topic Re: Advice required.. How's my profile? in Credit Cards

Advice required.. How's my profile?

RandomCreditDude — Mon, 25 Feb 2013 01:02:03 GMT

Hello all,

I need some advice from the credit gurus on this forum. I'm new to the US (~3 years), so I'm still learning how credit ratings work here. Now, I'm planning to buy a nice car later this year, and would like to get the best possible APR on the loan. I'm looking at getting either a Merc or a BMW, something in the $50-60K range, and I'll probably have a $5k downpayment (could make more if necessary)

I tried getting my score from MyFICO, but apparently Equifax has some incorrect information on file for me, so it never went through. I have mailed them the info, and it should be updated in a couple of weeks. Meanwhile, I pulled a score from Experian (FAKO, I believe), and it said 720. I also used Transunion Total, and that said 686. I also got a letter from Chase when they denied my initial application (successfully recon'd) that listed my score as 653.

These scores do NOT reflect some recent changes in my credit file. Listed below is my current info:

1. Credit Cards: 4

2. Types of cards: BoFA Cash Rewards with $800 util /$5000CLI. Amex Gold with $0/NPSL. Chase Freedom with $0/$3500 CLI. Amex BCP with $0/<unsure, haven't recevied card yet, but got the email saying that it's approved and on its way>

3. Auto Loan: 1. Was for $9000/60 months. I paid six months worth and then paid the whole thing off and closed it.

I have never paid late, very rarely carry more than a few hundred on my credit card, and have no other debt. My income is over $100k, and I work at a large Fortune 150. I have no negative information on my file. I also have a trading account with a few thousand in it (nothing significant, less than $10k)

The only thing that is negative is the age of accounts. My oldest account is 1.3 years, and my AAoA is 1 year (and that will drop when Amex,Chase, and Amex BCP show up on my report)

So here's my question. Is this a good profile? Will I get decent rates? I have no basis for comparison, y'see. I'm not planning to buy the car soon, and I could even wait another year if necessary.

Also, what's the most reliable way of getting my credit scores? I don't mind paying $20-30 a month if necessary.

Any advice would be helpful, and let me know if you need any more information.

Thanks!

Re: Advice required.. How's my profile?

myjourney — Mon, 25 Feb 2013 01:07:30 GMT

Welcome to the forum

Re: Advice required.. How's my profile?

LS2982 — Mon, 25 Feb 2013 01:16:03 GMT

@RandomCreditDude wrote:
Hello all,

I need some advice from the credit gurus on this forum. I'm new to the US (~3 years), so I'm still learning how credit ratings work here. Now, I'm planning to buy a nice car later this year, and would like to get the best possible APR on the loan. I'm looking at getting either a Merc or a BMW, something in the $50-60K range, and I'll probably have a $5k downpayment (could make more if necessary)

I tried getting my score from MyFICO, but apparently Equifax has some incorrect information on file for me, so it never went through. I have mailed them the info, and it should be updated in a couple of weeks. Meanwhile, I pulled a score from Experian (FAKO, I believe), and it said 720. I also used Transunion Total, and that said 686. I also got a letter from Chase when they denied my initial application (successfully recon'd) that listed my score as 653.

These scores do NOT reflect some recent changes in my credit file. Listed below is my current info:

1. Credit Cards: 4
2. Types of cards: BoFA Cash Rewards with $800 util /$5000CLI. Amex Gold with $0/NPSL. Chase Freedom with $0/$3500 CLI. Amex BCP with $0/<unsure, haven't recevied card yet, but got the email saying that it's approved and on its way>
3. Auto Loan: 1. Was for $9000/60 months. I paid six months worth and then paid the whole thing off and closed it.

I have never paid late, very rarely carry more than a few hundred on my credit card, and have no other debt. My income is over $100k, and I work at a large Fortune 150. I have no negative information on my file. I also have a trading account with a few thousand in it (nothing significant, less than $10k)

The only thing that is negative is the age of accounts. My oldest account is 1.3 years, and my AAoA is 1 year (and that will drop when Amex,Chase, and Amex BCP show up on my report)

So here's my question. Is this a good profile? Will I get decent rates? I have no basis for comparison, y'see. I'm not planning to buy the car soon, and I could even wait another year if necessary.

Also, what's the most reliable way of getting my credit scores? I don't mind paying $20-30 a month if necessary.

Any advice would be helpful, and let me know if you need any more information.

Thanks!

Welcome to the forums!!!

I think your credit is pretty young and at this point getting a car loan might be tough, not unattainable but not the best interest rate you would want. I would stop apping for credit and give it 1 year of positive history for all of your accounts and that should get you in a position to get a good interest rate. It also wouldn't hurt to get in with a good local CU as they give very nice rates for auto loans.

As for your credit monitoring, I use AMEX CreditSecure. Free daily 3 bureau repots for $26 a month. I check mine every morning.

Re: Advice required.. How's my profile?

RandomCreditDude — Mon, 25 Feb 2013 01:16:06 GMT

Thanks... This is actually my second thread.

This was my first, thanking everyone for helping me get a succesful recon..

http://ficoforums.myfico.com/t5/Credit-Cards/Thank-you-to-this-board-Chase-Freedom-denied-approved-after/m-p/1898545

Re: Advice required.. How's my profile?

RandomCreditDude — Mon, 25 Feb 2013 01:17:27 GMT

Hmm Amex CreditSecure? I'll look into that, thanks.

And yeah, I'm leaning towards waiting till early 2014 before buying the car, am in no hurry.

Re: Advice required.. How's my profile?

Anonymous — Mon, 25 Feb 2013 01:18:31 GMT

@LS2982 wrote:
@RandomCreditDude wrote:
Hello all,

I need some advice from the credit gurus on this forum. I'm new to the US (~3 years), so I'm still learning how credit ratings work here. Now, I'm planning to buy a nice car later this year, and would like to get the best possible APR on the loan. I'm looking at getting either a Merc or a BMW, something in the $50-60K range, and I'll probably have a $5k downpayment (could make more if necessary)

I tried getting my score from MyFICO, but apparently Equifax has some incorrect information on file for me, so it never went through. I have mailed them the info, and it should be updated in a couple of weeks. Meanwhile, I pulled a score from Experian (FAKO, I believe), and it said 720. I also used Transunion Total, and that said 686. I also got a letter from Chase when they denied my initial application (successfully recon'd) that listed my score as 653.

These scores do NOT reflect some recent changes in my credit file. Listed below is my current info:

1. Credit Cards: 4
2. Types of cards: BoFA Cash Rewards with $800 util /$5000CLI. Amex Gold with $0/NPSL. Chase Freedom with $0/$3500 CLI. Amex BCP with $0/<unsure, haven't recevied card yet, but got the email saying that it's approved and on its way>
3. Auto Loan: 1. Was for $9000/60 months. I paid six months worth and then paid the whole thing off and closed it.

I have never paid late, very rarely carry more than a few hundred on my credit card, and have no other debt. My income is over $100k, and I work at a large Fortune 150. I have no negative information on my file. I also have a trading account with a few thousand in it (nothing significant, less than $10k)

The only thing that is negative is the age of accounts. My oldest account is 1.3 years, and my AAoA is 1 year (and that will drop when Amex,Chase, and Amex BCP show up on my report)

So here's my question. Is this a good profile? Will I get decent rates? I have no basis for comparison, y'see. I'm not planning to buy the car soon, and I could even wait another year if necessary.

Also, what's the most reliable way of getting my credit scores? I don't mind paying $20-30 a month if necessary.

Any advice would be helpful, and let me know if you need any more information.

Thanks!

Welcome to the forums!!!

I think your credit is pretty young and at this point getting a car loan might be tough, not unattainable but not the best interest rate you would want. I would stop apping for credit and give it 1 year of positive history for all of your accounts and that should get you in a position to get a good interest rate. It also wouldn't hurt to get in with a good local CU as they give very nice rates for auto loans.

As for your credit monitoring, I use AMEX CreditSecure. Free daily 3 bureau repots for $26 a month. I check mine every morning.

What!!! Amex creditsecure gives you all 3 bureaus each morning? WOW.. .Scores too?

Re: Advice required.. How's my profile?

LS2982 — Mon, 25 Feb 2013 01:48:40 GMT

@Anonymous wrote:
@LS2982 wrote:
@RandomCreditDude wrote:
Hello all,

I need some advice from the credit gurus on this forum. I'm new to the US (~3 years), so I'm still learning how credit ratings work here. Now, I'm planning to buy a nice car later this year, and would like to get the best possible APR on the loan. I'm looking at getting either a Merc or a BMW, something in the $50-60K range, and I'll probably have a $5k downpayment (could make more if necessary)

I tried getting my score from MyFICO, but apparently Equifax has some incorrect information on file for me, so it never went through. I have mailed them the info, and it should be updated in a couple of weeks. Meanwhile, I pulled a score from Experian (FAKO, I believe), and it said 720. I also used Transunion Total, and that said 686. I also got a letter from Chase when they denied my initial application (successfully recon'd) that listed my score as 653.

These scores do NOT reflect some recent changes in my credit file. Listed below is my current info:

1. Credit Cards: 4
2. Types of cards: BoFA Cash Rewards with $800 util /$5000CLI. Amex Gold with $0/NPSL. Chase Freedom with $0/$3500 CLI. Amex BCP with $0/<unsure, haven't recevied card yet, but got the email saying that it's approved and on its way>
3. Auto Loan: 1. Was for $9000/60 months. I paid six months worth and then paid the whole thing off and closed it.

I have never paid late, very rarely carry more than a few hundred on my credit card, and have no other debt. My income is over $100k, and I work at a large Fortune 150. I have no negative information on my file. I also have a trading account with a few thousand in it (nothing significant, less than $10k)

The only thing that is negative is the age of accounts. My oldest account is 1.3 years, and my AAoA is 1 year (and that will drop when Amex,Chase, and Amex BCP show up on my report)

So here's my question. Is this a good profile? Will I get decent rates? I have no basis for comparison, y'see. I'm not planning to buy the car soon, and I could even wait another year if necessary.

Also, what's the most reliable way of getting my credit scores? I don't mind paying $20-30 a month if necessary.

Any advice would be helpful, and let me know if you need any more information.

Thanks!

Welcome to the forums!!!

I think your credit is pretty young and at this point getting a car loan might be tough, not unattainable but not the best interest rate you would want. I would stop apping for credit and give it 1 year of positive history for all of your accounts and that should get you in a position to get a good interest rate. It also wouldn't hurt to get in with a good local CU as they give very nice rates for auto loans.

As for your credit monitoring, I use AMEX CreditSecure. Free daily 3 bureau repots for $26 a month. I check mine every morning.

What!!! Amex creditsecure gives you all 3 bureaus each morning? WOW.. .Scores too?

Yup, FAKO scores but im onlt interested in the live report changes.

Re: Advice required.. How's my profile?

Anonymous — Mon, 25 Feb 2013 03:20:42 GMT

You can always join DCU to get free monthly EQ Fico score and they also have great rates for auto loans. If you want, you can also apply for a Walmart credit card to get free monthly TU Fico score.

Re: Advice required.. How's my profile?

Jamisonke — Mon, 25 Feb 2013 04:32:37 GMT

I have had tier 0/1 financing with BMW and I recently purchased a Mercedes E350 in January. BMW pulled my EQ score and a score of at least 700 qualified for 0.9%. For my recent Mercedes purchase, they used the TU auto enhanced score, which qualified me for the best rates (score = 736). If you have little auto installment history, Mercedes may not give you the best of rates.

Re: Advice required.. How's my profile?

RandomCreditDude — Mon, 25 Feb 2013 04:46:43 GMT

Hmm is joining DCU as easy as filling out the online application? No hard pulls or anything right? Obviously I'm not applying for credit, just want to open the savings account and toss in a few hundred there.

If yes, then I'll go right ahead! Thanks for the great idea.

Re: Advice required.. How's my profile?

RandomCreditDude — Mon, 25 Feb 2013 04:48:18 GMT

I'm leaning Beemer But yeah, no hurry, this is all research for my eventual purchase later this year or even in mid '14

Re: Advice required.. How's my profile?

Jamisonke — Mon, 25 Feb 2013 04:51:30 GMT

BMW pulls all three reports and only one needs to be above 700 for the best financing.

Re: Advice required.. How's my profile?

RandomCreditDude — Mon, 25 Feb 2013 04:52:23 GMT

Ah, that's good to know.. I'm pretty sure I'll have my score above 700 by the time I apply.

Re: Advice required.. How's my profile?

Anonymous — Mon, 25 Feb 2013 04:55:59 GMT

@RandomCreditDude wrote:
Hmm is joining DCU as easy as filling out the online application? No hard pulls or anything right? Obviously I'm not applying for credit, just want to open the savings account and toss in a few hundred there.

If yes, then I'll go right ahead! Thanks for the great idea.

Sorry, it's a hard pull on EQ.

Re: Advice required.. How's my profile?

RandomCreditDude — Mon, 25 Feb 2013 04:57:42 GMT

Ah, therein lies the rub, eh.. Well, thanks for letting me know, anyway. Always good to know more.

Re: Advice required.. How's my profile?

RandomCreditDude — Mon, 25 Feb 2013 05:09:19 GMT

@Anonymous wrote:
@RandomCreditDude wrote:
Hmm is joining DCU as easy as filling out the online application? No hard pulls or anything right? Obviously I'm not applying for credit, just want to open the savings account and toss in a few hundred there.

If yes, then I'll go right ahead! Thanks for the great idea.
Sorry, it's a hard pull on EQ.

Ah, therein lies the rub, eh.. Well, thanks for letting me know, anyway. Always good to know more.

Re: Advice required.. How's my profile?

Anonymous — Mon, 25 Feb 2013 05:39:41 GMT

Yeah, most credit unions HP for membership and it's usually on EQ.

Re: Advice required.. How's my profile?

kwinks — Mon, 25 Feb 2013 08:33:45 GMT

iHello I was in the same boat as you when I leased my audi about 7 months ago. I had 1 credit card with a 200 dollar limit that had been open for about a year, and a 6 month old chase freedom card. I also had a 6000 car loan that I paid off in full after 1 Year. I was also only 19 years old so it was a really tough deal. I think you will do fine, just be prepared to not get your car right away. The financial managers with most likely have to pull a few strings and make a deal with the bank so be prepared to be sent home and have to wait a few day. I also applied for BMW and Mercedes. BMW got me approved but I decided I didn't want the car Anymore. I had a score of 715 and they said that the only issue was my lack of history but they approved me in the end. Mercedes however is tougher to get approved through. They require way more money to be put down if you are even a little bit of a financial risk in their eyes.

You'll definitely get approved for BMW, with great rates.

just do your research before hand thoug, because the delearships like to make up any story about why you should be paying more. They'll say that since your credit is so new you have to do this or that. What I did was ask right off the bat what score is needed for there best rates. I did this even before deciding on a car, so then they couldn't feed me. A false statement later.

Sorry this is so winded. Good luck!