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Established Member
Posts: 10
Registered: ‎06-04-2013
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[ Edited ]

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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Posts: 10,797
Registered: ‎03-06-2010
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Better for you to have a large down payment and to get your loan through a CU.

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