@KeepingScores wrote:
THANKS so much for your support and information.
I haven't thought long and hard about credit before now. I paid cash, paid my bills on time and lived within my means. I thought that I had a higher credit score--only to learn that I have an average credit score and need to build great credit by borrowing and paying back. I want to improve my credit strategically by performing the best tactics for my situation. Then I want to pass it on and help others do the same.
I plan to apply for the auto loan at Digital Credit Union which offers a 1.99 IR; I AM concerned on their ratings page that some members state that DCU retracts the 1.99 a few weeks or months later, even after signing a contract--only to charge a higher rate.
I also saw on the myFICO forums that truetoforums obtained a no-membership CC from https://www.oregoncommunitycu.org/credit-cards/duck-card. OCCU has a CC evaluator located at https://www.oregoncommunitycu.org/credit-cards/evaluate-credit-cards where I may qualify. CHFCU and PSECU also have competitive CC rates.
Maybe it's too premature for me to do an app spree to coincide with the auto loan. With so little experience, it's hard for me to tell so I am waiting for additional input before making a decision.
I do not believe that one CC ap would affect your ability to qualify for an auto loan. I am unfamiliar with Digital CU so I can't be any help there. I would try for an unsecured CC from a CU and if you dont qualify, they may counter you with a secured offer. It sucks in the beginning because of what you do and do not qualify for but I promise, it is better than rebuilding.
Your thoughts of you having a higher CS than you do is a very common misconception. People believe if they have never paid their bills late, pay cash, and live within their means, they have excellent credit. Sadly, non of those things are reported to the CRAs.
I remember reading an article once about a man who paid cash for everything in his life. He became wealthy and boutght a few apartment buildings. The problem was he never used any type of credit at all. The most interesting thing I read on there was he passed an apartment building once and thought to himself that he could buy that building outright but would never be approved to rent an apartment in it because he had no credit history. It kind of makes you realize how crazy our credit system is.
