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Don't finance a car just for the sake of FICO points. Instead just open an account with SDFCU, put 500 bucks in it and get a secured loan. You'll get just as much FICO mileage from it, that you would get from an auto loan, for a lot less out of pocket, and your DTI will be better on the mortgage app.
@Anonymous wrote:Don't finance a car just for the sake of FICO points. Instead just open an account with SDFCU, put 500 bucks in it and get a secured loan. You'll get just as much FICO mileage from it, that you would get from an auto loan, for a lot less out of pocket, and your DTI will be better on the mortgage app.
Thanks Norman, I just now noticed your reply I'm still figuring out how this site works. I wasn't planning on buying the car just for the points, I need to buy a car regardless but the plan was to either buy a cheaper one cash up front or a slightly nicer one with a small loan, something more reliable. Ultimately I want to buy a house so if this new loan imporves my credit then I hit two birds with one stone having a better car and better score but if it will harm or not do my credit any good then i'll just buy the cheaper car for now... Do you think a small loan would have a good or a bad impact over the next 6-12 months on my score?
@Anonymous wrote:
@Anonymous wrote:Don't finance a car just for the sake of FICO points. Instead just open an account with SDFCU, put 500 bucks in it and get a secured loan. You'll get just as much FICO mileage from it, that you would get from an auto loan, for a lot less out of pocket, and your DTI will be better on the mortgage app.
Thanks Norman, I just now noticed your reply I'm still figuring out how this site works. I wasn't planning on buying the car just for the points, I need to buy a car regardless but the plan was to either buy a cheaper one cash up front or a slightly nicer one with a small loan, something more reliable. Ultimately I want to buy a house so if this new loan imporves my credit then I hit two birds with one stone having a better car and better score but if it will harm or not do my credit any good then i'll just buy the cheaper car for now... Do you think a small loan would have a good or a bad impact over the next 6-12 months on my score?
if you need another car then by all means buy one, installment loans initially cause a Fico score decrease for the new account, as they age they result in a few point gains, towards the end of the loan they can add even more points but once your last instalment closes there will be a Fico decrease (as much as 30 pts as seen in Fico 8 model). You only want to get installment loans if you actually need them to purchase something and you dont want any new credit 6 months prior to a mortgage pull.
The best way to help yourself is to open 3 revolving bankcards and 1 store card in your name to boost your Fico. You want to use these cards and let only one of them report a balance of no more than 9% of its individual CL to the CRAs to help maximize your Fico, the exact percentage between 1 and 9 you will have to experiment with to find the sweet spot, its different for everyone. Welcome to My Fico