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Posts: 11
Registered: ‎11-04-2010
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Improving credit

The last time I checked my score it was 740. This year however it has dropped to 688 through TU and 696 through equifax because I've opened too much credit this year. The first card was back in March and it was my Kittle's card. I actually had a card through them that I opened in 2007 when I bought a bed and had a $7500 credit limit on it. I paid it off  before the interest kicked in and didn't use it again March when I found out they closed it out due to inactivity. I reopened the card through them because my parents' couches were old and dying (and my dog was contributing to their distruction) and we didn't figure out the other one had been closed until we went to pay. I had offered to put the new purchase on my card since I already had one and they had their couches 50% off with no interest for the first year. My new limit for that card is $2000. Of course it was maxed out from day 1 because the couches went on it but the balance is now $750 and coming down rapidly as both my parents and I have been making payments on it and are set on paying the couches off before the interest kicks in again.

 

Also, I was stupid and opened an Old Navy Card back in July which was paid off the next month anyway. And I am going back to school without the assistance of my employer as I had originally intended so my student loans have added another ding to my report. There's my 3 new accounts-the last one is a different loan through the same company I already had loans from  the first round of college. My question is how long will it take before these new accounts no longer count as new and I am safe to look into getting a new (to me) vehicle without further hurting my credit? My car is on its last legs and I really don't feel safe with driving it through another winter but after looking at my credit, I worry that I have no other choice unless I want to hurt my credit some more.

 

I think my Grandfather will loan me a small chunk of the amount I would owe on a car ($5000 maybe) and if I do it before my car craps out I may have $1000-1500 in a trade in. Since I intend on driving the next vehicle for as long as I reasonably can (10-15 years depending on the year of the vehicle and I don't want to go earlier than 2007 and would really prefer 2008 or above) I want to get a Jeep Compass as they get about the same gas mileage as my current car does but also has room for my dogs and me-whenever I get ready to move out of my parents' house. I figure if I want to make it last anyway I need to get what I want when I go to do it.

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