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Hello,
Just joinied the forums but have been lurking around for some time.
I'm ready to purchase a new car in a few months (30k) car and need some advice
Currently, I'm using Equifax Complete Premier Plan.
My credit score as of 1/11/2013 is 667. Over the last few weeks, my revolving account's debt to credit ratio has been lowered from 88% to 62%. Hopefully I should be able to lower it down to 0% once my cards have been paid off.
I only have a two credit cards so far. Capital one with 300 limit and Amazon Store Card with 2000.
My Installment has a balance of $62,809 and credit limit of $60,409. (Student Loan, payments start in June)
Revolving account balance of $2,019 and limit of $2,300.
Thanks in advance!
Thank you! I'm not a member of any credit unions. Does credit unions help with auto loans?
I forgot to add that I have a trade-in vehicle and plan on having $2,000 down payment before purchase.
@michintom wrote:Thank you! I'm not a member of any credit unions. Does credit unions help with auto loans?
I forgot to add that I have a trade-in vehicle and plan on having $2,000 down payment before purchase.
Some CUs have more lenient underwriting standards, or may offer better rates. YMMV.
I agree that lowering your utilization will help boost your FICO score. Have you pulled a FICO score to know where you stand ?
@pizzadude wrote:
@michintom wrote:Thank you! I'm not a member of any credit unions. Does credit unions help with auto loans?
I forgot to add that I have a trade-in vehicle and plan on having $2,000 down payment before purchase.
Some CUs have more lenient underwriting standards, or may offer better rates. YMMV.
I agree that lowering your utilization will help boost your FICO score. Have you pulled a FICO score to know where you stand ?
Thank you for the reply. I'm pulling the regular credit scores and not the fico scores from Equifax. My scores are 667 as of today 1/11/2013.
@michintom wrote:
Thank you for the reply. I'm pulling the regular credit scores and not the fico scores from Equifax. My scores are 667 as of today 1/11/2013.
I'd recommend checking a FICO score to know where you stand ~ the Equifax credit score is not used by lenders and can't be correlated to a FICO score.
@pizzadude wrote:
@michintom wrote:
Thank you for the reply. I'm pulling the regular credit scores and not the fico scores from Equifax. My scores are 667 as of today 1/11/2013.
I'd recommend checking a FICO score to know where you stand ~ the Equifax credit score is not used by lenders and can't be correlated to a FICO score.
Just pulled Equaifax FICO score from the Score Watch here. It's currently at 660.
@MovingForward_2012 wrote:
What is your income? You need a decent income for a $30K car.
My income is only 30k a year.