Looking for an auto loan.

[Anonymous]

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@Anonymous wrote:
Thank you everyone for all the advice on this. For an update. Still have a couple months before I even try applying. I know the capital one came back with the 8.49%. But I’ve read a lot of bad things about them. Also, I have so credit card balances that brought my score down. But I plan on having them back at $0 and reported to the bureaus before applying. Currently with my dropped score I’m at a 620. But the simulator is saying once I get back to $0 it will be at a 690-700. I guess thanks to you guys I feel more confident in this process. As long as I keep all my balances at $0 and make sure I have 20% down I should be fine

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Don't do that.  While you may owe nothing which is a good thing, you will lose points for showing 0%.  You don't want your score dropping before a financing a big purchase.  Many people practice the AZEO(All Zero Except One) method for scoring optimization.  Take whatever credit cards you have, pay them all to zero and leave a small balance on 1 and let them report that balance to the credit bureaus.  This balance should be less than 8.9% or less of the credit line.  It would be helpful to know how many cards you have and what their limits are.

Simulators are unreliable.  Where are you getting your scores from?

[Anonymous]

I have 2 credit cards. A capital one with a $1,000 line and a credit one with a $450 line. And I’m using the simulator from the myFICO app. Also, I’m not sure if they will report zero. I have auto pay on bothe of them. One with internet. The other with gym memberships. So I’m sure they won’t report zero at any given time

[Anonymous]

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@Anonymous wrote:
I have 2 credit cards. A capital one with a $1,000 line and a credit one with a $450 line. And I’m using the simulator from the myFICO app. Also, I’m not sure if they will report zero. I have auto pay on bothe of them. One with internet. The other with gym memberships. So I’m sure they won’t report zero at any given time

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So if you are on auto pay, does it pay your statement balance or current balance?  I'm just trying to find ways to shave some points for you but I'm trying to get the clear picture.  Since you could have both cards reporting a balance, a negative code from FICO is "too many accounts with balances."  It may see your file as 100% of your accounts with balances and you may be losing a few points there.

[Anonymous]

Sorry. To clarify. I have my internet set to autopay with my credit card. My other card has my 2 gym memberships as autopay. Then when I see they were charged I submit my payment to the credit card and pay it off.

Also, for more info. I’ve had the $1,000 line for 2 years and the $450 line for 8 months. Not sure if that is enough time. I’ve had my student loan for 8 years but it’s only reported payments for 4 years. Prior to that I’ve had 2 separate personal loans. 1 for $3k the other for $2k

[Anonymous]

With the history you have mentioned and the amount you are looking to put down, I feel you will have no trouble getting financed.  As you mentioned though, pay down some of that utilization before applying.  It can save you quite a bit of money if they put you in a more favorable tier.

[Newbie2018]

Try DCU!