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Needing guidance....

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Anonymous
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Needing guidance....

I have been working to build my credit and in the last year have gone from an EX fico of 471 to 541.  In November, I opened a credit card account and now need to purchase a vehicle. After reading through the forums, I have a couple of questions.
Will I be able to qualify for a used auto loan with a score of 541?
 
What will this do to my score? Will opening 2 new credit accounts within 4 months hurt my score that I am so desperately trying to rebuild? For how long will it hurt it?
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Anonymous
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Re: Needing guidance....

Congrats on a 70 point increase! It's onward and upward from here! Smiley Happy
 
You can *probably* get a loan, but it's likely to have a horrificly high interest rate.  The longer you can hold out and keep building your credit slowly, the better off you will be.  Your CC is only 2 months old; concentrate on charging small amounts (keeping util down) and paying them on time -- always.
 
Are you talking about opening an additional CC, or two more?  It's not really possible to predict the impact on your score without knowing the whole picture.  Adding new CCs may hurt in the short term but in the longer view (months/years) may help.  Sorry I can't be any more specific.
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