@SteelBoy wrote:Hello guys currently my scores are TU: 641, EX: 645, Equifax 582. I have one collection coming off my credit this month and my current CC usage is 30 percent i plan to down my utilization to 1%, my current age of my credit is about 4 years. I did a score similuator and shows once i pay down my CC and get the collection remove ill be at a 720-730. I have 18 accounts on my credit. My current auto loan and my only auto loan is 36k. Im looking to get a 70-75k auto loan without putting money down. Im looking at a 2021 SVR, or 22 Amg GLE 53 coupe. Is this possible ? Also can you give me any tips how to go about this. My current income pre tax is 22k a month.
Welcome to the forum. Are the scores you cited FICO, or Vantage?
I'd caution against putting much faith in simulators as they are widely based on generalizations so they should be considered as more of for entertainment purposes only. With that said, you should see significant improvement in your scores once the collection is gone, and you get your UTI down. To optimize your scores you'll want to aim to only have one, or two of your revolving accounts (not a charge card, or store card) report a small balance (under 9%)... all the rest of your cards should be reporting zero.
Getting the car loan might not be much of a problem. What will determine what kind of rate you get and down payment requirement is going to be dependent on your scores, history, and DTI at the time of application. It should go without saying that you should wait until all these things fall into order before applying.
