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Need a score bump in 3ish months--auto loan

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Anonymous
Not applicable

Need a score bump in 3ish months--auto loan

Current TransUnion score is 633 (cringe). Factors include:

 

-High credit utllization (80ish%)

-Recent missed payment (30 days late--my own stupidity in not noticing my automated payments had gone wacky on me)

 

I just paid down half of my CC, and am planning to pay off the rest next month.

 

In an ideal world, I'd like to get my score up into the upper 600s by September so I can get a better auto loan rate. If I make no further purchases on my cards and keep my credit utilization low, is it possible to see that sort of jump? I'm looking to purchase a car that's around $20k with about $4k down payment.

Message 1 of 4
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MarcinXP
Frequent Contributor

Re: Need a score bump in 3ish months--auto loan

If your utilization is in 80% that is high..almost maxed out according to FICO! If you take that under 9% with 0 reporting on all card with 1 card under 9% and everything reports like that you might see a nice jump on your scores!! YMMV...but I would not be surprised if you get at least 40-50 point jump if not more depending on profile and how old the late 30 day is...did you attempt to GW?

 

Also did you ever have a car loan? If so how did you pay on that? if not..that might affect your score. Dealers and Auto Finance companies use Auto-Enhanced FICO which focuses more on previous auto loans...if you had a great auto loan then your score might be higher..if not..it could be lower...YMMV with that, but its not a straight FICO.

NFCU Visa Sig $30k / Amex Blue Cash $25.5k / Fidelity Amex $25k / Chase Freedom $14.5k / Citi Double Cash $5k / Capital One Quicksilver Visa Sig $5k / Citi Best Buy MC $3K / Barclay Rewards MC $2.95k / BOA - BBR $2.5k / SY Lowes $15k / SY Amazon $6k / Target RedCard - $300
Message 2 of 4
Anonymous
Not applicable

Re: Need a score bump in 3ish months--auto loan

I'm almost positive I can get that card below 9%--I had a couple big purchases I had to make and right now I'm just working on paying it down so I only have it available in the case of another emergency.

 

I haven't ever had an auto loan--my car is 13 years old. 

 

I haven't attempted to GW on the 30 day late payment (Dec 2011)...it's a Discover card and I haven't read a lot about individuals having good luck with that and in all honesty I am not sure where to start with writing one.

Message 3 of 4
MarcinXP
Frequent Contributor

Re: Need a score bump in 3ish months--auto loan

I would definitely try to GW that by either finding a number to corporate escalations of some sort or emailing some big wigs. Sometimes you can get names from sites like LinkedIn. It's a recent 30 day late so it might actually sting you good 50+ points plus if not more. Definitely worth trying to GW.

NFCU Visa Sig $30k / Amex Blue Cash $25.5k / Fidelity Amex $25k / Chase Freedom $14.5k / Citi Double Cash $5k / Capital One Quicksilver Visa Sig $5k / Citi Best Buy MC $3K / Barclay Rewards MC $2.95k / BOA - BBR $2.5k / SY Lowes $15k / SY Amazon $6k / Target RedCard - $300
Message 4 of 4
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