topic Re: Do I have to wait?? in Auto Loans

Do I have to wait??

Anonymous — Thu, 10 Jul 2008 19:22:56 GMT

I have recently checked my credit score and it is a 660 from equifax. I want to lease a car. Since I checked my score in late June, I have paid off 6500 in credit card balances. should I wait until they report this...or does it not matter? I do not owe anything on my current car, that was paid off in january. I keep readin about the auto loan scoring and how it could be better that the regualr score. I was never late on my old car loan. What should I do?

Re: Do I have to wait??

fused — Thu, 10 Jul 2008 20:42:09 GMT

It's highly likely auto-enhanced scores will be pulled, but it's not guaranteed. How much does this payment of $6500 lower your overall and individual CC utilization?

Re: Do I have to wait??

Anonymous — Thu, 10 Jul 2008 23:16:49 GMT

This will take all of my revolving credit balances down to 0. The only thing left will be student loans. It says right now I am at 25%. When the payment shows up I guess it will go down significantly?!

Re: Do I have to wait??

Anonymous — Fri, 11 Jul 2008 03:38:22 GMT

Yes, let the payments post then go apply....It could get you into the 700's.

....and just remember to make a small charge each month and pay in full after it reports and your scores will continue to climb!

Re: Do I have to wait??

Anonymous — Fri, 11 Jul 2008 13:45:08 GMT

Thanks for the advice! I can wait till the end of the month. I definately did not want to go in there with a low score. It is so embarrassing!