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I could really use your scoring Advice

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Anonymous
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I could really use your scoring Advice

I have been looking at these forums for awhile now and have leared alot, however now i am in a bind that i would appreciate your advice,please bear with me.

 

I had problems about 4 years ago when i lost my job, I had my car repossesed and 2 credit loans as charge off,but show as paid.

I got a 55000 mortguage 1.5 years ago with 5% down but they dont report to credit beaure

I have finally got a new credit card 3 months ago with 1000 limit, always paid on time but with 900 balance.

I have an existing cc i managed to keep with a 2500 limit currently at 2300, always paid on time for the past 7 years.

I also have a 7 year old student line of credit which shows CLOSED with a 1400 balance and always paid on time.

 

Here is my problem. I have a credit score of around 620 tu and it seems to never really move from that score the last two years. Now my car was written of from an accident and i would like a new one.

 

So this leads to the question of what to do, in january i get my next credit update from tu,which is also the 4th aniversary for all of my bad debts,and that is when i would like to buy a car. I have 2700 cash to put towards paying this debt off, which is my priority, the closed 1400 line of credit,the new 1000 ,or my old 2400 master card. BTW im in Canada and when i tried to lease a car 3 years ago the honda dealer told me i need a score of at least 720 to lease??Could my score improve that much??

 

 

Question 2: Would a co-sign help or hurt my credit score if that is what i have to do to get a auto loan. Thanks

 

 

 

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Anonymous
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Re: I could really use your scoring Advice

If you wiped your debt clean you would likely be near a 720, and capable of getting a car loan (even if not the lease).

 

What are the interest rates you are currently paying. I would knock off the account with the highest APR first then work your way down. If you half your debt you will have extra cash from the payments you no longer need to make to pay down the rest of your debt. It may take you longer than January, but at that point you should have a healthy score and be able to finance a car without a co-signer.

 

If you do go the co-signer route (which I don't recommend), it will not raise your score but the loan will be based both on your credit and the other signer's. We have read many horror stories on here about family fights and relationship troubles due to credit arrangements, and/or the strain of having credit ties after a relationship goes south.

Message 2 of 3
Anonymous
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Re: I could really use your scoring Advice

thank you for the respose
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