Could someone please give me an idea if I would qualify. This is my situation. Current FICO Score 640 with 70% utilization on low limit cards. If my father in law added me to his cap one card that has a 12,000$ limit and I’m also going to pay the 600$ I have on my cards utilization. Could my score potentially go to 700 or above? No collections or anything on my credit report. I want to be able to finance a 2015-16 pathfinder for around 22-25,000$.
70% Util, what is your total CL? Will 12k plus $600 drop your util down any significant amount. There are several score simulators around that can give you an estimated FICO score after your changes, but since you wanting an auto loan then you need to look at your auto fico score.
Right now I have 70% utilization for 3 cards with 300$ limits per card. 600$ will drop my utilization down to almost nothing. After I do that if my father in law adds me to his card as an AU that has a 12,000$ limit will that and paying off my cards help my score ? Or just paying my three cards will be enough to go from 640 to close to 700
PIF'ing all cards and allow one to report 1% util will be your biggest bang for the buck but 70 points is a bit of a stretch since it is also based on what else is on your CR. It will also lower your DTI which could increase the amount you can borrow so I would do that but you might not get the 70 points you want. You could always refi later if your scores go up enough to make the new rate cost effective. Also check with a local CU since multiple INQs for an autoloan won't hurt your score vs 1 INQ.
