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WOO! Credit UP 20 points after received card!

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Anonymous
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Re: WOO! Credit UP 20 points after received card!

Wow those numbers don't add up at all.  $588 a month for 72 months means the interest rate is around 50%!

 

I'd work on scraping together a bigger down payment somehow, and work on getting your scores up.  I know for a fact that even prime banks WILL lend at 575 FICO scores across the board as low as 6.9% for 60 months with an 80% LTV only because I've helped probably a dozen people get to a 580 FICO score and make offers at 20% down for certified pre-owned cars and none of them paid more than 6.9% -- some had 590 FICO scores and paid as little as 4.9% for 60 months.

 

A $14,000 car with $2,800 down should run you $250 a month for 60 months and no more.  Even less, maybe $230 a month.  That way you can refinance if you want and save $10-$20 a month or just pay more and pay it off faster.

 

For those with bad FICO scores, paying anything over $300 a month for a car means you got stuck with a terrible loan.  Never buy a car without 20% down and if you can, work with your bank or credit union (preferably) to find what they will finance at 80% LTV.  A credit union will almost always finance an 80% LTV and a lot of captive finance companies will finance cars at 80% LTV at 570 FICO at a low interest rate.

Message 21 of 29
Anonymous
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Re: WOO! Credit UP 20 points after received card!

Alright cool thanks a lot mate, ill work on rebuilding my credit and getting bigger down.

 

Also.  My score went up pretty decent today after one of my secured cards reproted.

 

Equifax went up 49 points and Experian went up 20 points , from a $200 secured card.

 

Will my score go up more when my $400 capital one and $300 US Bank secured cards report?  

 

My equifax 511, experian 499, transunion 479,

 

how fast can i hit 590-600? assuming everything is done right? 

Message 22 of 29
Anonymous
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Re: WOO! Credit UP 20 points after received card!

Yep when 3 cards report you'll get the best score boost ASSUMING no new negatives appear and assuming you don't report high utilization on any or all those cards so use them wisely.  For people with cleaner profiles, 4-5 credit cards actually boost it the most but initially #4 and #5 hurt you for new account reasons.  1-3 don't hurt for that reason but they do age a bit better once your AAOA goes up overall.  12 months AAOA is the first boost but it'll take you awhile to get there I would guess.

 

Getting to 600 will take time.  Doing the Alliant SSL right away would help (some folks say 15-20 points on FICO) and it only costs you $44 of your cash over 5 years, plus a few bucks in interest.  No hard pull inquiry either.  

 

Right now your derogatories are too recent so getting to 600 may be tough, but once you get some of those baddies off or aged, you can probably get there.  The most imporatnt thing right now is making sure to never have a late payment again, and never have high utilization again.  The minute you can set up a payment on an account, set one up for a test payment to make sure it pulls the payment from your bank well.  Don't wait until the payment due date.

 

If you have chargeoffs with a balance reporting with the original creditor, work on those first.  

Message 23 of 29
Anonymous
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Re: WOO! Credit UP 20 points after received card!

Okay Cool,

 

This secured loan , how does it work? I dont understand really, if I put $500 in my account and pay $44 over few years, when do i get my $500 back?

 

Can you explain how this kind of loan works? 

Message 24 of 29
Anonymous
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Re: WOO! Credit UP 20 points after received card!

Message 25 of 29
Anonymous
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Re: WOO! Credit UP 20 points after received card!

thanks!

Message 26 of 29
Anonymous
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Re: WOO! Credit UP 20 points after received card!

Try checking out Carvana, they base their rates of FAKO scores which may or may not be higher than what your real scores are at. They tell you what rate and what your payments are based off a soft pull so there is no risk to your score! Some members appear to be happy, but I have not used their service yet just thought it might be worth looking into. They also register the car in your name and drop it off in your driveway. 

Message 27 of 29
Anonymous
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l Re: WOO! Credit UP 20 points after received card!

Ugh Waiting for Capital One to report! lol they take forever.  Already US Bank and Opensky reported.

 

Capital one my biggest limit and hasnt reported.  hopefully soon and hopefully the score goes upSmiley Happy

 

trying to be mid 550-600 asap

Message 28 of 29
Anonymous
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Re: l Re: WOO! Credit UP 20 points after received card!

My Capital One Secured was totally weird in reporting...

 

I applied 3/14/17 got the $49/$200 offer.  Didn't send my $49 until end of April but didn't activate as I wanted to max out the card.  Didn't report in April.  In May I maxed out the deposit to $2849 (for $3000 CL) and activated it.  The website said "First Due Date: June 24th" but "First Balance Due won't be calculated until May 27th."  I let a $13 charge post and on May 27th I got my new pseudo-statement.  It posted to my CRAs on May 28th with a $13/$3000 balance.  I was hoping it wouldn't report until June because I didn't want to show usage on that card yet, frustrating!

Message 29 of 29
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