@02whiteem2 wrote:
Hi everyone. Im Steve. i have been browsing these forums for a few weeks now and have learned alot. I could use some advice on my anticipated car purchase. I am looking to purchase my first new car. My previous car loan i signed with my mom when i was 19 has been paid off. I am looking to spend around 25k. I make about 42k annually and have a decent mix of CC's. I have no baddies or negative history at all. I have had a problem with utilization like most college kids that i have been working on. My big balances have been Citi which i closed a few years ago (they hiked my rate to 28% with no real reason) that had 6k/8k limit on it and a CU CC with 7k/8k limit. all of my other cards have little to no balance on them. My EQ FICO score pulled here was a 666 with an AAOA of about 2 years. I use my recently acquired Discover it Card for my dailies and I PIF every month. My total revolving credit is about 24k. I have since paid the Citi down to about 3k. I plan to get a new vehicle by the summer and wanted to know whats the best advice on what i should do to prepare my score for the loan. Should i continue to pay down (and off) my closed Citi card or should i start to bring down my CU CC to a reasonable level. I really want to get this car loan at the best rate that i can get in my timeframe. I dont want to attempt to apply until i am sure i won't have any problems. Help me out guys.........
Payoff the Citi card asap because of the huge rate. Really consider a balance transfer such as chase slate which is 0% interest for 15 months and sometimes you can get the the 3% balance transfer fee waived if transfered within 60 days of account opening. Otherwise, just pay off that credit card asap, you're getting swindled on that rate.
Then read this thread, it should give you an idea of how to get your best rate and car price.
http://ficoforums.myfico.com/t5/Auto-Loans/How-to-buy-a-car-for-the-first-time-buyer/td-p/1923289
