What do you think about applying now?

[Anonymous]

I have paid off alot of my revolving accounts so my score would be where I need before applying for my loan.

so far equifax and transunion havent got all of it off.

my scores are:

experian: 736

equifax: 652 (still 3770.00 rev. comming off, and a$2 account to go to $0 bal.)

trans: 677    (still $1985.00 revolving comming off, and a $2 account to go to a 0 bal.)

my experian is always higher.. but I am applying through capital one, I dont know what there scoring range is in, but I have had 2 loans with them, 1 which I paid off about a month ago which was a $50.000 loan, which had a 41000 balance, so I traded that car but havent got the new car, as I didnt want to apply until my score went up, and to my suprise, paying off that big auto loan didnt do jack for my score, what I dont understand is when I applied for it it KILLED my score but when you pay it off it does nothing.. grrrr.

So what do you think? capital one looks at all the scores I know. and some say they go in the middle, I bet its hard to tell how they really do it?  I think my trans should raise to 690+ and equi about 680.

maybe more, because what I discovered the other day was crazy.. my experian score was 718, and all that happedned the next day was a $2 chase account went to 0 bal and it raised 15 points!

let me know what you think!

thanks!

[haulingthescoreup]

As Abraham Lincoln says on the Rozerem commercials, chill.

It's always a gamble as to which CRA gets pulled. If they pull one that isn't fully updated, even if they approve you, you probably won't get the best deal (CL, APR, etc.) Wait until your reports are gleaming, and then let them give you their best deal.

You're right, you don't see much happen by paying down or off an installment loan. That's a whole different category.

Congrats on the great pay-down and util improvement!

[SmartCookie]

Definitely ride it out.  You're going to see major score improvement and therefor a lesser interest rate on that loan by doing so.  Get those lower scores to at least 690 and you are in a new tier, even better if they hit or pass 720.