So, I just wanted to put my story out there to hopefully inspire some of you with your credit Journey.
On Saturday I was approved for MY DREAM car through BMW financial with 1.0% APR. When I tell you guys my mouth dropped to the floor I swear I almost passed out on the floor when the sales guy came back with my finance app results.
I started my credit journey about 3 years ago when I went to attempt to purchase my brand new Scion FRS. The sales guy told me that he could't help me because my scores were not good at all. He actually reccomended that I file for bankruptcy. I was lucky enough to have an awesome dad that purchased the car for me and I just made the payments every month. At that moment my light bulb in my head went off and a fire was lit. I decided that I was not going to file for bankruptcy and I was going to fix my credit myself.
1. I signed up for a secured card with my credit union Navy Federal.
2. I signed up for Lexington Law so that they could dispute the things on my credit report. (I did this because I didnt have the time or patience to do it myself).
3. I did not apply for any credit for 3 years.
4. Signed up for Credit Karma so that I could keep track of my scores.
Whlie Lexington Law was disputing items I was using my secured card very responsibly and was making sure my utilization was low. I was getting alerts from lexington law nearly every month with items that had been successully removed from my report.
Within 2 years my credit score went up roughly 100 points (Give or take a few points).
Early in 2017 I decided to appy for an unsecured card with Navy Fed. To my surprize they gave me a 15K limit. Unsecured my secured card and bumped it up from 500 to 1500. They also approved me for the maximum Checking Line of Credit.
In May of 2017 I did refinance the car that my dad bought me into my name via Navy Federal as well. After joining myfico i did lots of research and learned about auto enhanced scores. I was sitting at a 730TU, 596EQ, and 630EX.
Long story short, to ensure that I would not have any issues at the BMW dealership I decided to go in with a Pre approved financing through PenFed. I was not confident with that because the pulled my Equifax score which was my lowest Fico and because of that the APR was at 12%.
Once I picked out my care the Salesman at BMW said that they would do a pull on ALL of my scores and would finance me with the highest Fico score. Although I was nervous I allowed them to do the app and check my credit. Once they found out that my credit score was a 730 I was basically treated like a rockstar lol. The proccess was a breeze. No down payment. 1% APR and my payments were within my price range.
I just wanted to say that it was the greatest experience that I have ever had. I'm used to people's expressions changing for the worst once they find out my scores. So to all of you out there working on your scores stay positive, stay motivated and stay diligent because it is well worth it in the end. :-)
