topic Re: mix between credit card and auto - advice? in Auto Loans

mix between credit card and auto - advice?

Anonymous — Wed, 12 Aug 2015 23:34:35 GMT

so i have gotten 5 credit cards this year and i went on a mini all spree (3 cards) at the beginning of june and got the discover it at the end of july. one of those three i got at the beginning of june was a barclay sallie mae. i know they are new inquiry sensitive and stuff and i don't worry too much about it with what i have done thus far but i am planning to refinance my auto loan i will run my report twice with two different companies. one is my regular credit union i put most of my banking through. they said once my experian hits 670 (it's at 673 right now) then i qualify for around 3.5-3.7% apr after my .5% reduction with some points i have accumulated through them.
the other app will be to refinance again with navy fed to see if they can get close to matching it (i prefer it to be with them)
so should i wait a few more months to do this not to spook barclay or would it not be a huge deal since its auto and not unsecured? thanks for the help

Re: mix between credit card and auto - advice?

Gmood1 — Thu, 13 Aug 2015 00:27:24 GMT

Have you considered Penfed? I like the fact they give you a straight rate across the board. There's no rate difference between someone with a 680 or 800 credit score.

You all get the same great rate. Just another company to consider. Plus you can use the same app for their other products in a 90 day period.

Re: mix between credit card and auto - advice?

Anonymous — Thu, 13 Aug 2015 00:43:18 GMT

well that is definitely cool without a doubt but i don't have an amazing profile lol. 660, 673 and 677 on all bureaus with 6 years of credit says i have some lates on my record lol

Re: mix between credit card and auto - advice?

CreditDunce — Thu, 13 Aug 2015 00:52:11 GMT

I wouldn't worry about a couple of auto INQs at all. If anything a new auto loan will be the bigger concern. The new loan will count as a new trade line and will add a good bit of debt to your profile. However, I don't think the auto loan would be a problem either. Assuming you are PIF every month.

If your EQ04 score is above 675, I would think about DCU. I think that will give you their best rates.

Re: mix between credit card and auto - advice?

Gmood1 — Thu, 13 Aug 2015 00:56:35 GMT

My profile isn't amazing.lol
I still have a foreclosure on my EQ and TU reports. If you hit 680 EQ you've got a good chance with Penfed. They've loosened the guidelines a bit.

Re: mix between credit card and auto - advice?

Anonymous — Thu, 13 Aug 2015 01:35:25 GMT

i am at 660 EQ right now. and it doesn't show my EQ 04, only 08 and 05. i have had many auto loans in the past (i am 24 but have had (including refinances) at least 7 autos all reporting correctly (and only one is currently opened, the rest are paid off))

Re: mix between credit card and auto - advice?

Anonymous — Thu, 13 Aug 2015 01:39:17 GMT

first was $3k and only had it like 8 months
then was $13k (paid it down to $8k then sold)
then was $15k (while i had my $13k one) (had this one a year)
then refinanced the $15k at the $13k mark (had it like this about three months)
then once i sold that $8k one i got one for $25k (current vehicle)
then two months later sold the refinanced $13k one and got my ex wife a $25k vehicle
then we divorced and she refinanced her $25k one out of my name a year and a half after we had it (april 2015)
and i refinanced my $25k one in april 2015

hope that isn't too confusing.

Re: mix between credit card and auto - advice?

EddieK — Thu, 13 Aug 2015 01:44:41 GMT

@Anonymous wrote:
i am at 660 EQ right now. and it doesn't show my EQ 04, only 08 and 05. i have had many auto loans in the past (i am 24 but have had (including refinances) at least 7 autos all reporting correctly (and only one is currently opened, the rest are paid off))

The EQ04 score is called Score 5 on here.

Re: mix between credit card and auto - advice?

Anonymous — Thu, 13 Aug 2015 01:46:42 GMT

oh let me look

Re: mix between credit card and auto - advice?

Anonymous — Thu, 13 Aug 2015 01:48:16 GMT

oh hell no. 613 lol. i guess when my ex was late on her payment on her auto loan in november of 2014 (i was on it at that point) then that helped screw me. i had perfect payments on ALL of my autos since i was 18 until that

Re: mix between credit card and auto - advice?

CreditDunce — Thu, 13 Aug 2015 01:50:52 GMT

@Anonymous wrote:
i am at 660 EQ right now. and it doesn't show my EQ 04, only 08 and 05. i have had many auto loans in the past (i am 24 but have had (including refinances) at least 7 autos all reporting correctly (and only one is currently opened, the rest are paid off))

I believe what I refer to as EQ-04 score is labeled 05 on MF. It might also be shown as your mortgage score. But it sounds like you are below the cut-off for DCU's best rates. DCU would likely be about the same interest rate, but would cost your two INQ on EQ (one to join DCU and one for the loan). So I would stick with your first plan, local CU and NFCU. Your dealer might be able to get you a better deal, assuming your auto enhanced score is better. But they are likely to shop you around to many banks looking to see which bank will get them the best kick back.

Re: mix between credit card and auto - advice?

EddieK — Thu, 13 Aug 2015 02:01:42 GMT

@Anonymous wrote:
oh hell no. 613 lol. i guess when my ex was late on her payment on her auto loan in november of 2014 (i was on it at that point) then that helped screw me. i had perfect payments on ALL of my autos since i was 18 until that

Yeah, with it being within the last year, you're getting hammered for it.

Re: mix between credit card and auto - advice?

Anonymous — Thu, 13 Aug 2015 02:06:32 GMT

creditdunce - it's a refi, not a new loan so no dealership or shopping around just 2 total injuries (one for each CU)

eddiek - yeah that's a huge bummer. i was so mad at her for that i called to have it repossessed lol but then i found out that i would be even more screwed

Re: mix between credit card and auto - advice?

EddieK — Thu, 13 Aug 2015 02:29:17 GMT

@Anonymous wrote:
eddiek - yeah that's a huge bummer. i was so mad at her for that i called to have it repossessed lol but then i found out that i would be even more screwed

Yeah, that does suck. A few years ago I co-signed on a car with an ex-GF, luckily she kept up with the payments after we broke up.

Re: mix between credit card and auto - advice?

Anonymous — Thu, 13 Aug 2015 02:40:20 GMT

how long does that hurt for? i know at least a year but does it last much after?

Re: mix between credit card and auto - advice?

EddieK — Thu, 13 Aug 2015 02:57:10 GMT

@Anonymous wrote:
how long does that hurt for? i know at least a year but does it last much after?

If it's a 30 day, they say it loses some at the 1 year mark and has very little impact on your scores after 2.

Re: mix between credit card and auto - advice?

Anonymous — Thu, 13 Aug 2015 03:02:23 GMT

yeah it was just a 30 day. had like 3 that month lol

Re: mix between credit card and auto - advice?

gdale6 — Thu, 13 Aug 2015 03:23:11 GMT

Hi 2011XTERROR,

I have removed your cross post on this in the General Credit Forum, please refrain from cross posting the same topic in multi forums in the future it leads to confusion by the members and isnt allowed by our TOS/User Guidelines. I thank you for your understanding and cooperation

Re: mix between credit card and auto - advice?

Anonymous — Thu, 13 Aug 2015 03:24:00 GMT

that's fine i didn't exactly know where to put it

Re: mix between credit card and auto - advice?

Anonymous — Thu, 13 Aug 2015 21:38:57 GMT

my local CU offered same terms as NFCU so i am set. stick with nfcu.