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I'm 18 and I have 2 credit cards. I've never been late on either one and always pay more than the minimum due. My credit score is 605, but I don't know what to do to make it better. I'm trying to get a car loan, and I'm not having any luck because my credit isn't good enough.
Mandalou, I used to work at a dealership and i'm by no means an expert when it comes to credit. But, when you are applying for a car loan. A few things are giong to matter.
1. Credit
2. Income (makes a difference because of how much your monthly payment is)
3. Employment history.
1. Your history is going to make a difference becaues you have fairly new credit. Even if you have a score of 650. It's gong to be credit that doesn't have alot of history.
2. They are probably only going to allow you a carpayment between 15-20% of your monthy gross income.
3. They will also look at how long you've been at your current job.
Hope this helps
PLCC-$150 credit limit, my balance is 40
Capital One Visa-$300 credit limit, my balance is 120
mandalou962 wrote:PLCC-$150 credit limit, my balance is 40
Capital One Visa-$300 credit limit, my balance is 120
Mandalou, your current overall utilization is ~35%, and this is hurting your scores at least some. Your Cap 1 card is at an individual util of 40%, which also is hurting it.
If at all possible, get one or the other card paid down to 0 and the other to 1-9% of its credit limit (at least), and then keep them there. That alone should give you something of a score boost, when those updated balances report.
If you haven't already, please read Credit Scoring 101 (first couple of posts, really - see link in my signature lines), and maybe also hunt up any post on here by haulingthescoreup and read Understanding Your FICO Score, which is linked in her signature lines. These should give you a lot of info that will help you in establishing a good credit profile and history. Hope this helps!
You are only 18 years of age. You just entering a new era of life. Make sure you understand that earning a good credit takes time and have at least 3-5 years of credit history. So hang in there, be good to your current account and time will give you good credit. That's the concept. After 2-3 years of credit history, time to move on and start getting cards that you want.
Credit takes time, time is Money and money is power. So Time IS everything here.