Question about getting an auto loan

[codehavoc]

I'm looking to get an auto loan. My Ex Fico is 663 and I have 7 credit cards and 3 store cards my utilization on all the cards is about 30 percent and I have a 0 balance on my 3 store cards. I wanted to know if it was safe to get another card which would be and HP because I really want an American Express green or gold card. I already have the blue card. And should I 0 out all my accounts before I apply for an auto loan? And how long before my last inquiry should I wait before applying for the loan?

[Creditaddict]

1. don't get green, no sign up bonus, and bad rewards... get gold if you want to do that and you can do it now... it will backdate to your blue anyway.

2. if you can pay all but 1 card off then that will always looks better to have less cards with balances and less overal util.

3. i wouldn't worry about INQ's and car shopping so you can go car shopping anytime you want.

4. new or used? have you picked out what you want yet?

[codehavoc]

Yes I want a 2015 dodge challenger. Brand new and I was thinking about using navy federal credit union for the loan

[Creditaddict]

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@codehavoc wrote:
Yes I want a 2015 dodge challenger. Brand new and I was thinking about using navy federal credit union for the loan

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I would apply for pre-approval with Navy then because it looks like you can qualify for $3-$4k cash from dodge if you had your own financing but if you take theirs it might be lower (shows .9% but only 36 months, you would have to see the tiers based on longer terms) but with that financing only $1-$2k cash allowance by looks of it so if you could qualify for a 2-5% from navy but get a full $3-$4k in cash rebates you could come out ahead vs taking .9% and only $1k rebates.

[codehavoc]

Mmmmm sounds good. The car isn't released yet. But I know another inquiry would hurt my score. And also I don't know if nfcu will approve me for a loan because my highest credit limit is only 6000 dollars

[Creditaddict]

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@codehavoc wrote:
Mmmmm sounds good. The car isn't released yet. But I know another inquiry would hurt my score. And also I don't know if nfcu will approve me for a loan because my highest credit limit is only 6000 dollars

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well if a 582 is your EQ compared to your 680+ other reports then yes you might have a problem with navy since they almost always pull EQ.

but I would just wait for the release of the car and then apply to both and go with best deal all around.

[codehavoc]

I need to update that. My Ex is now a 663 and exp 708 and TU 703

[codehavoc]

I had 4 collections but they 2 was paid off fans the other 2 was deleted because I had military orders proving that I wasn't involved. All this had been paid off and deleted about 3-4 weeks ago so I'm waiting for those to fall off

[mo15473]

+1 but there Is always a work around. I have learned You can have them Pull your TU report when applying for the loan if you ask while talking to them over the phone. You will just receive 2 hard pulls. One on EQ and the other on TU. Just did this a week ago with the wife. Her EQ was crap had Navy Pull her TU and what do you know approved for a 35k auto loan as well as a 5k cash Rewards CC. Take care of Navy and they will take care you. Just a little motivation.

[codehavoc]

Ok that's good. I have time to let my scores build up anyway. And have your wife ever had a car loan before? Or is this the first ?