Established Contributor
scenery_guy
Posts: 949
Registered: ‎07-24-2012
Re: Do I need to get a car loan to raise my FICO score to excellent?
[ Edited ]

Interesting scenario you have Dingler. I would think an auto loan would help.

 

My score found here on my Fico is nearly identical to yours at 742. I have an recent auto loan from June 2012 and have opened 9 credit cards in the past 8 months. My oldest card is about 9.5 years (guesstimating) and my newest one from a couple of days ago. My combined credit limits are nowhere near yours at $58,000 without AMEX charge in the mix (again guessing as I have a couple of AMEX charge products). I do have a previous auto loan that ran full term and was never late. I do have a couple of 30 day late from 5.5 years ago. 

How can we be so close in score yet you have older and larger lines? I have heavy usage and always pay in full but that has not really important until the last 8 months (PIF prior but I was mainly a cash or debit card user). 

No matter what becomes of this income will factor in the mortgage. You have a nice file and I don't see a lender having an issue with giving you the best rate based on your current score and if income/investments etc. are in line. Have you considered talking to the bank and feeling this out? I assume you have a good relationship with one and would like to use them for both auto and mortgage? Bankers have some leeway and will work with you (or that has been my experience).

 

Best of luck!

 

Edit to correct a sentence that made no sense...