I'll try to keep it short and simple but I'm looking to buy a car since I'm moving out of the city in September.
Income = around 150k
Credit scores are listed below in my profile
Discover IT card with $1200 limit (card only active for 2 months)
AAoA 5 years 9 months
Baddies = I have late payments on my account from 18 months ago but a lot at once just before I started my new job. Unfortunately can't wait until they hit 2 years before getting the car
Debt to Income Ratio = 6%
I know I should probably go through a local credit union and am looking into NFCU but my question is about whether I should open up another line of credit before attempting to get the auto loan? When I opened the discover IT card I saw a bit of a drop in my score even though I had 0 cards at the time that were open.
So do I need an extra card or something else before applying for the auto loan?
Starting Score: TU 624 EQ 640 May 2013 Current Score: TU 651 EQ 661 EX 628 Goal Score: 800