New car..

[blackarsenic]

Hello all, I'm about to get a new car. My EQ is 510 and my Trans is 530. I'm 28 New Yorker with no prior auto loans. The thing is with my refund I just paid off almost ALL of my debt which wasn't a lot ($3400). So as of now i'm completely debt free beside the $48 balance I left on first premier. How long should I wait till I start car shopping? I was looking @ march as my date to buy. Also any advice on how I should approach this?

[Anonymous]

I would wait until you have at least a 600 fico. Paying down your debt might have given you a boost, but the reality is you probably need a higher score for a decent interest rate at best. Keep on raising those scores, you can do it!

[blackarsenic]

How long does it usually take? All my bill with the exception of 1 is at 0.

[Creditaddict]

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@blackarsenic wrote:

How long does it usually take? All my bill with the exception of 1 is at 0.

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What are the negatives on your report? BK,Collections, lates?

[blackarsenic]

Seriously deliquent, bad payment and high limit.... All gone now. I did the simulator and it showed that my score would only jump to 610-640 in a months time. How accurate is that?

[Creditaddict]

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@blackarsenic wrote:

Seriously deliquent, bad payment and high limit.... All gone now. I did the simulator and it showed that my score would only jump to 610-640 in a months time. How accurate is that?

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How are serious deliq. and missed payments gone now?

[blackarsenic]

I mean, I don't owe anyone anything but 1 card, and that's $48 or $45. I paid my collections off last year but still had high credit usage. Also was late with 2 payments last year.

[Creditaddict]

You will get a boost with now not having any debt, but the late payments and collections are going to hold you down and then never having a car loan before is going to be an issue too.

Are you looking to buy new or used?

how much are you spending?

How much are you putting down?

[MarineVietVet]

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@blackarsenic wrote:

Seriously deliquent, bad payment and high limit.... All gone now. I did the simulator and it showed that my score would only jump to 610-640 in a months time. How accurate is that?

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Delinquencies don't automatically go away because an account is paid off. Can you give more details about what kind of derogatories you have?

Is it just late payments? How old are they? Are they 30 day lates? 60? 90?

Do you have any charge offs or collections? Judgements? I ask because all those things can damage your scores for many years but there are ways of possibly removing them early depending on what the derogatories are.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[blackarsenic]

Used, $18000 Subaru Legacy, $2500 down. Or a $15000 Nissan Altima.