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Regular Contributor
Posts: 120
Registered: ‎01-22-2013
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which kind of loan can help?

I am wondering what's the best auto loan that can help get my scores up. I am at 630 fico, my mother is at 745. I have a report settled in 08,which has been removed from Equifax. I have about 1.5k for a skewness payment. What is the best scenario to for a 20k loan?. Mother has an auto loan with perfect payment,balance 6k.
Thank you for your advice


CURRENT TLS:

AMAZON $2K/ WALMART $2K /DCU $3K DELTA AMEX $1K
DISCOVER $1.2K/ PAYPALEXT $2K /COSTCOTU $1.2K

UPDATED 8/1
EQ
8/1/13 EQ 694 - (myfico) -
7/26/13 EQ 694 - (DCU)
9/10 EQ 701 - (myfico)

EX
9/8 - EX 707 (usaa/EX)

TU
6/18 TU 690 (myfico)
7/2 TU 694 (Walmart)
8/8 TU 676 (Walmart)
9/6 TU 676 (Walmart)
Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0 Kudos

Re: which kind of loan can help?

Any auto loan really. As long as it reports your monthly payments to the credit bureaus.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Regular Contributor
Posts: 120
Registered: ‎01-22-2013
0 Kudos

Re: which kind of loan can help?

Would it matter if i get a joint or my name appears as the co-applicant? How about co-signing? My income is much higher than my mother's,but her scores/credit history is flawless.


CURRENT TLS:

AMAZON $2K/ WALMART $2K /DCU $3K DELTA AMEX $1K
DISCOVER $1.2K/ PAYPALEXT $2K /COSTCOTU $1.2K

UPDATED 8/1
EQ
8/1/13 EQ 694 - (myfico) -
7/26/13 EQ 694 - (DCU)
9/10 EQ 701 - (myfico)

EX
9/8 - EX 707 (usaa/EX)

TU
6/18 TU 690 (myfico)
7/2 TU 694 (Walmart)
8/8 TU 676 (Walmart)
9/6 TU 676 (Walmart)
Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0 Kudos

Re: which kind of loan can help?

An individual account probably has more weight.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
New Contributor
Posts: 72
Registered: ‎11-19-2012
0 Kudos

Re: which kind of loan can help?

Have you already had her add you as an authorized user on a couple of her old, 0 balances, never late credit Card?  It should bump your score enough to help get better rates. 

Regular Contributor
Posts: 120
Registered: ‎01-22-2013
0 Kudos

Re: which kind of loan can help?

@Robert.I did that a few months ago,it has helped a whole lot. I have also fixed some baddies and mistakes on my credit report,and have a long way to go.


CURRENT TLS:

AMAZON $2K/ WALMART $2K /DCU $3K DELTA AMEX $1K
DISCOVER $1.2K/ PAYPALEXT $2K /COSTCOTU $1.2K

UPDATED 8/1
EQ
8/1/13 EQ 694 - (myfico) -
7/26/13 EQ 694 - (DCU)
9/10 EQ 701 - (myfico)

EX
9/8 - EX 707 (usaa/EX)

TU
6/18 TU 690 (myfico)
7/2 TU 694 (Walmart)
8/8 TU 676 (Walmart)
9/6 TU 676 (Walmart)

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