topic Re: Need Auto Loan-Need advice raising my credit score. in Auto Loans

Need Auto Loan-Need advice raising my credit score.

Anonymous — Wed, 07 Oct 2020 14:21:00 GMT

My FICO score reads 640 on avg from the 3 bureaus(I pay for myFICO) but on NFCU my FICO 9 says 712.

I need get an auto loan and i need help understanding what will improve my score the quickest.

I have about 4k cash to spend.

Credit card balance is $3,733.

Personal loan balance is $6,668.12

Advice?

Re: Need Auto Loan-Need advice raising my credit score.

Brian_Earl_Spilner — Wed, 07 Oct 2020 14:49:30 GMT

We'll need number of cards you have, who they're issued by, credit limits and balance, original loan balance.

Paying down utilization is the quickest way. If you can do AZEO, that would be ideal. Depending on how many cards you have, that would probably net you the most points. Only drawback is it would take about 2 months for the AZEO score boost to kick in. First month is waiting for all the balances to report, second is to take care of the trailing interest and wait for that to report. Depending on the lender, you could ask for them to report off cycle to speed up the process a bit, but we're talking maybe shaving a couple to 3 weeks off depending on when statements cut.

Alternatively, you could pay down the loan to below 8.9% remaining for maximum boost on that, then wait for it to update, or ask them to report off cycle.

The credit cards would be best because there's more moving parts that can give you FICOs, like individual utilization, aggregate utilization, number of cards carrying a balance, etc.

Re: Need Auto Loan-Need advice raising my credit score.

Anonymous — Wed, 07 Oct 2020 15:09:59 GMT

NFCU 1 credit card. Balance is 3,773. Limit is 7900.

NFCU Loan. Balance is 6668.12. Original amount is 7500

MYFICO score says 640. NFCU FICO 8 says 712?

Have about 6k to spend either towards down payment or lowering credit utilization or a mix of both.

I make about 60k annually.

Total debt is about 10k ish.

Auto loan/lease will be around 25-35k.

Re: Need Auto Loan-Need advice raising my credit score.

Girlzilla88 — Wed, 07 Oct 2020 15:56:47 GMT

My question is what type of vehicle are you interested in and are you planning on bringing your own financing to the table?! If you were looking to see what Navy can offer you can pay more towards the Loan and save a little 2k or so for the DP (depending on what they need and what vehicle you are looking into), but if you were looking to do a Promotional Finance (which I do recommend over leasing unless you trade out a lot like every 1 to 2 years) then you may need a larger DP depending on if you have any vehicle history or if they offer programs to help with DP or FTB etc.

Re: Need Auto Loan-Need advice raising my credit score.

Anonymous — Wed, 07 Oct 2020 16:21:31 GMT

probably a used vehicle, BMW. nothing too expensive. around 25k

you're suggesting i pay my loan down and ask NFCU for an auto loan?

why is my FICO 8 score and my MYFICO scores 50 points apart?

thank you for the help

Re: Need Auto Loan-Need advice raising my credit score.

dunn2500 — Fri, 09 Oct 2020 01:45:30 GMT

my fico 9 is alot higher and navy used EQ 9 so all good.......they just cut me a check with a not to exceed amount for my truck, used cars maybe different

i had a 665 score and they gave me 7% for 84mo ( i know too long and getting it to 60 mo soon)....would have been 5% for shorter term and 6% up to 60 or 72 mo cant remember

Re: Need Auto Loan-Need advice raising my credit score.

Anonymous — Tue, 27 Oct 2020 12:26:35 GMT

Did they use Auto Fico score 9 or regular Fico 9? I thought they had switched to transunion.