Heres a little background info on me. I am 19 making about 50k a year and was carrying a balance of about 15k on credit cards for the past 4-5 months because they are all 0 percent. I was still making big payments towards them for example , if my minimum due is 100 i would pay 500 that month on each card. Anyways i have about 19 inquiries on my report and been recently looking for a auto loan to help my credit report. I have the cash to buy the car i want myself but i want to do a loan and have an auto loan on my credit report. Today i payed off 15k of all credit cards bringing it to 0. Credit score as of 15k debt was 700-720 and only about 40% utilization. I was wondering who should i try to get an auto loan from at this point looking for a 20k loan.. im thinking of putting down like 10k. if it will help me get aprroved. I got denied by penfed cap1 sent me a preapproval of 2.35% but i dont like that you can only get a car from there certified dealers....Anyone know who i should apply for next?
How old are your inquiries? Were they related to applications for an auto loan or were they for credit cards?
Also, if you only paid off your CC balances today, you have to give it time to report to the credit bureaus before you will see your scores improve as a result of decreased utilization. If you are not in a hurry to get a car, I would wait until later this month to apply.
My fico with all those balances are 720+ i applied now anyway will let you guys know how it goes