AAMCO CarCare One Questions

xXIDaShizIXx · ‎01-11-2014

So my transmission went out, so I took it to AAMCO and got $1000 of the $2600 balance financed. Which is good seeing as with my previous history on here, I haven't been able to get approved for anything. I've actually have the amount owed, so I could pay it off ASAP, or should I just pay it off over 6 months (or what time do you recommend)? The card is from GE capital. Its not that I have a bad credit history and have no derogatory marks and only student loans, but I figured this might help build my history along with my secured card that I already have. Any advice, tips, or otherwise helpful information on this? Thanks. And the interest rate is outrageous! (29.99).

Bank of America Cash Rewards: $70k; Chase Sapphire Preferred: $35k; Capital One Quicksilver: $21.2k; Citi AAdvantage: $23.5k; Care Credit: $20k; Chase Freedom: $12.5k; Chase Freedom Unlimited: $12.5k; Citi Simplicity: $15.9k; Wayfair: $22K; Barclaycard Rewards: $10k; Car Care One: $10k; AMEX BCE: $15k; Discover IT Miles: $10k; Citi DC: $9.2k; Marvel: $10k; Ashley Furniture: $6k; PayPal Credit: $10k; US Bank Cash +: $5k;

FinStar · ‎01-11-2014

Did they offer any type of extended or deffered interest financing on the purchase? i.e. 6 mos, 12 mos...

xXIDaShizIXx · ‎01-11-2014

Yes 6 months no interest in paid in full. However, should I stretch it out over that six months or pay it outright. I need to do anything to help my score.

Bank of America Cash Rewards: $70k; Chase Sapphire Preferred: $35k; Capital One Quicksilver: $21.2k; Citi AAdvantage: $23.5k; Care Credit: $20k; Chase Freedom: $12.5k; Chase Freedom Unlimited: $12.5k; Citi Simplicity: $15.9k; Wayfair: $22K; Barclaycard Rewards: $10k; Car Care One: $10k; AMEX BCE: $15k; Discover IT Miles: $10k; Citi DC: $9.2k; Marvel: $10k; Ashley Furniture: $6k; PayPal Credit: $10k; US Bank Cash +: $5k;

FinStar · ‎01-11-2014

Well for one, don't stretch it out beyond the promotional period. High APR applied on any remainder of your balance is not pretty. The 6 month period should allow to build some history on the account and your CRs. What else is holding your scores down?

xXIDaShizIXx · ‎01-11-2014

Thin history, too many inquiries, and young is all I can think of. Plus I have only had my secured card going on 4 months now.

Bank of America Cash Rewards: $70k; Chase Sapphire Preferred: $35k; Capital One Quicksilver: $21.2k; Citi AAdvantage: $23.5k; Care Credit: $20k; Chase Freedom: $12.5k; Chase Freedom Unlimited: $12.5k; Citi Simplicity: $15.9k; Wayfair: $22K; Barclaycard Rewards: $10k; Car Care One: $10k; AMEX BCE: $15k; Discover IT Miles: $10k; Citi DC: $9.2k; Marvel: $10k; Ashley Furniture: $6k; PayPal Credit: $10k; US Bank Cash +: $5k;

xXIDaShizIXx · ‎01-11-2014

Also I have no derogatory marks and student loan payments on time.

Bank of America Cash Rewards: $70k; Chase Sapphire Preferred: $35k; Capital One Quicksilver: $21.2k; Citi AAdvantage: $23.5k; Care Credit: $20k; Chase Freedom: $12.5k; Chase Freedom Unlimited: $12.5k; Citi Simplicity: $15.9k; Wayfair: $22K; Barclaycard Rewards: $10k; Car Care One: $10k; AMEX BCE: $15k; Discover IT Miles: $10k; Citi DC: $9.2k; Marvel: $10k; Ashley Furniture: $6k; PayPal Credit: $10k; US Bank Cash +: $5k;

FinStar · ‎01-11-2014

@xXIDaShizIXx wrote:
Thin history, too many inquiries, and young is all I can think of. Plus I have only had my secured card going on 4 months now.

At this point it is just a question of time. If your file is thin, then whats going to hurt you the most is applying for credit and not being approved... all those inquiries add up and will drag your score. Just let what you have season for a while since your cedit profile is relatively new from a revolving TL perspective.

xXIDaShizIXx · ‎01-11-2014

So pay this off in 6 months, work on my secured card for a year plus, and anything else?

Bank of America Cash Rewards: $70k; Chase Sapphire Preferred: $35k; Capital One Quicksilver: $21.2k; Citi AAdvantage: $23.5k; Care Credit: $20k; Chase Freedom: $12.5k; Chase Freedom Unlimited: $12.5k; Citi Simplicity: $15.9k; Wayfair: $22K; Barclaycard Rewards: $10k; Car Care One: $10k; AMEX BCE: $15k; Discover IT Miles: $10k; Citi DC: $9.2k; Marvel: $10k; Ashley Furniture: $6k; PayPal Credit: $10k; US Bank Cash +: $5k;

FinStar · ‎01-11-2014

@xXIDaShizIXx wrote:
So pay this off in 6 months, work on my secured card for a year plus, and anything else?

Yes, split the amounts evenly for the next 6 months and PIF and continue with the secured for another 6 months well. How are you letting utilization report currently?

xXIDaShizIXx · ‎01-11-2014

I'm letting it report at about 10%. I put $50 in my car, let it report to the Bureaus and pay it off.

Bank of America Cash Rewards: $70k; Chase Sapphire Preferred: $35k; Capital One Quicksilver: $21.2k; Citi AAdvantage: $23.5k; Care Credit: $20k; Chase Freedom: $12.5k; Chase Freedom Unlimited: $12.5k; Citi Simplicity: $15.9k; Wayfair: $22K; Barclaycard Rewards: $10k; Car Care One: $10k; AMEX BCE: $15k; Discover IT Miles: $10k; Citi DC: $9.2k; Marvel: $10k; Ashley Furniture: $6k; PayPal Credit: $10k; US Bank Cash +: $5k;