Frequent Contributor
ando35
Posts: 277
Registered: ‎10-05-2010
Need guidance

Ok, so I worked for a year and got my score from 600 to 650 and 665. Then, I had to max out my mattress card and buy a new car. As a result, I went down to 630. I was told my score will go up 2 points a month or something as this car loan helps me. Thing is, do I need to get my Util down to 10% in order for the car loan to start affecting me ion a positive way?

Frequent Contributor
ando35
Posts: 277
Registered: ‎10-05-2010
Re: Need guidance

Wow, not one reply?

Moderator
Shogun
Posts: 12,875
Registered: ‎04-15-2011
Re: Need guidance

ando35 wrote:

Ok, so I worked for a year and got my score from 600 to 650 and 665. Then, I had to max out my mattress card and buy a new car. As a result, I went down to 630. I was told my score will go up 2 points a month or something as this car loan helps me. Thing is, do I need to get my Util down to 10% in order for the car loan to start affecting me ion a positive way?


You took an initial hit with the Inq and a hit on your AAoA with the posting of the new car loan. Those hits will diminish quickly with a little aging.  The max out on the mattress card will affect your score.  Once you pay down your util your score will rebound. 


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Frequent Contributor
ando35
Posts: 277
Registered: ‎10-05-2010
Re: Need guidance

Thank you!