Should I wait?

[Anonymous]

Okay so I am getting a new vehicle this month, unless yall think otherwise. I have 20 inquiries on each report, four will fall off this month actually. But I am disputing some because I have honestly neer heard of the company and I don't live accross the US so theirs no point for me to een apply for some of the inquiries. But I didn't know if I should wait to get a new car, (USED) or go for it? My scores are below!

[Anonymous]

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@Anonymous wrote:

Okay so I am getting a new vehicle this month, unless yall think otherwise. I have 20 inquiries on each report, four will fall off this month actually. But I am disputing some because I have honestly neer heard of the company and I don't live accross the US so theirs no point for me to een apply for some of the inquiries. But I didn't know if I should wait to get a new car, (USED) or go for it? My scores are below!

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I'm no expert on this matter, but I would put my money on Cap One. I have never dealt with a credit union before. I have recently went around to get an account with my local credit unions, but my BK7 from 2011 stops me. So I said screw them. Cap One has been great to me even after my CO's with them. A lot of people suggest going with a CU.

[CH-7-Mission-Accomplished]

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@Anonymous wrote:

Okay so I am getting a new vehicle this month, unless yall think otherwise. I have 20 inquiries on each report, four will fall off this month actually. But I am disputing some because I have honestly neer heard of the company and I don't live accross the US so theirs no point for me to een apply for some of the inquiries. But I didn't know if I should wait to get a new car, (USED) or go for it? My scores are below!

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Don't dispute inquiries.  It will get you grief and fraud alerts.  Plus you have 20 inquiries on each CRA, so you would have to remove 14+ from each CRA to see a noticable score gain (or slight gain).

Most auto lenders don't care about credit card inquries.  People do not run around and open up a new car loan every month.

What might set you back is how new all your credit is.  If your oldest account is from May, there may not be enough experience to get approved yet.

If you keep your utilization down to 1% and pay on time, your chances will be better in three months and even better in six months.  I'm not saying nobody will finance you, but I'm pretty sure you will get better terms if you wait just a little while.

[StartingOver10]

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@Anonymous wrote:

Okay so I am getting a new vehicle this month, unless yall think otherwise. I have 20 inquiries on each report, four will fall off this month actually. But I am disputing some because I have honestly neer heard of the company and I don't live accross the US so theirs no point for me to een apply for some of the inquiries. But I didn't know if I should wait to get a new car, (USED) or go for it? My scores are below!

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Agree with the prior poster about the inq's - don't bother disputing.

You didn't say what your income is - that is critical as well as credit and debt.

Is this your first vehicle loan?

[Anonymous]

Totally agree that you should not get too stressed about the inquires, they don't have a huge impact on score and because car loans are secured by the collateral it is not seen the same as credit cards.  I highly suggest credit unions, they are the best way to go for nearly all situations (exception tier 1 credit and factory sponsored zero, .9% finance etc) short of those with exceptional credit it is rare that a bank can beat a credit unions interest. DCU is a favorit here, I love NFCU so I reccomend them if you can get in. I would not wait any longer than you were planning on to get the car.  I suggest getting preapproved in advance so you have an APR to compare against and if it is decent you can save some HP because the dealers blast your apps out to so many lenders you can pick up 5-8 HP pretty quickly.

[Anonymous]

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@StartingOver10 wrote:

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@Anonymous wrote:

Okay so I am getting a new vehicle this month, unless yall think otherwise. I have 20 inquiries on each report, four will fall off this month actually. But I am disputing some because I have honestly neer heard of the company and I don't live accross the US so theirs no point for me to een apply for some of the inquiries. But I didn't know if I should wait to get a new car, (USED) or go for it? My scores are below!

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Agree with the prior poster about the inq's - don't bother disputing.

You didn't say what your income is - that is critical as well as credit and debt.

Is this your first vehicle loan?

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This woud be my second car loan, I had one wo years ago which is good never missed a payment. My income is about $32000-33000 a year.

[Anonymous]

Here goes my advice based on what you've shared. While you have a fair number of inquiries, I would be less concerned about that. I would first encourage you to wait until the new accounts from August show up and start impacting your score. Since you just opened them, you really need to have some history with them for a few months to positively impact your scores. With that being said, that means you should push you purchase back until the first of 2016 at the earliest. 

Do you really need or just want a new vehicle right now? Can your budget afford it? Do you have a budget?

To optimize your score you need to make sure that you allow only 1 account to report between 1-9% on the statement date. All other accounts should be paid in full by the due date and make no purchase between the due date and statement date. You have to be very careful with cards with low limits that you keep your balances LOW. Utilization has a great impact on your Fico scores. Great. 

Now the hard part is wear the rubber meets the road and it is your scores. You indicate your scores in August were Equifax 615 ~~ Transunion 644 ~~ Experian 632. Was this before or after your app spree?

Frankly, I believe that you need to WAIT. Your Fico 8 scores are in the low range. And they are not your Fico auto scores which could be lower or higher. You need scores at least 640+. Why? It does no good to get a new car and then hate that car because you're struggling to pay for it because your INTEREST rate is to daggone high. I fear your car note is going to be high with your scores. Best wishes and hope you make a sound decision. 

[Anonymous]

Okay so I'm gonna wait it out like you said and then in a few months I will evaluate everything and the. Ask again of opinions with improved scores and good history as well thank you all for the advice I truly appreciate

[Gunnar419]

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@Anonymous wrote:

Okay so I am getting a new vehicle this month, unless yall think otherwise. I have 20 inquiries on each report, four will fall off this month actually. But I am disputing some because I have honestly neer heard of the company and I don't live accross the US so theirs no point for me to een apply for some of the inquiries. But I didn't know if I should wait to get a new car, (USED) or go for it? My scores are below!

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Glad you're going to wait a few months. That seems wise. I'm more concerned, though, about the red statement above. You have inquiries on your reports that you don't recognize and have reason to believe aren't yours? I suppose this could be honest errors by the CRAs. But could this be identity theft?