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Congratulations on your QS1 approval. What is your SL?
I think having a 7yr old acct at 90% util will hurt you more than it will help. Having a young profile will affect your scores, but they will bounce back with age and responsible use of your acct(s). Someone please correct me if I’m wrong.
$2,000 credit limit, which is around where I wanted to be. Sounds like the consensus is I'm better off getting rid of the high usage account so I'll do that once the auto loan hits in the next few days. Thanks everybody for the input!
@Anonymous wrote:$2,000 credit limit, which is around where I wanted to be. Sounds like the consensus is I'm better off getting rid of the high usage account so I'll do that once the auto loan hits in the next few days. Thanks everybody for the input!
It will be good for you
Enjoy your new car and your new card. Make sure to come back when it's time for the next card lol
@Anonymous wrote:I acquired financing last week from a dealer to purchase a car and would like to get a credit card to continue to build my credit. I currently have a 698 FICO score with pretty limited history - I only have one open account which is a card I am an Authorized User on that I no longer use or pay for. It has a $9,000/10,000 balance that has been paid on time every month since 2012. I made the vehicle purchase last Wednesday and since they are waiting for a couple documents for my trade in, the loan has not shown up on my report and my score has not been affected yet.
Can I apply for a credit card (Discover Cash Back) now? Do I need to wait to make a few payments on my car loan before applying? I'd rather do it sooner than later, but if it'll be a significant difference I can push it back a little while.
Thanks
I don't think you should be in a hurry to apply for credit cards. If you keep making your car loan payments on time, your car loan will improve your credit. There are several different ways that car dealers can make a profit from the sale of a car (the car dealer's goal is to make a profit each of those ways). It is common to be "upside down" (upside down means owing more than the car is worth) after buying a car via a car loan, but being upside down is not necessarily a cause for alarm. So my suggestion is to concentrate on making your car payments on time, every single time. If you make your car payments on time, your creditworthiness will improve.