So, how should I proceed or what good financial actions should I follow so that I get the best offer for Auto Loan in around mid-2021?
Discover Secured Card Limit 400 / Used $2, paid in full after every statement.
Capital One Unsecured Card Limit 400, Used $5, PIF every month.
Chase Freedom Unlimited Limit $1000 Spending $400 a month, paying in full multiple times a month.
Amex Everyday Limit 1000, Balance $200, free monthly plan of $25, PIF
Target Red Credit Store Card Limit 300 Usage <$5, PIF
Amazon Store Card Limit 500 Usage $100/month, PIF
11 Inquires between Feb & July 2019, now not intending to apply any more card, just will ask for AMEX CLI Love & C1, but will not proceed if they do HP
Self Lender $525 from 2 months for $25 a month
TU 655, Eq & FICO N/A
Income $2200/month, Housing $800, other Expenses $300
Savings & Checkings have $1000, adding aggressively more every month about $400
Things I think should do:
Save more cash in Savings
Work on to increase salary
pay in full every month
no new app and HPs
Car Loan required about 20-25k for a 3-4 years used certified pre-owned car (Mercedes GLA 250 at the moment, but can change)
Pleasel letme know what I am missing & doing wrong; & how can I improve my chances of getting a good deal.
Moved to US in Oct 2018, Checking account in Jan 2019, Discover Card from Jan 2019 & other cards after that. Just thin file, no derogs on file. Age mid-30s.
OP...You would be better off if you included more info. The extremely small credit limits you have indicate that either you are too young to have a long credit history, or a major negative exists on your credit report. It would also be helpful to know when your accounts were opened. Likely based on what you have posted alone, just continuing to make all payments on time will be the best course of action. There are not shortcuts. About a month before you apply for the auto loan, use the AZEO method to maximize your points. It appears you are already using the AZEO, but since it is a point in time metric, the only time it really matters is near the time you apply for the loan. Inqueries will no longer affect your scores after 1 year. Your AAoA will be higher, as will the AooA. The 1 score you show is not great, but it is not horrible either. If you just continue what you are doing, I would roughly guess that in 2 years your score will be around 750-770. That is however under the assumption that this low score and your low limits is due to a thin credit file and not due to some major negative accounts on your report.