Considering Appling for Capital One Venture

[MyLoFICO]

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@Tim_S wrote:

Can anyone chime in if adding a 3rd credit card or taking out a car loan would increase scores more?  I don't need a new car, but I don't need another credit card either.  Just trying to "play the game" by diversifying my credit profile.

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A car might after the initial shock of the inquiries and loan hit your CR but you can’t “buy” a good score. 

[jbsea]

I believe that the general thought is that it is best to have at least 3 credit cards.  I love my Venture card so if you do travel it is not a bad card.  A new car that you don't need.... well I don't think I would do that just for credit.  But yes it would help your "mix" of credit.

[Anonymous]

realistically if you don't need a car or another card don't get it. not like your missing out on 100 points or anything. budget and financial stability should come first.

[Tim_S]

Can auto loan scores improve without having a car loan, based on credit card usage?

[MyLoFICO]

Do you have any current auto loans that are open on your CR?

[Tim_S]

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@MyLoFICO wrote:

Do you have any current auto loans that are open on your CR?

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No, I have 2 closed auto loans on my CR, one from 2004, (no negative marks) and one from 2006, (reclaimed repossession with a few late payments).

[MyLoFICO]

Being mere months out of BK I think the % rate you would get would make it a no-go. I bought my first vehicle last year at 3% and let me tell you, that is so much better than 15-24% for 5-6 yrs. I would work on getting more cards and maybe a small personal loan through your bank or CU. 

[Tim_S]

@MyLoFICO wrote:

Being mere months out of BK I think the % rate you would get would make it a no-go. I bought my first vehicle last year at 3% and let me tell you, that is so much better than 15-24% for 5-6 yrs. I would work on getting more cards and maybe a small personal loan through your bank or CU. 

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I'm not mere months out of BK.  I've never had a BK.

[MyLoFICO]

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@Tim_S wrote:

@MyLoFICO wrote:

Being mere months out of BK I think the % rate you would get would make it a no-go. I bought my first vehicle last year at 3% and let me tell you, that is so much better than 15-24% for 5-6 yrs. I would work on getting more cards and maybe a small personal loan through your bank or CU. 

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I'm not mere months out of BK.  I've never had a BK.

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lol. I'm an idiot. I read that on another thread. My apologies. 

[jbsea]

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@Tim_S wrote:

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@MyLoFICO wrote:

Do you have any current auto loans that are open on your CR?

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No, I have 2 closed auto loans on my CR, one from 2004, (no negative marks) and one from 2006, (reclaimed repossession with a few late payments).

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I'm surprised that the one from 2004 is still showing, but if it was in good standing that is a good thing.  The one from 2006.... When did the repo happen?  Adding a installment loan does help but it is only 10% of your score so I would not get a car just for that.  If you want a instalment loan and you dont need a new car you can just take out a small secured loan and pay on it for a couple of years.  I built my credit up just using credit cards.  I was able to get a 2.99% car loan after I got my scrore up.  The venture card is a good card with a good starting limit.  I would really think about going that way.