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Okay, so here is the scoop. Trying to get an auto loan in July. I want to have good enough scores that they do not verify my employment as I'm selfemployed and already went through a mess getting my mortgage. I plan to buy a car for about 20k with 5k down so financing about 15k.
Scores were as below, then I bought a house in september, got two amex's(zync/delta) in december and a Discover More in January. and my TU98? is 702, EQ is 697.
The simulator says if I pay off 464 of my 465 of revolving debt my score will go up about 5 points on EQ and 30 points on TU. However I think that would be optimisitc as I proved last year that TU98 favors lower credit card utilization more than TU04.
I have 3 inqs counting against me on EQ and 4 on TU. If I wait till the end of august I could be reduced to 2 inqs on EQ and 3 on TU.
My util is about 7% and can pay it down to 1% right now. I have small credit limits, 3500, 1200, 1000, 400 and a charge card. So I have a mortgage thats almost 6 months old, and 3 new credit cards that are less than 6 months old. If I wait till the 7th month of age on my newest credit card which is the Discover More, how much do you think this will improve my scores? Right now my oldest revolver was 6 years 7 months ago. My newest account was 2 months ago(discover) and my longest credit line is 8 years 3 months(I'm 27 and I had a couple things deleted from my TL).
My most recent late payment was 1 year 4 months ago on my most recent auto loan(30k) which I've paid off. That TL has 4 30 day lates spread across 2 years and only 1 of them was in the last two years back in 2010.
I'm trying to get back to above 720+ where I feel I will have the best chances of avoiding income verification.
@doublespaces wrote:Okay, so here is the scoop. Trying to get an auto loan in July. I want to have good enough scores that they do not verify my employment as I'm selfemployed and already went through a mess getting my mortgage. I plan to buy a car for about 20k with 5k down so financing about 15k.
Scores were as below, then I bought a house in september, got two amex's(zync/delta) in december and a Discover More in January. and my TU98? is 702, EQ is 697.
The simulator says if I pay off 464 of my 465 of revolving debt my score will go up about 5 points on EQ and 30 points on TU. However I think that would be optimisitc as I proved last year that TU98 favors lower credit card utilization more than TU04.
I have 3 inqs counting against me on EQ and 4 on TU. If I wait till the end of august I could be reduced to 2 inqs on EQ and 3 on TU.
My util is about 7% and can pay it down to 1% right now. I have small credit limits, 3500, 1000 and 1200 and a charge card. So I have a mortgage thats almost 6 months old, and 3 new credit cards that are less than 6 months old. If I wait till the 7th month of age on my newest credit card which is the Discover More, how much do you think this will improve my scores? Right now my oldest revolver was 6 years 7 months ago. My newest account was 2 months ago(discover) and my longest credit line is 8 years 3 months(I'm 27 and I had a couple things deleted from my TL).
My most recent late payment was 1 year 4 months ago on my most recent auto loan(30k) which I've paid off. That TL has 4 30 day lates spread across 2 years and only 1 of them was in the last two years back in 2010.
I'm trying to get back to above 720+ where I feel I will have the best chances of avoiding income verification.
I think i'd wait until the yearmark. You'll see some improvement but not drastic.