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HELP ME GET MY 1st CAR

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Established Member

HELP ME GET MY 1st CAR

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

Inquiries 4

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


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1 REPLY
Moderator

Re: HELP ME GET MY 1st CAR

Better for you to have a large down payment and to get your loan through a CU.