12-09-2011 11:52 PM
Gollum wrote:nada9188,This is in reply to your Message 36 in this thread.After reading your Message 1 in this thread, apparently your Equifax FICO score was 738 before you got your American Express Blue Cash Preferred (AmEx BCP) card. If that was a FICO score, you probably still have a very good FICO score after receiving your AmEx BCP card.You wrote that you don't care about your APR for your cards because you have never carried a balance on a card. OK, I understand that.I am curious about your car loan, though. You wrote that your current car loan balance is approx. $14,000.Dunno your car loan interest rate, but if you could refinance your car loan at a lower interest rate, that could have a big impact on your future credit-worthiness because you could pay off your car loan sooner. Later, if your car is still worth enough, you may even be able to re-finance it again to obtain allowable cash for part of a down payment on a mortgage for a house.Increased credit-worthiness would also have a beneficial effect regarding credit card approvals, credit limits, and interest rates.
If you did not obtain your car loan through a bank or credit union, I suggest that you talk to any bank or credit union (more than one is probably better) about your car loan.
Financing a car sale in-house is a source of profit for most car dealers, so a car loan through a bank or credit union is usually a better deal for the car buyer.
Edit: I forget to write that in Message 4 of this thread, you mentioned getting a credit report from [freecreditreport.com]. I suggest http://www.AnnualCreditReport.com instead (google for FTC free credit report).
Thank you for the response.
There interest rate on the car loan is 7.14 and that was with a cosigner. That account is turning 1 year old, and the vehicle is on '05. The loan is from State Farm Bank, I was told that the year of that car is contributing to the higher interest rate.
When I checked my credit on the amex website it gave me the same plus score and report for EX that freecreditreport.com did.
myfico.com has a calculator that you may find interesting:
In step ONE, click the arrow for the drop-down list, then scroll all the way to the bottom of that list, then select
48-month used auto
In step TWO, select your state.
In step THREE, enter $14000 or whatever your current car loan balance is, then click the "calculate" button.
Step FOUR seems redundant to me, but if you want to try it, the "calculate" button is part of the process.
I had never heard of State Farm Bank before I read your post, so I did a little googling.
I still suggest talking to someone at a *traditional* bank or credit union about your car loan. You signed the car loan almost one year ago, presumably your FICO score has improved since then, and (based on your Message 1 in this thread) you may currently have a very good FICO score.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO