Hello MyFico community,
It's been a heck of a ride doing this work on my credit profile once I realized how necessary (and helpful) good credit can be when managed meticulously and I have made certain positive gains that I didn't think were possible for me. I owe a heartfelt thanks to this community and the many bits of well-meaning advice I have read on the site. Thank you guys 
I started looking at my profile seriously 3 years ago and still stalled on getting my first credit card until 6 months later after reading lots of posts on what would be the right approach for me. I'm middle-aged and just never wanted a credit card my whole adult life but there are downsides to not having a credit card history to speak of; so 2.5 years ago I got a credit card and made the initial leap into this journey.
Through much research on this forum and self-evaluating, I applied for a Capital One Secured Card first. Next I applied for the Capital One Quicksilver One card and finally the Capital One Platinum. I joined Credit Karma and use it to check my reports. I also joined Experian's site to monitor the Fico 8. My work is self-employment and so I always worry about my income but I did alright up to a point with managing these low limit cards. In January 2019, I faced another big decision in purchasing a vehicle as my work vehicle which is also my daily driver was needing high cost repair. She is an older model SUV. I hopped on Capital One's Auto Navigator as is recommended so often in these forums for those of us with thin files. I was pre-approved with 19% apr, no money down.
Interestingly when I went to the dealership to sign for the vehicle I had chosen, there was damage to the fuel door which *was not* shown in the photos online. We discovered that a guy at the dealership who had been driving the vehicle daily caused the ding to the fuel door and so I immediately negotiated my price down which in turn bumped my finance rate down as well somehow. With Auto Navigator, the reduced price automatically prompted a lower rate - from 19% to 15%. So that was a cool surprise for this rebuilder!
At this time, I want to see if I can re-finance this loan. My housing costs are high and I have been trimming my monthly budget left and right: no eating out (luxury), no cable, no adult beverages & such, modest lifestyle. I live in a metro area with traffic being a concern for me in terms of work commute so I feel it's better to be closer to my clients versus moving out to the country. With such low scores, is an auto loan re-finance an option for me? Do I stay with Capital One for a bit longer while my scores refresh and improve?
Data points:
- oldest account is 2.5 years
- recent missed payment on the cards, now caught up (to be clear, I've missed one payment in the 2 years of opening the cards)
- high utilization
- income $42k
- 2 items on my credit report with small balances that I can pay next month
- loan balance payoff: $14,000
Of note:
y'all love credit unions, i've noticed and i qualify for navy federal via my father being ex military; my current bank is not a re-fi option.
Lastly, this financial thing is not at all my strong suit but good Lord I'm working hard at this. I feel oddly proud for what basic cards I have because I don't really excel at finance. It's just not my personality and so this is serious work for me; I'm glad I finally got in the game. Many of you are so knowledgeable and I am grateful for what you share. You've given me confidence that I wouldn't have tapped had you not been here. So I wanted to share my situation, ask my question - maybe someone else could be helped or gain new insight.
Thank you for input and your generosity in this community.
EXPERIAN: 554 // TRANSUNION: 545 // EQUIFAX: 526
Capital One Secured: $200
Capital One Platinum: $500
Capital One QuickSilver One: $750
Kohl's Store Card: $300
Auto Loan: $17,000 [original amount]
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