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Established Member
Posts: 15
Registered: ‎06-05-2011
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I need a new car ASAP


Hello board, I currently have a fico score of 587 eq and 581 tu. Using the estimator, i can bring these scores up about 65 points by paying cc debt. Now I am desperatly in the need for a new car. ONly problem is I still owe about 4500 on  my current vehicle(which has a blown motor now). WIll paying off the current loan or cc to help raise my scores best help me get a new car loan? Or should I pay half and half on both? Thanks for any advice in advance...

New Member
Posts: 3
Registered: ‎01-29-2013
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Re: I need a new car ASAP

[ Edited ]

What I have been told by many loan officers and car finance people is that CC utilization is a killer. Deal with that first.


If you get your utilization down you will actually (as long as your income is OK and you have no collections/judgements/etc) qualify for a 2nd auto loan. So you will have something to drive while you figure out what to do with the other car.


With a ~580 score I was able to buy a brand new Mazda 3 even though I already had an open loan for a much more expensive car.

Established Member
Posts: 15
Registered: ‎06-05-2011
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Re: I need a new car ASAP

Thats the direction im leaning....paying off the cc debt first.....thanks....

Posts: 17,529
Registered: ‎12-30-2011
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Re: I need a new car ASAP

Auto loans and installment debt in general are tiny compared to credit card debt when it comes to FICO scoring.

Just be aware you may need a downpayment for the new loan so keep a cash reserve regardless. 20% of the car price is not unreasonable for a used vehicle.
Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)

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Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
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Re: I need a new car ASAP

You can also trade your car in. You might get most of the money owed for the car and that would eliminate you from having two car payments.

I agree that getting your utilization down is most important. Try for at least 30%; however, it would be best to get it down to 10%.
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