@Creditaddict wrote:
NASA declined me and my partner!
Really, wow that's terrible. Especially since I hear so many got approved just for apping. I'm sort of confused now too since I see NASA in your EX CS. That's not from the CC?
Starting Score: 611 (02/28/2014 EQ MyFico) 608 (Barclays TU 03/28/14)
@nitrov wrote:
What are your long term credit plans, next 1-5 years? Mortgage? Auto loan? I would be very careful about how many personal loans you take and for how much. Lenders see them as higher risk, as I've mentioned before. Same goes if you start a business and seek a business loan. A commercial lender WILL NOT be happy with seeing unsecured personal loans on your credit. If you don't have the startup capital, you should definitely consider whether or not it's a good idea to try and get into it since you're already in the high utilization boat.
I'd say app wisely for anything requiring a HP. I wouldn't bother with Cap One because it's low approval odds, an HP, and even if approved it'll be low. Once you get Cap One you're stuck at low CLs for a while. Wait until you have better scores for them. I would say wait for NASA too, but that's your call. I don't think you need to go that crazy, personally. You're talking full blown spree, not mini spree
@Anonymous for your input Nitrov. Honestly, as great as a house sounds I don't plan on mortgaging 1 anytime soon. As for auto loans, I would like another car, but I'm trying to avoid getting another 1 at the very least until I pay of my current 1, which I just refied with NFCU for 5 years @ 14.9% or something like that. As bad as that rate it, it's a lot better than my old rate. As for the personal loans, I wasn't really planning to get as many as I could. I would try 1, 2 apps tops, to try to get the 10K. I know that chase loan in default isn't doing me any favors, although it's so old it's not hurting my score tremendously, but I know it still doesn't look good and the loan could potentially get them to PFD it. Oddly enough I prequalified for Cap 1 QS and Platinum, which I was encouraged by since I've done it before and it would tell me it couldn't find anything for me. But if you think the odds are low and almost as important that the CLs will be rather low, it might be best to avoid them then. So, if thats the case I could redo my list as such:
1. NASA CU rewards/cash CC (Potential SP)
2. NASA Personal Loan (Potential SP)
3. Barclay CLI (HP)
4. Navy CLI (Potential SP)
5. Christian Financial CLI (HP)
6. Amazon Store CC CLI (Potential SP)
7. Genisys Personal Loan (don't have any credit with them at all and if can't get NASA loan or too small) (HP)
8. Christian Financial Personal Loan (if Genisys loan amount is too small and I know they use the same CR)
I would also only app for the 7/8 if I couldn't get the 10K and if all the SPs came through, I would only have 3 HPs.
@nitrov wrote:
Also, how do NavCheck and those checking/OD LOCs report on your CRs? I wouldn't recommend going app crazy on those either. I think one is enough. Remember, go for quality, not quantity. You don't want to screw yourself into getting a bunch of number of new accounts declines for the next 1-2 years especially after your score starts boosting. Same with number of inqs
If I remember correctly, my NavChek reports as an installment loan. I can't remember if it tells the limit on it or not, but I do think it at least reports the balance on it.
Reports like a revolver
@Creditaddict wrote:
Omg 15% auto loan.... That should be goal 1 torefi again!!!
Yeah, tell me about it. I hated the rate, but my commute to work is like a 30-45 minutes 1 way every day so I have to have transportation. Furthermore, here in Michigan the bus is the only real public transportation and it's absolutely horrible, It's routinely late, sometimes doesn't come at all, and is full of idiots and ruffians most of the time, so a car was a must even though I my rates for 1 are raking me over the coals.
Anyway, I just refied back in March of this year, so how soon can I try again? I have a 2011 Chevy Malibu and although I like it and it's a nice car, I would defintely turn it in if I wasn't upside down on the loan and could get a much better rate.
@Creditaddict wrote:
@MadTechnologist wrote:
@Creditaddict wrote:
Omg 15% auto loan.... That should be goal 1 torefi again!!!Yeah, tell me about it. I hated the rate, but my commute to work is like a 30-45 minutes 1 way every day so I have to have transportation. Furthermore, here in Michigan the bus is the only real public transportation and it's absolutely horrible, It's routinely late, sometimes doesn't come at all, and is full of idiots and ruffians most of the time, so a car was a must even though I my rates for 1 are raking me over the coals.
Anyway, I just refied back in March of this year, so how soon can I try again? I have a 2011 Chevy Malibu and although I like it and it's a nice car, I would defintely turn it in if I wasn't upside down on the loan and could get a much better rate.
I would trade that in NOW!
How about a Toyota, Honda, Nissan or even Infiniti this round? they are giving Infininti Leases away like candy and also chopping the MSRP down so you could eat negative equity into that car.
or else something like a Prius (I love mine, wish I bought it LONG ago!) they hold value like no other car, they are beyond reliable and Toyota Financing is very easy going for approvals and can get you 0% with as low as a 650 usually and if your regular fico is a 620, your auto enhance may be a bit higher!
I would love something from 1 of those manufacturers. I've never really been all that concerned with flash and what not, but moreso interested in reliability, comfort, and good gas milage, so that's right up my alley. However, I can't get a lease as my commute and general driving habits of my household are far beyond the range of most leases. To make my point, my car had about 8K miles on it when I got it in Oct 2012. Now it has about 69K miles on it. And if luxury is on the table, I would love a Lexus RX300. I love the size, look, feel, and dependability of that car. But I doubt even if I could get into 1 right now, that I would like the price on it.
However, I hate to admit you're making want to add car shopping to my list when I go on my spree in a couple weeks. I only say I hate to say so because my dad has long since wanted me to talk to someone about trading my Malibu in or even potentially a 2nd car since theres so many miles on it. However, my CS has only recently began to rise and stablize, so refinancing would've have done me too much good, if any, before now. Do you think I should talk to NFCU about prequalifying for something or should I try to get financing in house from someone like Toyota or Honda?