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Advice required.. How's my profile?

Established Member

Advice required.. How's my profile?

Hello all,

 

I need some advice from the credit gurus on this forum. I'm new to the US (~3 years), so I'm still learning how credit ratings work here. Now, I'm planning to buy a nice car later this year, and would like to get the best possible APR on the loan. I'm looking at getting either a Merc or a BMW, something in the $50-60K range, and I'll probably have a $5k downpayment (could make more if necessary)

 

I tried getting my score from MyFICO, but apparently Equifax has some incorrect information on file for me, so it never went through. I have mailed them the info, and it should be updated in a couple of weeks. Meanwhile, I pulled a score from Experian (FAKO, I believe), and it said 720. I also used Transunion Total, and that said 686. I also got a letter from Chase when they denied my initial application (successfully recon'd) that listed my score as 653.

 

These scores do NOT reflect some recent changes in my credit file. Listed below is my current info:

 

1. Credit Cards: 4

2. Types of cards: BoFA Cash Rewards with $800 util /$5000CLI. Amex Gold with $0/NPSL. Chase Freedom with $0/$3500 CLI. Amex BCP with $0/<unsure, haven't recevied card yet, but got the email saying that it's approved and on its way>

3. Auto Loan: 1. Was for $9000/60 months. I paid six months worth and then paid the whole thing off and closed it.

 

I have never paid late, very rarely carry more than a few hundred on my credit card, and have no other debt. My income is over $100k, and I work at a large Fortune 150. I have no negative information on my file. I also have a trading account with a few thousand in it (nothing significant, less than $10k)

 

The only thing that is negative is the age of accounts. My oldest account is 1.3 years, and my AAoA is 1 year (and that will drop when Amex,Chase, and Amex BCP show up on my report)

 

So here's my question. Is this a good profile? Will I get decent rates? I have no basis for comparison, y'see. I'm not planning to buy the car soon, and I could even wait another year if necessary.

 

Also, what's the most reliable way of getting my credit scores? I don't mind paying $20-30 a month if necessary. 

 

Any advice would be helpful, and let me know if you need any more information.

 

Thanks!

 

 

 

 

 

Message 1 of 18
17 REPLIES
Super Contributor

Re: Advice required.. How's my profile?

Welcome to the forumSmiley Happy

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 2 of 18
Mega Contributor

Re: Advice required.. How's my profile?


RandomCreditDude wrote:

Hello all,

 

I need some advice from the credit gurus on this forum. I'm new to the US (~3 years), so I'm still learning how credit ratings work here. Now, I'm planning to buy a nice car later this year, and would like to get the best possible APR on the loan. I'm looking at getting either a Merc or a BMW, something in the $50-60K range, and I'll probably have a $5k downpayment (could make more if necessary)

 

I tried getting my score from MyFICO, but apparently Equifax has some incorrect information on file for me, so it never went through. I have mailed them the info, and it should be updated in a couple of weeks. Meanwhile, I pulled a score from Experian (FAKO, I believe), and it said 720. I also used Transunion Total, and that said 686. I also got a letter from Chase when they denied my initial application (successfully recon'd) that listed my score as 653.

 

These scores do NOT reflect some recent changes in my credit file. Listed below is my current info:

 

1. Credit Cards: 4

2. Types of cards: BoFA Cash Rewards with $800 util /$5000CLI. Amex Gold with $0/NPSL. Chase Freedom with $0/$3500 CLI. Amex BCP with $0/<unsure, haven't recevied card yet, but got the email saying that it's approved and on its way>

3. Auto Loan: 1. Was for $9000/60 months. I paid six months worth and then paid the whole thing off and closed it.

 

I have never paid late, very rarely carry more than a few hundred on my credit card, and have no other debt. My income is over $100k, and I work at a large Fortune 150. I have no negative information on my file. I also have a trading account with a few thousand in it (nothing significant, less than $10k)

 

The only thing that is negative is the age of accounts. My oldest account is 1.3 years, and my AAoA is 1 year (and that will drop when Amex,Chase, and Amex BCP show up on my report)

 

So here's my question. Is this a good profile? Will I get decent rates? I have no basis for comparison, y'see. I'm not planning to buy the car soon, and I could even wait another year if necessary.

 

Also, what's the most reliable way of getting my credit scores? I don't mind paying $20-30 a month if necessary. 

 

Any advice would be helpful, and let me know if you need any more information.

 

Thanks!

 

 

 

 

 


Welcome to the forums!!!

 

I think your credit is pretty young and at this point getting a car loan might be tough, not unattainable but not the best interest rate you would want. I would stop apping for credit and give it 1 year of positive history for all of your accounts and that should get you in a position to get a good interest rate. It also wouldn't hurt to get in with a good local CU as they give very nice rates for auto loans.

 

As for your credit monitoring, I use AMEX CreditSecure. Free daily 3 bureau repots for $26 a month. I check mine every morning. Smiley Happy

 




EQ FICO 548 3/3/16
Message 3 of 18
Established Member

Re: Advice required.. How's my profile?

Thanks... This is actually my second thread. Smiley Happy

 

This was my first, thanking everyone for helping me get a succesful recon..

 

http://ficoforums.myfico.com/t5/Credit-Cards/Thank-you-to-this-board-Chase-Freedom-denied-approved-a...

Message 4 of 18
Established Member

Re: Advice required.. How's my profile?

Hmm Amex CreditSecure? I'll look into that, thanks.

 

And yeah, I'm leaning towards waiting till early 2014 before buying the car, am in no hurry.

Message 5 of 18
Established Contributor

Re: Advice required.. How's my profile?


LS2982 wrote:

RandomCreditDude wrote:

Hello all,

 

I need some advice from the credit gurus on this forum. I'm new to the US (~3 years), so I'm still learning how credit ratings work here. Now, I'm planning to buy a nice car later this year, and would like to get the best possible APR on the loan. I'm looking at getting either a Merc or a BMW, something in the $50-60K range, and I'll probably have a $5k downpayment (could make more if necessary)

 

I tried getting my score from MyFICO, but apparently Equifax has some incorrect information on file for me, so it never went through. I have mailed them the info, and it should be updated in a couple of weeks. Meanwhile, I pulled a score from Experian (FAKO, I believe), and it said 720. I also used Transunion Total, and that said 686. I also got a letter from Chase when they denied my initial application (successfully recon'd) that listed my score as 653.

 

These scores do NOT reflect some recent changes in my credit file. Listed below is my current info:

 

1. Credit Cards: 4

2. Types of cards: BoFA Cash Rewards with $800 util /$5000CLI. Amex Gold with $0/NPSL. Chase Freedom with $0/$3500 CLI. Amex BCP with $0/<unsure, haven't recevied card yet, but got the email saying that it's approved and on its way>

3. Auto Loan: 1. Was for $9000/60 months. I paid six months worth and then paid the whole thing off and closed it.

 

I have never paid late, very rarely carry more than a few hundred on my credit card, and have no other debt. My income is over $100k, and I work at a large Fortune 150. I have no negative information on my file. I also have a trading account with a few thousand in it (nothing significant, less than $10k)

 

The only thing that is negative is the age of accounts. My oldest account is 1.3 years, and my AAoA is 1 year (and that will drop when Amex,Chase, and Amex BCP show up on my report)

 

So here's my question. Is this a good profile? Will I get decent rates? I have no basis for comparison, y'see. I'm not planning to buy the car soon, and I could even wait another year if necessary.

 

Also, what's the most reliable way of getting my credit scores? I don't mind paying $20-30 a month if necessary. 

 

Any advice would be helpful, and let me know if you need any more information.

 

Thanks!

 

 

 

 

 


Welcome to the forums!!!

 

I think your credit is pretty young and at this point getting a car loan might be tough, not unattainable but not the best interest rate you would want. I would stop apping for credit and give it 1 year of positive history for all of your accounts and that should get you in a position to get a good interest rate. It also wouldn't hurt to get in with a good local CU as they give very nice rates for auto loans.

 

As for your credit monitoring, I use AMEX CreditSecure. Free daily 3 bureau repots for $26 a month. I check mine every morning. Smiley Happy

 


What!!!  Amex creditsecure gives you all 3 bureaus each morning?  WOW.. .Scores too?

 

$30,500$18,500NPSL$15,000$10,000$25,000$32,000
Message 6 of 18
Mega Contributor

Re: Advice required.. How's my profile?


RSCo wrote:

LS2982 wrote:

RandomCreditDude wrote:

Hello all,

 

I need some advice from the credit gurus on this forum. I'm new to the US (~3 years), so I'm still learning how credit ratings work here. Now, I'm planning to buy a nice car later this year, and would like to get the best possible APR on the loan. I'm looking at getting either a Merc or a BMW, something in the $50-60K range, and I'll probably have a $5k downpayment (could make more if necessary)

 

I tried getting my score from MyFICO, but apparently Equifax has some incorrect information on file for me, so it never went through. I have mailed them the info, and it should be updated in a couple of weeks. Meanwhile, I pulled a score from Experian (FAKO, I believe), and it said 720. I also used Transunion Total, and that said 686. I also got a letter from Chase when they denied my initial application (successfully recon'd) that listed my score as 653.

 

These scores do NOT reflect some recent changes in my credit file. Listed below is my current info:

 

1. Credit Cards: 4

2. Types of cards: BoFA Cash Rewards with $800 util /$5000CLI. Amex Gold with $0/NPSL. Chase Freedom with $0/$3500 CLI. Amex BCP with $0/<unsure, haven't recevied card yet, but got the email saying that it's approved and on its way>

3. Auto Loan: 1. Was for $9000/60 months. I paid six months worth and then paid the whole thing off and closed it.

 

I have never paid late, very rarely carry more than a few hundred on my credit card, and have no other debt. My income is over $100k, and I work at a large Fortune 150. I have no negative information on my file. I also have a trading account with a few thousand in it (nothing significant, less than $10k)

 

The only thing that is negative is the age of accounts. My oldest account is 1.3 years, and my AAoA is 1 year (and that will drop when Amex,Chase, and Amex BCP show up on my report)

 

So here's my question. Is this a good profile? Will I get decent rates? I have no basis for comparison, y'see. I'm not planning to buy the car soon, and I could even wait another year if necessary.

 

Also, what's the most reliable way of getting my credit scores? I don't mind paying $20-30 a month if necessary. 

 

Any advice would be helpful, and let me know if you need any more information.

 

Thanks!

 

 

 

 

 


Welcome to the forums!!!

 

I think your credit is pretty young and at this point getting a car loan might be tough, not unattainable but not the best interest rate you would want. I would stop apping for credit and give it 1 year of positive history for all of your accounts and that should get you in a position to get a good interest rate. It also wouldn't hurt to get in with a good local CU as they give very nice rates for auto loans.

 

As for your credit monitoring, I use AMEX CreditSecure. Free daily 3 bureau repots for $26 a month. I check mine every morning. Smiley Happy

 


What!!!  Amex creditsecure gives you all 3 bureaus each morning?  WOW.. .Scores too?

 


Yup, FAKO scores but im onlt interested in the live report changes.

 




EQ FICO 548 3/3/16
Message 7 of 18
Established Contributor

Re: Advice required.. How's my profile?

You can always join DCU to get free monthly EQ Fico score and they also have great rates for auto loans. If you want, you can also apply for a Walmart credit card to get free monthly TU Fico score.


DCU Platinum: 4000 - Discover IT: 11000 - Walmart: 5000 - AMEX BCP: 18000 - Chase Freedom VS: 5000
in the garden since 1/24/14 - #GARDENSTRONG
Message 8 of 18
New Contributor

Re: Advice required.. How's my profile?

I have had tier 0/1 financing with BMW and I recently purchased a Mercedes E350 in January. BMW pulled my EQ score and a score of at least 700 qualified for 0.9%. For my recent Mercedes purchase, they used the TU auto enhanced score, which qualified me for the best rates (score = 736). If you have little auto installment history, Mercedes may not give you the best of rates.
--------------------------------
Current FICO scores: EQ 762, EX 761, TU 773
Message 9 of 18
Established Member

Re: Advice required.. How's my profile?

Hmm is joining DCU as easy as filling out the online application? No hard pulls or anything right? Obviously I'm not applying for credit, just want to open the savings account and toss in a few hundred there. 

 

If yes, then I'll go right ahead! Thanks for the great idea.

Message 10 of 18