06-20-2013 02:05 PM
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!
06-20-2013 02:13 PM - edited 06-20-2013 02:21 PM
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.
06-20-2013 02:28 PM
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!
06-24-2013 11:09 AM
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?
06-25-2013 08:21 AM
Just got approved for the AMEX Blue Cash Rewards card.
Now my new goal is paying off the principal of my new auto loan.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.