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I'm needing to trade in my car within 6 months. I went from no credit to a score of 633 with 4 months. I currently have a Dell account with $1200 limit, currently using 100%, but will be paid off before applying for the auto loan. Also, $500 capital one card. I've using the capital one card every month and paying off. Should I do anything else or just wait on time?
My local bank has a credit building loan. You can borrow $500-$1500, the funds go into a cd, then you make monthly loan payments for 12-36 months. I've thought about doing the $500 for 12 months, but wondered I have to wonder if it looks like I needed a loan for $500.
Any help is appreciated. I know this is the rebuilding thread, but i'm basically building. I'm 35 and never really needed credit until now. In the past, I was able to pay cash for my car. Thanks.
@aman31 wrote:I'm needing to trade in my car within 6 months. I went from no credit to a score of 633 with 4 months. I currently have a Dell account with $1200 limit, currently using 100%, but will be paid off before applying for the auto loan. Also, $500 capital one card. I've using the capital one card every month and paying off. Should I do anything else or just wait on time?
My local bank has a credit building loan. You can borrow $500-$1500, the funds go into a cd, then you make monthly loan payments for 12-36 months. I've thought about doing the $500 for 12 months, but wondered I have to wonder if it looks like I needed a loan for $500.
Any help is appreciated. I know this is the rebuilding thread, but i'm basically building. I'm 35 and never really needed credit until now. In the past, I was able to pay cash for my car. Thanks.
I wouldnt add any new accounts if your going for the auto loan in 6 months. Let everything age further that you have.
I agree with the previous comment of not engaging in any other loans. Since your credit history started 4 months ago, it won't look good that suddenly you are opening accounts. Keep your balances low and try to have a down payment. I would also apply for an auto loan with a credit union- they are more lenient on credit score and history versus other banks, they also have better rates. I had a 636 credit score to refi my car... Wells Fargo was able to give me 11.7% and a local credit union gave me 4.99%- HUGE difference! If you call local banks and provide them with your credit score, they can usually tell you if they are able to finance you and provide a general rate prior to applying. Good luck!
@havecollectionsaccounts wrote:I agree with the previous comment of not engaging in any other loans. Since your credit history started 4 months ago, it won't look good that suddenly you are opening accounts. Keep your balances low and try to have a down payment. I would also apply for an auto loan with a credit union- they are more lenient on credit score and history versus other banks, they also have better rates. I had a 636 credit score to refi my car... Wells Fargo was able to give me 11.7% and a local credit union gave me 4.99%- HUGE difference! If you call local banks and provide them with your credit score, they can usually tell you if they are able to finance you and provide a general rate prior to applying. Good luck!
I agree, especially since your new with credit. Big banks will take advantage of that. CU's are more lenient.