Hi guys, newb here, please bare with me.
I'm wondering if I should go ahead and purchase a vehicle, or wait till my score increases.
My TU score was:
690 = 12/29/2009
680 = 03/29/2010
695 = 06/01/2010
I'm thinking it dipped down due to my new home hitting my credit, and it went back up because I paid off some debt on two CC's I have.
Should I wait till I hit above 700 or go ahead and take the plunge? Of course I'm seeking the best rate possible. I currently have a auto loan with Cap 1, I had a cosigner, this was 3 years ago when my credit was worse and my rate is 10.5% on a $19,600 loan. I'm hoping to get a lone of at least $28K
Oh and my EQ Fico is 669 as of 06/01/2010.
Any help would be greatly appreciated. Thanks in advance.
Starting Score: 620
If you have positive paid auto history, your auto enhanced score may be higher than you regular fico score. I got a car in Nov (I can't remember my score at the time? maybe 665 or 685 with TU Fico and I think the lender may have used the auto enhanced flavor and I was eligible for the Tier 0 financing....that coupled with a decent down payment, little to no cc debt, and the amount I was looking to finance was appropriate for my salary (ie I didn't buy a 67K car on a 72K salary, but a car around 30K) .
Keep us posted SATX!
Thanks for the responses guys and girls.
I've noticed on the report that it says having too many accounts with open balances is bad.......even though they carry a small balance. I owe $400 on a jewelers card I'm going to pay off this month and see how that helps my score. I wanted a new/used car this month of June but I guess I can wait a little longer.
I know I don't have the best score for the best rate, but just trying to get something resasonable....my current loan is at 10.5.
Since I make 30K a year there's probably no chance I'll get a loan for 28K correct?
Is there any way for my wife to be cosign just for her income and not her credit? Her score is worse unfortunately.
