topic Re: Score jump. new card? auto loan? in Rebuilding Your Credit

Score jump. new card? auto loan?

sleepingiant — Mon, 07 May 2012 16:59:52 GMT

So ive been doing some credit repair. Working with lexington law to remove some old baddies from years ago when i didnt really care about my credit. I currently have 2 cards for rebuilding. OpenSky secured with a 200 limit and a $2 balance and a Capital one secured with a 400 limit and about a 200 balance (hasnt started reporting yet). The open sky card just reported my 3rd months statement and my score went up from high 500s to 627. Im sure most of you would say that i dont need another card for rebuilding just continue gardening these correct? But what i do need is a vehicle and wanted to know if now would be a good time to try for an auto loan of some type (possibly thru cap 1?) or just with anyone. Or should i continue to wait for higher scores? Thanks

Re: Score jump. new card? auto loan?

Rain77 — Mon, 07 May 2012 17:42:25 GMT

If you can, I say wait it out. You're scores still may not get you the best rate. I think there is an auto loan section, check that out too to see what rates people may have gotten with various scores. Also is this score your FICO or Fakos?

I started my repair because I wanted a decent auto rate also, so I understand. My car is fine (I just hate it, and the rate is ridiculous) but I'm waiting it out until I know I can get top tier, or at least very close.

Re: Score jump. new card? auto loan?

sleepingiant — Mon, 07 May 2012 19:08:43 GMT

theyre fico. got them from usaa credit monitoring. i guess i should wait for scores to get a little higher and for my other rebuilding card to start reporting. Is there a number i should shoot for before i apply for a loan? I nice round number like 650 perhaps? Im not that far away from that now. My fiancee got financed thru wells fargo dealer services for about 13000 with a score in the 680s.

Re: Score jump. new card? auto loan?

AZHeather — Mon, 07 May 2012 19:16:07 GMT

USAA scores are actually FAKO scores. Your FICO scores for Equifax and Transunion can only be found here on myfico.com or through a lender.

Aside from that, do you have an auto loan history? The scores used to determine your eligibility for an auto loan will actually be a specific FICO score developed for auto loans, and it looks strongly at your auto loan history. You can read more about the Auto-Enhanced Scores at: http://ficoforums.myfico.com/t5/Auto-Loans/FICO-Auto-Enhanced-Scores/td-p/228198.

Re: Score jump. new card? auto loan?

pizzadude — Mon, 07 May 2012 19:29:45 GMT

Actually Equifax will still sell you a FICO score: http://www.equifax.com/credit-score-watch/

But Transunion and Experian only offer FAKO scores now....

Re: Score jump. new card? auto loan?

Rain77 — Mon, 07 May 2012 19:32:01 GMT

+1 USAA are FAKOS.

I have that service also. You should get your real scores to see where you stand.

Re: Score jump. new card? auto loan?

sleepingiant — Tue, 08 May 2012 00:10:31 GMT

I really think you guys are mistaken. i went on the experian site and it gave me the exact same scores as from usaa.

Re: Score jump. new card? auto loan?

pizzadude — Tue, 08 May 2012 00:17:54 GMT

@sleepingiant wrote:
I really think you guys are mistaken. i went on the experian site and it gave me the exact same scores as from usaa.

Experian does not sell FICO scores to consumers. Any scores that you pull from EX are FAKO scores.

Re: Score jump. new card? auto loan?

sleepingiant — Tue, 08 May 2012 00:31:13 GMT

oh wow yea equifax has a completely diff score. thats so stupid whats the point of having two different ones like that. is the faco even used for anything?

Re: Score jump. new card? auto loan?

Lasardo — Tue, 08 May 2012 08:33:48 GMT

I have both capital one secured cards and a car loan through capital one from 2008. It's my understanding a car loan is rated as the next best thing to a mortgage, SO a car loan may actually increase your score if your payments stay on time. I may not be able to suggest this on this site but is it an option to have your fiancé list you as an authorized user on one of his cards (assuming he has good credit) ? That way you can benefit from both a new car and a better credit score thus a lower int rate? My bf just put me in his account and I got an email that my score jumped 31 points. Good luck .

Re: Score jump. new card? auto loan?

Repo-ed — Tue, 08 May 2012 10:31:56 GMT

@sleepingiant wrote:
oh wow yea equifax has a completely diff score. thats so stupid whats the point of having two different ones like that. is the faco even used for anything?

How about there are more than "two different ones"

You have much to learn, like the rest of us, and that's why we are here.

I recently went to my local CU and asked them for a personal loan for 1k and then 3 weeks later asked them for a motorcycle loan and they approved me for $8500, but only took $3500. This way I would have a mix of credit TLs reporting on all 3 of my CRs.

They were nice enough to use my CR they HP from the 1k loan, to base their approval amount for the 2nd loan.

Now I have CCs (orchard bank and capone as well as a few AU cards from my DGF), Peronal Installlment loan, and now an automobile loan. Try and get a nice mix of low installments and keep that Util% around 9% (you currently are over 50% util, which is too high) and you'll see your scores start to climb in the right direction.

Re: Score jump. new card? auto loan?

Anonymous — Tue, 08 May 2012 13:10:03 GMT

@sleepingiant wrote:
So ive been doing some credit repair. Working with lexington law to remove some old baddies from years ago when i didnt really care about my credit. I currently have 2 cards for rebuilding. OpenSky secured with a 200 limit and a $2 balance and a Capital one secured with a 400 limit and about a 200 balance (hasnt started reporting yet). The open sky card just reported my 3rd months statement and my score went up from high 500s to 627. Im sure most of you would say that i dont need another card for rebuilding just continue gardening these correct? But what i do need is a vehicle and wanted to know if now would be a good time to try for an auto loan of some type (possibly thru cap 1?) or just with anyone. Or should i continue to wait for higher scores? Thanks

First thing you should do is pay that $200 balance off on your Cap One card before it reports, ASAP. You have used 50% of your available credit on this one card. Once that reports, your credit score will probably drop under 600. Pay this off, and keep them paid off before even considering an auto loan.

Re: Score jump. new card? auto loan?

sleepingiant — Tue, 08 May 2012 18:06:56 GMT

Maybe with your scores but in the mid 500s im fairly sure a personal or motorcycle loan are out of the question. Ill just have to make these 2 cards look as good as possible for a while til these scores go up.

Re: Score jump. new card? auto loan?

sleepingiant — Tue, 08 May 2012 18:08:13 GMT

thanks yea im gona go pay it off now and just try to get a few months in with these cards and see what happens. id love to get into the 6s

Re: Score jump. new card? auto loan?

wmcodywilson — Thu, 10 May 2012 02:22:07 GMT

+1 to the auto loan I just got my car loan last month and it just hit my reports. I did see a jump of around 10 points. So it may in fact help you. Plus if you get a bad rate you can always refi in 6 months. That way you'll have positive history with that as well as more history with your cc's. Like everyone else said your utl is a big factor as well. Lower that and you'll be golden. One month I stayed at the recommended 9% and didn't see much jump. Next month I was at 2% and saw almost a 20 point increase.