ALL ADVICE APPRECIATED!!!! :)

[curlylox777]

Okay......So thanks to this site I've been hustling, working to raise my credit score. I'm planning to purchase a new car around the end of 2011, beginning of 2012.

Current scores-

Experian (off experian site) 705

Equifax    (myfico)     663

Transunion (myfico) 656

My UTI is currently at around 78%

Wellsfargo  6100/8100

Cap1            15/500

My DTI is below 10%

Annual Income is approx  75,000

Okay, so I am going in to make a payment to my WellsFargo CC for $2400 which will bring down my UTI to about 48%.

I am hoping for my credit scores to jump at least 10 points or more.

I have a min. of $3000 for a down payment.

Only baddie is Cap1 30 late around 2.8 yrs ago.

Credit History is averaged 3.5 years.

I currently have an autoloan which I just paid down 1 year early, and have purposely left 1 last $300 payment so it will still affect my credit score positively.

This Autoloan only reports to Experian.

My Questions-

Do you think I will have any problem getting an autoloan for $25000?

Would you say I should just go through Capital 1 for autoloan approval? Or considering my autoloan only reflects on Experian, it might be better to walk into a Credit Union where they might possibly take into consideration that factor and possibly be able to pull my "Experian score".

I am debating whether to just apply online, or walk in somewhere where I can meet someone person who possibly would take into consideration pulling Experian, or all three.

I just want to make sure they see, and know I have paid an autoloan both on time, and paid off 1 year early. Thinking this will help with the rate I could possibly get approved for.

Thanks!!! ALL ADVICE IS APPRECIATED!!!!

[cdtotten]

Your scores are sufficient to finance a new vehicle. Your DTI is fine, so that won't be an issue. I wouldn't use capital one, unless you want to. You can likely get a much better rate from your local CU or the financing arm of the company you are purchasing from.

It's rate to see a car dealer that uses EX, but you can always ask who they pull. They usually will not pull all 3. Paying your car off early, really doesn't help your FICO score at all... the only thing important is that you didn't miss a payment. There is no reason to leave 1 payment left on the loan... after you pay it off, it will continue to report positively for up to 10 years.

[Anonymous]

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@curlylox777 wrote:

Okay......So thanks to this site I've been hustling, working to raise my credit score. I'm planning to purchase a new car around the end of 2011, beginning of 2012.

Current scores-

Experian (off experian site) 705 Probably not real, your other two scores are closer together - pretend your average is 660 right now

Equifax    (myfico)     663

Transunion (myfico) 656

My UTI is currently at around 78%

Wellsfargo  6100/8100

Cap1            15/500  Pay this off, no reason to keep it going!

My DTI is below 10% 

Annual Income is approx  75,000

Okay, so I am going in to make a payment to my WellsFargo CC for $2400 which will bring down my UTI to about 48%.  Good - can you add any more to it?

I am hoping for my credit scores to jump at least 10 points or more.  This might happen, but be prepared for no change too.  Also pay off the Cap1 - no reason to keep it going and it'll help to have half or less of all cards reporting a balance.

I have a min. of $3000 for a down payment.

Only baddie is Cap1 30 late around 2.8 yrs ago.

Credit History is averaged 3.5 years.

I currently have an autoloan which I just paid down 1 year early, and have purposely left 1 last $300 payment so it will still affect my credit score positively.

This Autoloan only reports to Experian. If you already have one loan, why do you need another?  Don't buy a vehicle if you already have a working one.  And as mentioned, pay off the last amount - it'll still be on your report for 10 years but then you won't be paying on two cars!  

My Questions-

Do you think I will have any problem getting an autoloan for $25000?  That's a bit high, but with at least 10% down, no other loans, only one CC reporting, and a score in the 670-680 range (hopefully from doing the above) you might be able to.

Would you say I should just go through Capital 1 for autoloan approval? Or considering my autoloan only reflects on Experian, it might be better to walk into a Credit Union where they might possibly take into consideration that factor and possibly be able to pull my "Experian score". I would absolutely shop around for the loan - pulls within a certian time period for one thing (house, car, etc) usually don't ding you each time and you want the best rate you can get!

I am debating whether to just apply online, or walk in somewhere where I can meet someone person who possibly would take into consideration pulling Experian, or all three.

I just want to make sure they see, and know I have paid an autoloan both on time, and paid off 1 year early. Thinking this will help with the rate I could possibly get approved for.

Thanks!!! ALL ADVICE IS APPRECIATED!!!!

Hope that helps - good luck!

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[curlylox777]

Thanks!

I will, and do pay my CAP1 card off every month. I pay it off before the day it reports every month, leaving a zero balance. I have my myfico subscription payment that I pay off on this account .

I am also aware that this experian score is NOT a FICO score. It is though the closest score to an "Experian "score that any of us are able to get since they don't

deal with myfico anymore. This is also the bureau that my auto loan reports too, so I'm thinking it might be my highest score since this is the only difference on all 3 credit reports (auto loan/paid on time).

I was advised by a credit accountant, and others that once your auto loan is paid off, it DOES still show on your credit report for 10 years but DOES NOT affect your score

since this is an installent loan. No longer showing any monthly payments. People have had there score drop 10 plus points once they've paid there loan IN FULL.

I can not pay anymore than $2400 toward my Wells Fargo Acct. I'm tapped out! LOL I have spent arount a total of $9000 within 7 months both saving for down payment, and paying down credit cards which were maxed out 7 months ago. I'm doing as much as I can! Really proud of what I have/am doing.

My family needs another car, the current one is a 02 Jeep, not the best condition, and getting 14 MPG (while driving 80+ a day). We have been surviving off one car for a while, but need another. This  will be a positive thing.....we need reliability, better MPG , these are our  top priorities. This will also allow us to generate more income, as now we are limited with one car.

We are looking at the 2012 Hyundai Elantra, nothing over priced and out of our range. Will spend roughly. $20,000-$23000. I have really become modest and transformed with help of all this.

I will definitely shop around! Hoping for a decent rate now with the work i've done.

My current loan had an 21% APR....I know??!!!@#!! this has lead me to getting control of my finances and credit! It will only get better now that I have a clear understanding of all of this.

Thanks for your advice, appreciate anymore!

[Anonymous]

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@curlylox777 wrote:

Okay......So thanks to this site I've been hustling, working to raise my credit score. I'm planning to purchase a new car around the end of 2011, beginning of 2012.

Current scores-

Experian (off experian site) 705

Equifax    (myfico)     663

Transunion (myfico) 656

My UTI is currently at around 78%

Wellsfargo  6100/8100

Cap1            15/500

My DTI is below 10%

Annual Income is approx  75,000

Okay, so I am going in to make a payment to my WellsFargo CC for $2400 which will bring down my UTI to about 48%.

I am hoping for my credit scores to jump at least 10 points or more.

I have a min. of $3000 for a down payment.

Only baddie is Cap1 30 late around 2.8 yrs ago.

Credit History is averaged 3.5 years.

I currently have an autoloan which I just paid down 1 year early, and have purposely left 1 last $300 payment so it will still affect my credit score positively.

This Autoloan only reports to Experian.

My Questions-

Do you think I will have any problem getting an autoloan for $25000?

Would you say I should just go through Capital 1 for autoloan approval? Or considering my autoloan only reflects on Experian, it might be better to walk into a Credit Union where they might possibly take into consideration that factor and possibly be able to pull my "Experian score".

I am debating whether to just apply online, or walk in somewhere where I can meet someone person who possibly would take into consideration pulling Experian, or all three.

I just want to make sure they see, and know I have paid an autoloan both on time, and paid off 1 year early. Thinking this will help with the rate I could possibly get approved for.

Thanks!!! ALL ADVICE IS APPRECIATED!!!!

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You seem to be in a good position for acquiring good rates. Also I would try to bring the utilization as much as I can probably below 10% and I think you are all set for a new car.