plus the $10K credit card. Knowing me, I probably would have pretended not to be pleased with the limit and asked for $15K limit lol. 9% variable is a great rate for credit cards these days. 

 

Looks like you should be getting a nice bump on your reports. $10K plus on your credit line, new mix of credit (auto loan), and new accounts. All these are benefactors to your credit. Your AAoA should take a little hit, but should be just fine. 

 

Why Amex? The only good thing they have is customer service. Well and status symbol? 

 

Congrats again. Appreciate the shoutout!

I'm a personal banker and do a lot of auto loans serving the Houston area.
I suggest first time car buyers to read the sticky guide in the auto loan section.
I try to check these forums often, but if I missed your post, please feel free to message me with a link to it.
Established Member
Posts: 82
Registered: ‎05-06-2013
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Re: First time buyer questions

[ Edited ]

Oh believe me, I acted like I was doing her a favor taking the 10k limit.  I asked what the limit was, and was told "10k, but you can have lower if you'd prefer".  I just said, yeah I'll take the 10k, it'll bump my utilization down a bit.  9% variable is higher than my BofA rewards card, so it won't see much use unless the rewards are jaw dropping.

 

Now I'm going to pay off the balance of my BofA card and chill in the garden.

 

Amex is just a status symbol.  I like to set goals and achieve them.  My first goal was over 700.  Second goal was a vehicle with a low APR%.  Only other thing I have left is status symbols.

 

I also want to focus on attacking the hell out of the principal of my loan.  I made sure no pre-payment penalties are laced in the agreement.

 

Is it standard for there to be language stating that if I'm late for 60 days on the payment that it switches to a variable % at 18%?  That kind of gave me pause, otherwise I'm 100% happy!  Today has been highly productive!

 

Also, the Beacon 5.0 Auto Industry Option they pulled is way higher than my FICO score on MyFICO.  MyFICO is sitting at 720, the lender pulled 748.

 

I've never owned a vehicle before, or paid for one.

 

Edit: Annnnd!  On my previous post I was talking about the finance guy screwing around with me.  I think he was avoiding having to commit to the pricing.  He wanted to get me in there and try and be like "ooh well we cant give you this price".  I think thats why he kept "sending" it but it never got anywhere.  When I finally got the purchase order, it did not include any of the rebates.  I had a $750 Ford coupon that is notorious for dealer trying to duck.  I told him flat out it needed to be in there along with the other rebate for my CU to accept it.  So he resent the proper purchase order...reluctantly.

 

Word of advice to anyone buying a vehicle - READ EVERY LITTLE DETAIL AND UNDERSTAND IT ALL.  They like to play games.


Amex CS scores - EX-745 / EQ-745 / TU-767 (6/28/13)
BankAmericard Cash Rewards - 10k, MAFCU Visa Rewards - 10k, Chase Freedom - 2500, Discover IT - 2000, Barclay Apple - 2000, AMEX BCE - 2000
Gardening as of 6/28/13
Established Contributor
Posts: 672
Registered: ‎10-25-2011
0

Re: First time buyer questions

Yeah its standard to increase the variable interest rate if you're late. Most big banks increase the rate to 29% if you are late more than 60 days.

 

As for your auto enhanced fico, i'm sure they consider if you have financed a vehicle, but maybe they also consider other factors that help you out. But who knows? Too many versions of FICO to find out. 

 

And yeah, those finance guys are very sneeky!

I'm a personal banker and do a lot of auto loans serving the Houston area.
I suggest first time car buyers to read the sticky guide in the auto loan section.
I try to check these forums often, but if I missed your post, please feel free to message me with a link to it.
Established Member
Posts: 82
Registered: ‎05-06-2013
0

Re: First time buyer questions

Hmm this is odd.

 

It seems the mass credit inquiries (4) from my auto loan requests made my credit score go up an additional 15 points?


Amex CS scores - EX-745 / EQ-745 / TU-767 (6/28/13)
BankAmericard Cash Rewards - 10k, MAFCU Visa Rewards - 10k, Chase Freedom - 2500, Discover IT - 2000, Barclay Apple - 2000, AMEX BCE - 2000
Gardening as of 6/28/13
Established Member
Posts: 82
Registered: ‎05-06-2013
0

Re: First time buyer questions

Just got approved for the AMEX Blue Cash Rewards card.

 

Now my new goal is paying off the principal of my new auto loan.


Amex CS scores - EX-745 / EQ-745 / TU-767 (6/28/13)
BankAmericard Cash Rewards - 10k, MAFCU Visa Rewards - 10k, Chase Freedom - 2500, Discover IT - 2000, Barclay Apple - 2000, AMEX BCE - 2000
Gardening as of 6/28/13

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