Mega Contributor
Posts: 15,453
Registered: ‎04-09-2011
Re: Need auto loan.

aman31 wrote:

I'm needing to trade in my car within 6 months. I went from no credit to a score of 633 with 4 months. I currently have a Dell account with $1200 limit, currently using 100%, but will be paid off before applying for the auto loan. Also, $500 capital one card. I've using the capital one card every month and paying off. Should I do anything else or just wait on time?


My local bank has a credit building loan. You can borrow $500-$1500, the funds go into a cd, then you make monthly loan payments for 12-36 months. I've thought about doing the $500 for 12 months, but wondered I have to wonder if it looks like I needed a loan for $500.


Any help is appreciated. I know this is the rebuilding thread, but i'm basically building. I'm 35 and never really needed credit until now. In the past, I was able to pay cash for my car. Thanks.

I wouldnt add any new accounts if your going for the auto loan in 6 months. Let everything age further that you have.


EQ FICO 548 3/3/16