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See, my credit/balance ratio is about 70 percent, but that will all be taken care of at the end of this month. And I can't figure out what kind of credit I should apply for to broaden the horizon. I don't need student loans, I'm running on a scholorship. Should I just buy a new TV or something? And, no, I don't have any negatives. All payments have been made on time.
If you are 18 and have 3 cards, you do nto need more credit. You need to pay down the credit to under 10% utilization. That will give you a good score jump on your FICO. The problem is going to be length of history. Typically, dealers were the place to go for the first time car loan as they tended to have a little more room to maneuvar on new buyers, but in this credit market car loans are tough. Also, do you have any money toput down because most banks will nto finance a car loan at 100% right now without really good credit history.
one other thing, what negatives are on your report. With a score of 629, there has to be something dropping it. It is not a horrible score by any means, but if you have 3 credit cards that have been paid on time, your score should be higher (although the utilization may be ther negative factor....not sure) I would think even with the utilization being high, you would at least be int he mid to high 600's unless there were a couple lates or something.
Not really, becuase with a short history, the score is kind of a non-point. Right now they see high utilization and short credit history which leads to the conclusion that you may have a tendancy to overspend if given too much credit.
As far as leasing goes, it just depends. the thing is on a short term lease is that if you put some money down and use any rebates the dealer has going on now, the payment can be very manageable. But it really depends upon the car, the dealer, and what deals they have going on right now. It is a longshot, but when my credit was bad, it was easier to get a 2 year lease on a new truck than to get financed to buy the same truck. Now things are different now, but you don;t really know until you try. I would recommend either Toyota or Ford as I had good luck with both getting credit (both lease and buy) when my credit was bad.