@Anonymous wrote:Hey all!! I am new to the Myfico club. I have been trying to rebuild my credit since a bk 10+ years ago, I am young 32, and trying to re-establish myself.
I opend a Cap1 secured beg, of Jan 2016 was approved for a $200 limit which I increased to $350 with the $49 deposit, and have been making $200 a week payments, and constantly having to pay off and use.
I was just approved last week for a $500 quicksilver one, which I am stoked about...as itll be my first real card in 13 years.
I was just hired this month for a new job, and I am making decent income: 55k, base salary, 500 mo car allowance, and 3 mos. guaranteed ramp up commission ($2000) a month. I just go my first paycheck last month.
My question is, right now, I am driving our IS250 which my fiance just financed 2 mos ago in her name, and I am driving almost 200+ miles a day, and with her mileage already at 140k, I am gonna be in trouble by the end of the year, miles based on what I am currently driving, and length of loan left on that vehicle.
I need to get another car with lower miles to offset her mileage, and still be able to work..
Any advice on Toyota Financial Services, (LEXUS) Based on my situation,
FICO: 609 EQX
TU: 584
EXP: 635
1. How many pay stubs do they need,.
2. Can I even get qualified.
3. How to improve score quicker to get approved
4. Any advice in general that could help me get a car, and what my next steps should be to get my credit right, and scores up, and still manage to get a car if possible to offest our mileage?
What would be some of your guy's advice in my shoes?? Thanks...need help
SCREAMS-n-FAINTS!!! A BK at 22 o.O LAWD!!!! First I would ask Cap1 if that secured card can be turned into an unsecured one. If not then pay the secured card off and garden it as it is your oldest account I would assume. I would use the $500 QS card as my daily driver and PIF every month. Also what is your Debt-to-Income ratio (DTI) and what is your timeframe for purchasing a new car? Also SAVE UP for a down payment simply for the fact to pay for Tags, Title, and License (TTL), Doc Fees, and extended warranty outside of the loan. I would save up $5k and whatever is left over use that for the downpayment maybe $1k. Also join a Credit Union if you haven't already done so and DCU is a great option. If you have anymore questions please feel free to ask away 
Wow. Yes...thank you so much for the great advice.
I will immediately start working on your recommendations. Ya, I know BK at 22, how awful. I was married and believe it or not, I had bought our first house, and while separated we listed it for sale. Finally had a buyer, but to close we would both need to bring $1500 to the table to get out without any issues. So her lawyer advised her to file bk 2 hours before closing, AWFUL! and I was left with no choice but to file also, bc I couldn't legally sell the house without her signature. Poor buyers...they had money in escrow.
Anyways, so question the Secured Cap1 MC, what is the value of asking them to convert it to an unsecured? It doesn't report on my 3 bureaus as unsecured?
My debt to in come ratio should be pretty low. I have a balance of $164 on my Cap1 MC ($350) limit, and now only $70 on my ($500) Quicksilver One.
My rent is $550.
MY salary is $55,000 plus a $500 car allowance a month. Other then that I have no other debt.
I will pay off the high interest Cap1 master card, and use the Quicksilver 1, for all purchases as it's a 0% APR till NOV. 16. What should my next steps be, I am with Wells Fargo as far as banking, so I guess I can switch to a CU asap. Like you mentioned.
But as far as the car goes, A good friend of mine said that he thinks the Subprime Auto Lending bubble is gonna burst here soon, and thinks that I should try to get any subprime loan I can asap, for like a $25k loan, bc he thinks it'll be harder to get approved for a loan soon?
And the only other advice I would like, is how I can get a better credit card portfolio, with better limits, and how to get higher limits, and what cards should I get in my wallet and what steps would you take to get to have a portfolio like yours?
Thanks,
AT
@Anonymous wrote:Wow. Yes...thank you so much for the great advice.
I will immediately start working on your recommendations. Ya, I know BK at 22, how awful. I was married and believe it or not, I had bought our first house, and while separated we listed it for sale. Finally had a buyer, but to close we would both need to bring $1500 to the table to get out without any issues. So her lawyer advised her to file bk 2 hours before closing, AWFUL! and I was left with no choice but to file also, bc I couldn't legally sell the house without her signature. Poor buyers...they had money in escrow.
Anyways, so question the Secured Cap1 MC, what is the value of asking them to convert it to an unsecured? It doesn't report on my 3 bureaus as unsecured?
My debt to in come ratio should be pretty low. I have a balance of $164 on my Cap1 MC ($350) limit, and now only $70 on my ($500) Quicksilver One.
My rent is $550.
MY salary is $55,000 plus a $500 car allowance a month. Other then that I have no other debt.
I will pay off the high interest Cap1 master card, and use the Quicksilver 1, for all purchases as it's a 0% APR till NOV. 16. What should my next steps be, I am with Wells Fargo as far as banking, so I guess I can switch to a CU asap. Like you mentioned.
But as far as the car goes, A good friend of mine said that he thinks the Subprime Auto Lending bubble is gonna burst here soon, and thinks that I should try to get any subprime loan I can asap, for like a $25k loan, bc he thinks it'll be harder to get approved for a loan soon?
And the only other advice I would like, is how I can get a better credit card portfolio, with better limits, and how to get higher limits, and what cards should I get in my wallet and what steps would you take to get to have a portfolio like yours?
Thanks,
AT
Your BK should be falling off your reports soon correct? I would get something cheap for now and once the BK falls off you will be in a better position to get a nice ride at a low interest rate.