Re: Need auto loan.
09-29-2012 05:22 PM
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.
Bronze Spade Garden Club Member - Last App 12/16/13 - No Apps until 12/16/2015 / Diamond Inspired!
Starting Score: EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014