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I applied and was approved for DiscoverIt last month and transferred balances from 2 accounts, Sears and Amazon, to it. Amazon had 85%UR, now it's 0 and Sears 45% down to 0 as well.
Should I only wait until the two transferred paid off are reported as zero balance or also wait until Discover is reported with balance? If my UR is correct below, it would be 21% without Discover's balance.
CK: 658, EQ FICO: 702, CS: 735 The scores should go up when the new balances get reported in...
I understand that closed acounts UR is not factored in and only AAoA is used... That's why my Sears Account is not listed since it was closed by lender.
Current Debt listed Below:
Account | Credit Limit | Balance | UR |
Discover | $ 5,500.00 | $ 1,842.00 | 33% |
Sears Dad AU | $ 3,000.00 | $ 1,094.00 | 36% |
RTG | $ 2,000.00 | $ - | 0% |
Best Buy | $ 800.00 | $ 242.00 | 30% |
Amazon | $ 600.00 | $ - | 0% |
PayPal | $ 600.00 | $ 207.00 | 35% |
Radio Shack | $ 500.00 | $ - | 0% |
Total | $13,000.00 | $ 3,385.00 | 26% |
APPROVING BANK:TBD Depends on dealership
BUREAU PULLED:TBD Depends on dealership
CREDIT SCORE:652TU, 735EX, EQ702
CUSTOMER STATE OF RESIDENCE: PR
NEW/USED: New
YEAR OF VEHICLE: 2014
MAKE: Mitsubishi
MODEL: ASX (Outlander Sport out of US)
MILEAGE: 0
RETAIL/LEASE: Retail
AMOUNT OF LOAN: $23,000
TERM CONTRACTED: 60-72mo
APR/LEASE RATE: 1.89%
MONTHLY PAYMENT: ~$399
ANNUAL INCOME: $37,200
DEBT TO INCOME RATIO: 27%
MISCELLANEOUS COMMENTARY:
Your score would technically be highest when the paid off ones report 0 balance, but BEFORE Discover reports the BT balances. But of course, that hypothetical period of time might not exist.
Honestly with a 700 TU FICO, I don't think you'll have any particular problem getting financed. If you want to make sure you get the best rate (though you may already qualify for them), yeah, wait for the cards to 0 out imo.
Edited my post and sig... its 702 EQ FICO, got em mixed up since I was writing this quick while at work :/
Yeah, I think I should wait until the balances net out to zero. Amazon's high utilization dropped my CK FAKO score by 50pts. That new bill was just posted and hopefully they report on bill closing. I'll find this out tomorrow when CreditKarma refreshes it's data...
There's a bonus this month of $800 factory rebate and they're advertising low APR's and zero down on signing.
Thanks!
No worries, what I said still stands.
Pretty sure that with a 702 EQ you'd qualify for 1.99% at DCU right now so that could always be a good backup plan.
You can wait to purchase until your cards report. The best deals happen towards the last day or two of the month anyways (if negotiated properly via email). Keep us posted and good luck!
Amazon's new balance kicked and spiked my EX FICO +11 pts to 713 now and CK +58pts to 702 now. My Discover cycle closes on the 23rd and that should have the new TU FICO but most surely will include Discover's balance... I'vecheckedSearsreportinghistoryandtheyusuallyreportbalanceson17th... I'llwaittillthenandseehowscoresactup.
Sofarthere'stwoCUthatIcanapplyto, firstbeingPenFedandtheotherCaribbeanFedCU (CFCU). PenFedhasabetterrateof2.49% vs3.89% CFCUfor72mofinancing. I'mshootingfor72mocauseofthelowerpaymentsandI'mawarethatI'llenduppayingabitmoreininterestvs60mofinancing. TheotherisBPPR (BancoPopularPuertoRico) withwhomIhavemymortgageandbankaccountswith, buttheirrateis4.85% for72moloans.
Negotiating via email for car prices here, PR, is kind of difficult since most dealerships don't have a good website or missing email from the contacts. They prefer to have almost everything done the olden way, by phone :/ Let's see how it goes,.
What happened to your space key
I'd apply between that sweet spot of the 17th after Sears reports, but before 23rd when Discover reports with the now higher balance due to the BTs. Especially if there's not much price negotiating room in PR (which seems entirely reasonable), try to close the deal then so at least you get the best rate.
If it's an uncompetitive market, just be careful how low you take your target price. Dealers may simply not respond if it's too low. But you still should be able to play one off of another to a certain extent. Also over the phone works nearly as well as internet, just takes more time. Remember to be firm: you aren't driving down to the dealership till you have a solid price in writing (preferably you'd have a buyer's order before going but I've dealt with highly rated dealerships who were weary to send that...worked out fine anyways.) Just remember you can and should always walk if they pull some BS like extra doc fees beyond what was mentioned, accessories, VIN etching, etc...they'll back down after you walk.
dangit... must've been a glitch :/
I'm going to start calling, first will be the dealer close to me and see what pricing they have.
Another note I forgot to mention is that I have a paid-off in good terms auto loan, for my current car and mortgage that is 4yrs in.
I've been reading that PenFed is a bit more conservative when it comes to approvals. Hope I can land that interest rate since it's lowest I've found so far.
*Edit* Update... Sears balance just got posted to EQ and my score is now 717! XD Going to get the preapprovals ready and see how it goes...
Awesome, let us know how it goes! And I'd definitely look into DCU. Pretty sure they pull EQ and with your EQ (assuming no prior auto loan baddies), I think you should be in good shape to qualify for their promo rate of 1.99%? I forget the exact rate, but it's a really good one.
THANKS!
Actually, I was about to pull the trigger on the submit button at DCU. Their current rate is 1.99% ~65mo, which is a slightly bigger gap than PenFed which is 1.99% ~60mo, and 2.49% 72mo and 3.99% 84mo. I've never seen a 84mo car loan before....
I'm submitting the app for ~$25k to 65mo to get the 1.99%, hopefully it'll be lower cause I could pay ~$400mo and be in budget.
I called the dealer earlier on and they gave the run around that they couldn't give pricing over the phone and had to go there in person, which I am after I'm off work. They asked for info to check out pricing and all that stuff and apparently did a soft pull on my credit, hope it was a soft pull, since they new details of my mortgage and that I had applied for a credit card recently and the score. Must've been TU since that score is lower due to a mobile bill that I have under my name for my mother but my sister is in charge of paying it and hasn't been paying on time >_< Going to get the ETF and cancel the line...
The rates the dealer gave were 3.99-4.99.% depending on the institution and credit.
*Edit - Just applied with DCU... "Thank you for choosing DCU for your loan needs! Your loan application is being processed. A DCU representative will be in touch with you shortly." :fingers crossed: