@Anonymous wrote:
@Anonymous wrote:
Looking to buy a new vehicle by June. I have been sucessful in disputing wrong information on all 3B and Im hoping for a slight increase in over all fico score after the updates process. But I dont know if the updates will impact my Auto Scores
My scores as of today are:
TransUnion:
FicoAuto Score 8: 608
FicoAuto Score 4: 603
Experian:
FicoAuto Score 8: 599
FicoAuto Score 2: 584
Equifax:
FicoAuto Score 8: 613
FicoAuto Score 5: 590
Should I apply with the scores I have now, or is it worth the attepmt to reach a new bracket? Is seems like I will end up with a subprime rate either way? Thoughts? Advice?
I have one old Auto loan still reporting. Paid off in 2009 AFTER being laid off from work. I had 2 30 day lates before paying it off that same year.
Also, with the scores being what they are, which lenders should I target?
I think your scores are towards the bottom of being in the 'ok rates zone', but only with some help by the dealer to get financing.
Do you recall what months the two 30 day lates were, from above? Since they were in 2009, the effect of the lates is small, but anything will help. If the dates would be rolling off because of the 7 year mark, it will help a little.
If you can make it till around June without buying, I think you will be better off. I have always been told that dealers have higher prices from February till May because many people get tax refunds, it is easier to sell a car during 'refund season'.
It is generally considered that you need 3 revolving accounts to get a good chance for a score increase. If you dont have 3, now would be a good chance to get them, even if you need to get secured CCs.
I always recommend State Department Federal CU, as long as you can get clear on the Chex System for closed bank accounts. You can app for membership, joining the American Consumer Council first, if you dont qualify normally. You can join ACC for free using coupon code 'consumer'. After membership, you can contact them and deposit as low as 250 for a secured installment loan, paying it back at 4% APR for 36 months. Take the proceeds of the loan and use it for collateral for a matching amount secured CC. And all without a HP, an amazing deal.
Also, check the prequal site for Cap1. You might be able to get a Cap1 Platinum CC unsecured.
My recommendation would be to wait until your scores are above 620 at least.
Another approach would be to look for a really great deal on a new car now, take the hit on a higher rate loan, and then work towards doing a refi in six months. That would require that you have a very good LTV ratio on the initial loan now, allowing for the initial depreciation any new car takes during the first month.
And I am one that ALWAYS think it is worth fixing a CR..
HTH
Thanks in advance.
