I just opened a car loan for 8k for 2015 Ford Focus with 81k miles with General Lending Services for 54mo.
The interest rate is outrageous at 24.9%APR ill be upside down on this fast if I don't improve my score and refinance soon.
I've also got 6 credit cards i keep balances low, except my banks I had to use unexpectedly today to pay down on insurance. Im at about 20-30% of $1,725 CL.
I've also got 3 credit builder loans as well.
I have 45 days until loan is due, during which time im going to pay down on my credit cards to budget car pmt and insurance total of 465 monthly.
Does this sound like a good plan here? My biggest fear is getting in too much debt than I can handle coming out of bk last month. But I needed the car and I need the cards to build my credit.
Any advice would be appreciated. Also if you are familiar with GLS do they report to all 3 bureaus?
