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.
Current Score: EX 712 4/28/15, TU 713 4/14/14 lender pull, EQ 723 9/16/15, 740 EQ bankcard 8 6/1/15 lender pull
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.
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.
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.
Starting Score: 521 TU, 597 EQ, 574 EX on 6/20/2011