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New Contributor
NiNoMArksLA
Posts: 108
Registered: ‎11-01-2012
0

Getting a New Loan

Hello I Got a SUV From Carmax And Approved By Santander 24.9 $500 a Month 2011 Dodge Nitro R/T $17,998 I Pay $750 a Month Had Since Dec 2012 And I Am Keeping The Dodge For My Wife And I Wanna Get a New 2013 Mustang 5.0 For $29,998 And My Credit Cards All At $0 Balance On The 2th Of May And My Experian Score Is 656 TU 602 And EQ 650 I Think My Scores Will Go Up When Cards All Paid Off My UTl Is At 98% My Cards Are All Maxed Out

My Cards
Capital One $300
Capital One $750
Credit One $300
Bank Of America $300
Macy's $300
Wal-Mart $400
Daniels $600
Express $150

AAOA 1 Year And 5 Months
I Have Alot Of Inqs On All 3 Credits

Do u Think Carmax Will Approve Me Are Do u Think Just Go To Ford Dealer ?

Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
0

Re: Getting a New Loan

Wow, really?

 

Get your cards paid off before you do anything. Once paid off, ditch credit one. Then work on paying off the other loans. Once you get that accomplished, save up a down payment.

 

Seems like you are a ways from being in a position to buy again.

 

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
New Contributor
NiNoMArksLA
Posts: 108
Registered: ‎11-01-2012
0

Re: Getting a New Loan

Why should I close credit one for and I am paying all my credit cards off on the 2th and I have $3,500 to put down ... I had credit one for couple months now
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
0

Re: Getting a New Loan

Credit one charges high fee's. No reason to have them since you got a capital one account. 

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
0

Re: Getting a New Loan

I would say focus on the dodge after getting the credit cards paid off. At 25% interest, it should be your only concern. Get it paid down so that it is worth more than is owed. Once you score reflects the paid off credit cards. Work on getting a refi on the dodge.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Established Contributor
CashOnDelivery
Posts: 502
Registered: ‎04-17-2013
0

Re: Getting a New Loan


NiNoMArksLA wrote:
Why should I close credit one for and I am paying all my credit cards off on the 2th and I have $3,500 to put down ... I had credit one for couple months now

What Dustink is trying to do is help you save some money by avoiding fees. Is Credit one your youngest credit line?


2010: 475 EQ 2011: 503 EQ 2012: 600 EQ2013:632 EQ
Starting Score: 634 EQ-3/13/13
Current Score: 706 EQ-8/29/13 703 EX-7/12/13 705 TU-8/9/13
Goal Score: 700

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New Contributor
NiNoMArksLA
Posts: 108
Registered: ‎11-01-2012
0

Re: Getting a New Loan

Yeah credit one is my youngest only had couple months my cap one $300 is my oldest acct and my Bank of America Secured card is to same thing I got them
Frequent Contributor
dabrian
Posts: 318
Registered: ‎12-10-2012
0

Re: Getting a New Loan

Pay off the cards, pay down on the Dodge to where you are in position to refinance, then walk in with a sizable down payment if your deadset on buying new.
NFCU Sig Cash-20k/ Amex BCP-19.4k/ Amex Costco-1.2k/Chase Marriott-12k/CSP-8k/ Freedom-5k/ Discover IT-11k/NCSECU-5k/Walmart-10k/Lowes-25k
Established Contributor
sccredit
Posts: 836
Registered: ‎09-14-2012
0

Re: Getting a New Loan


dabrian wrote:
Pay off the cards, pay down on the Dodge to where you are in position to refinance, then walk in with a sizable down payment if your deadset on buying new.

THIS

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