10-16-2013 08:27 AM
I am paying down several balances to get the best score bump I can. On myfico it seems they report 3-4 days after the statement cut. How much time should I allow for these $0 balances to report before going to the dealer and looking at a car. I am looking to bring 6 accounts to $0 on the CR.
Also is there anything else i need to do. I am in the rebuilding phase, scores now 648TU, 603 Exp, 613 EQ and that is with current UTIL 90% if i count balances on old closed accounts. UTIL about 50% if i count open accounts. After the balances are paid I will be at about 22% if I count closed accounts and 0% if I count open accounts.
Current car has 190k miles and will not pass inspection without $$$ into the black hole.
Last auto loans were paid off in 2002.
10-17-2013 12:19 AM
10-17-2013 06:35 AM - edited 10-17-2013 06:39 AM
What state? PA
What kind of car are you looking for? Used 2012 Malibu or Equinox
What's bad on your reports? Yes
3 accounts closed in 2009 and finishing paying off in a couple of weeks show good payment history for past 2 years
couple of accounts settled legally paid less than full in 2010
A mortgage that has a load of late pays was behind to the tune of $50k----now current.
Several (5) new cc accounts with $0 bal or PIF each month.
10-17-2013 06:44 AM - edited 10-17-2013 06:46 AM
You sound like you're in about the same situation I am. I started around the end of August, paid off all my CCs in September. You're correct about usually updating the CRAs a few days after statements close. If your cards all close the same time and you can pay them off before they close it could update to the CRAs quickly. My cards were all spread out over the month so a few of them updated quickly and I'm waiting for the last one to show it's new balance today or tomorrow.
In addition to what creditaddict asked, what are the balances and credit limits on the cards you have as well?
The more information you can provide the easier it will be for recommendations.
I just joined a credit union as well. My equifax score is the highest for me and they said they can pull it for the app, they're offering %1.99 for 72 months on new cars and discount it %.25 if you do direct debit which I'll take advantage of. I know a lot of people recommend not going over 60 months but I'll be paying additional principle and this way I'll have the lower 72 month payment to fall back on in case I need to.
10-20-2013 10:04 AM
If your stuck on an Equinox or Malinu, why not look for a 2008-2009 model? Much cheaper, and just as reliable. Your still paying a premium for a 2011-2012 automobile on the retail side.
$10,000.00 will get you a NICE Malibu.... (If you think there nice obviously).....Don't buy one with under 50K miles.. You pay far too much more money.
10-20-2013 11:56 AM
One of the first steps in financing a car is to get a grip on your credit rating. A poor credit history can result in a higher interest rate or even loan disqualification. Before you buy a car, find out what it will cost to insure it. Each state has different requirements when it comes to auto insurance, Know your state's requirements.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.