Hey everyone,
I could be applying for an RV loan in as soon as a week or so depending on timing of other things. This is where my question of DTI vs Higher Utilization comes in, what woul potentially sway a decision more assuming all other factors are equal?
I'm picking up my new truck this Friday (been waiting MONTHS), it's an expensive truck so I really would like to apply for the RV loan before it shows up on my reports. However, one of my CC's last statement was 68% util, as of today it's at 46.8% but statement close isn't until 4/5 so at least a couple days after that at best would that post to my reports. But that's pushing it close in case the new auto loan posts quickly as well.
The new truck loan would put me at 30% DTI, I'm at about 21% DTI as of now. The new truck loan AND RV would put me about 35% DTI. I'll be putting at least 10% down on the RV which is a requirement of the banks I'm looking into anyway.
So, which scenario do you "think" would offer me better odds:
- 21% DTI and 68% single card util (28.8% aggregate util)
- 35% total DTI after all loans and 46.8% util (20% aggregate util)
I'm just not sure if it's worth taking the chance of waiting until my new credit card statement posts and having the new truck loan post as well. Also this would show a lot of new credit which I know lenders don't like to see as well. Another concern is 1 out of the 4 approvals I got for the new truck loan said they would only do it if I were trading in the existing auto loan, which I'm not. So that's another reason I'd like to apply before the new truck loan shows up. Since I completely realize I don't have an 800 credit score.
data points:
Existing auto loan - $1000/month
New Truck loan - $950/month (keeping both auto loans)
new RV loan - $450/month
student loan - $290/month
CC1 - 0 of 7000
CC2 - 0 of 9000
CC3 - 0 of 17,500
CC4 - 11700 of 25000 (actual, currently shown on CR from last statement is 16,900)
Current scores (FICO8)
EQ: 704 - TU: 692 - EX: 697
potential small AZEO bonus - CC3 above closes today with a 0 balance so in a few days I could potentially get a small AZEO boost. Although I read it has less of an affect if the One card has high util. So I'm not counting on it, but if it happens, then cool 
Of course the lower util coming up for CC4 would def cause a small point increase, I'd say a safe bet is at least 5 points.