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Quick question

Regular Contributor

Quick question

I have rebuilt my credit now for about a year and half. I've paid off all collections/ debts I've had in full amounts. I've opened a credit card in January of 2014. I was approved for a credit limit of 250, a few months later it went to 500, and now again to 700 limit. Before I got this credit card I checked out some dealerships just out of curiosity they told me they'd approve me at a higher rate, and my down payment I wanted to put down was fine. They stated at that time of January my score was 590. I just checked my score today and it says my score is up to 650 now. I have no other credit bills, own my car, renting under table from my parents- just graduated college recently, and that's about it. I pay my credit card bills 2 weeks ahead of time and never have a utilization above 25%. I pay me student loans early each month too. I'd prob put down a couple grand. Would I get financed? I'm not too picky on a vehicle as long as it's new and affordable. 

Current (8/2015): Equifax 688, Transunion 689, Experian 708
Goal Scores: 700 across the board

Capital One Venture: $5500| Discover it: $4500| American Express Green Card: NPSL| Capital One- QuickSilver: $3000| American Express Everyday Card: $2000| Bank of America- Americard Cash Rewards: $1500 | Barclays Cash Rewards: $1300| Chase Freedom:$1200| Barclays Apple Rewards: $2000
4 REPLIES
Valued Contributor

Re: Quick question

What's the source of the 650 score (this site, creditkarma, etc...)? What bureau is it from?

 

Also what's your pre-tax income look like? Finally source of income (you don't have to say the exact company, I just need to know full-time employed, part-time employed, self-employed, etc...)?

For an urgent question Monday thru Fridays, feel free to email me directly remembermyfico //at// gmail /dot/ com if you need a response in 24 hours.
Regular Contributor

Re: Quick question

The source is from the experian credit monitoring website. It's from experian bureau .about 30k a yea recent college grad. Employed for just two years with them. Full time employed. 

Current (8/2015): Equifax 688, Transunion 689, Experian 708
Goal Scores: 700 across the board

Capital One Venture: $5500| Discover it: $4500| American Express Green Card: NPSL| Capital One- QuickSilver: $3000| American Express Everyday Card: $2000| Bank of America- Americard Cash Rewards: $1500 | Barclays Cash Rewards: $1300| Chase Freedom:$1200| Barclays Apple Rewards: $2000
Valued Contributor

Re: Quick question

If you have a 15% down payment, I'd look into Hughes FCU. You'd qualify for their first time auto loan program at 4.75%.

 

If you don't have the down payment, then it might be worthwhile to spend the $10 and pull your Equifax FICO from this site (the one you have is a FAKO). If it's around 650, I can see DCU approving you for a 3.75% rate, but you may be limited on how much they'll give you (perhaps 15k, 20k if you're lucky).

 

If you want more than 15k or 20k and don't know of any local banks/CUs you'd want to try, then I'd look at trying with a big bank and seeing what they give you. Cap One will give you 20k+ probably, but then I'm not sure what rate they would quote you.

 

Finally at a dealer, I'm guessing (with a 650+ FICO) you should get like under 6% for something around 25k max.

 

But before going to the dealer, I strongly recommend you try on your own. If you figure out the car's price (approximately) and down payment you have, I can probably give you more definite answers.

For an urgent question Monday thru Fridays, feel free to email me directly remembermyfico //at// gmail /dot/ com if you need a response in 24 hours.
Regular Contributor

Re: Quick question

Thanks, for the replies. I decided to wait out a bit on the auto loan and build up my credit alittle more. I just applied last night for another credit card- Capital One, and they immediately approved me for $2000.00. Now i will have two credit cards, of which i maintained on time payments with my first one and always kept my utilization under 30% or paid off completely each month. I will do the same with this card, but it will help me alot more because its a higher limit then my first card. I believe by maintaining my utilization and paying off each month on time will only increase my credit rating, and credit worthiness. I plan on going to a dealer or a bank probably towards the end of the year. That will give my a year and half wtih my original CC and 6 months with this one. I hope it will help with them seeing me as credit worthy for a decent loan. With the appropriated DP. Thank you. 

Current (8/2015): Equifax 688, Transunion 689, Experian 708
Goal Scores: 700 across the board

Capital One Venture: $5500| Discover it: $4500| American Express Green Card: NPSL| Capital One- QuickSilver: $3000| American Express Everyday Card: $2000| Bank of America- Americard Cash Rewards: $1500 | Barclays Cash Rewards: $1300| Chase Freedom:$1200| Barclays Apple Rewards: $2000