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Established Member
Posts: 20
Registered: ‎09-16-2013
0

Thank You MyFICO and DCU

When I first started thinking about buying a new car about a year ago, I had no idea where to start.  First of all, I have always owned used cars my entire life.  Second, my FICO score was a big fat zero because I had no credit cards, no real credit history and two paid off tax liens on my report.  From the advice I gathered in this forum, I was able to attain a a 725 EQ FICO score in less than a year.  I employed the shopping card trick, plus listened to various reports of lender activity and credit best practices.  I tracked my credit score religiously using MyFico.com and was able to maximize my score when I applied for a loan for a new 2014 Nissan Titan Pro 4x with the premium utility package.  With my $36k loan at 1.74%, and a $4k down payment, I drove off the lot with my truck today:

 

 

(It would HAVE to rain today wouldn't it? lol)

 

Of course, my salary these days helped a lot in getting the loan too, but even so, without the help here, I would have never qualified.

 

DCU is very easy to work with and got me the financing in pretty good time.  You really can't beat their rates.

 

Anyway, just wanted to thank everyone here who helped me.  The member Remember0 was a big help too, thank you!

Member
Posts: 9
Registered: ‎01-22-2014
0

Re: Thank You MyFICO and DCU

Congratulations. I'm doing some repairs myself in hopes of cresting 710 or so as I sit at 696 now.  Looking to buy a used but new to me 2009 Acura Mdx.

Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
0

Re: Thank You MyFICO and DCU

 

Congrats on the great rate and enjoy that awesome truck !!!! 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Established Member
Posts: 20
Registered: ‎09-16-2013
0

Re: Thank You MyFICO and DCU


craigmax wrote:

Congratulations. I'm doing some repairs myself in hopes of cresting 710 or so as I sit at 696 now.  Looking to buy a used but new to me 2009 Acura Mdx.


One thing I found that raised my EQ score was to have a zero balance on my cards.  I don't mean ALL the time, but for me, the score went down even if there was $1 of charges on a card and went up when that $1 was paid.  That may not be the case for everyone else, but was for me.  I made sure that two months before I was planning on truck shopping, I had zero balances on all my cards and kept it that way until after I was approved.  I don't use credit much anyway, I just like to collect the points and pay the cards off each month.  I also did not add any new credit at all for the last 8 months.

Member
Posts: 13
Registered: ‎04-12-2011
0

Re: Thank You MyFICO and DCU

Try and see if you can swing a 2010+ MDX - the new 6 speed transmission and engine bump to 3.7L (versus 3.5L and 5 speed) is definitely noticable.

 

I myself am seriously considering trading my V8 Jeep Grand Cherokee for an MDX... getting 12-14mpg is starting to really hurt.

Frequent Contributor
Posts: 296
Registered: ‎12-16-2013
0

Re: Thank You MyFICO and DCU

Congrats! Nice truck! :smileyhappy:


Starting Score: No credit history in July 2013, 663 in August (lender pulled)
Current Score: 711 (Discover FICO), 705 (DCU EQ)
Ultimate goal: Buy a house in 2016!
Gardening for now :-)
Valued Contributor
Posts: 1,288
Registered: ‎02-12-2014
0

Re: Thank You MyFICO and DCU

[ Edited ]

Haha thanks for the shout out, and awesome looking truck! It's great to see people post pics, I wish more people would do it...makes it more rewarding :smileywink:

 

BTW, for the record, that balance thing you noticed is true for everyone! FICO is generally maximized when all but 1 of your cards report a 0 balance. THe one other card should report a balance that is <10% of that card's credit limit. But this doesn't mean you can't use all your cards. Use all of them, but stop using each card you want a 0 balance on like 5 days before your statement cuts. Wait 2-3 days for all charges to post. Then, with 2-3 days left before the statement cuts, send in a payment for whatever the balance is. THat way, your statement should reflect a 0 balance and it'll report 0 balance to the bureaus even though you have used it!

As I am very busy with work these days, I am participating in the forums less than I would like to. Please feel free to email me directly remembermyfico //at// gmail /dot/ com if you would like me to respond to a specific question you have.
Member
Posts: 17
Registered: ‎05-04-2014
0

Re: Thank You MyFICO and DCU

[ Edited ]

knr

 

i would stay away from hondas and acuras, they are infamous for their transmission problems

if anything, I would stay with the latest year of that gen,problems are mostly worked out, but in your case it's the 5 speed MDX which is still having problems to this day.

generally stay away from at least 2 years of a generation refresh/powertrain refresh.

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