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10-12-2017 12:08 AM
Long time lurker, first-time poster. I am looking to open a new line in the form of an installment loan to bolster my credit history. I will be using this to buy a new motorcycle. I have been pre-approved for a 5k loan from Best Egg at 13%.
Here is where my score stands:
Score: TU 699 EQ 706 (paid off my CC in full just before reporting cycle, CK estimates this will put me at a 723)
Open accounts: Only one - Capital One Quicksilver
History: Very little history - 8 months on-time payments with the above card, older account still reporting but closed in 2015.
Income: $75k/Yr, no issue verifying.
A) Will I be approved with limited history? I won't be applying until I know EQ and TU are logging my most recent payment.
B) Should I just apply thru the motorcycle dealer? I am inclined to think that It's better to know what I'm getting with something like Best Egg than run the risk of being denied or to wind up with a terrible rate at the motorcycle dealer.
Thanks in advance
10-12-2017 08:03 AM - edited 10-12-2017 08:04 AM
Credit Karma scores are fake scores and useless for creditworthiness.
Never, ever use Credit Karma "Vantage Scores" to figure out your FICO credit scores. They don't always align.
Spend $1 at CCT to pull real FICO8 scores (and cancel the trial after). Post those scores.
Doing the Alliant SSL Technique asap should get your scores up to qualify for a better loan approval in November or December. http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...
10-12-2017 08:19 AM
Christ. Thanks for this - super helpful.
10-12-2017 08:25 AM
Make sure to call and cancel your CCT trial. Some folks have luck just emailing them at info at creditchecktotal dot com to cancel it. Lots of people do the $1 "trick" monthly for years.
Your scores are a bit on the low side but it's feasible you can get a subprime approval at 13%. I bet if you bumped your scores higher you could get a way lower interest rate. The Alliant SSL Technique would work but might take a month, or two, to report. Also getting your credit card utilization to follow the AZEO Method could get you some FICO points back. http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Adding-an-installment-loan-the-Share-Secu...
10-12-2017 09:11 AM
Definitely check in! Boosting your scores using various methods helps you save money (rewards cards), qualify for better credit options and can even lower your insurance payments!
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