@i_and_i wrote:so I've been waiting for the removal of some derogs. I have six, and all should be removed by September.
So my question would another credit card to help my score, or should I refrain from applying for anything since I want to buy a new car? TIA for any help you can give me!
if you will have a clean profile in 6 months I would wait 6 months before applying for anything new
If you absoutely need the car now, you can buy it now and refinance in 6 months, but I would wait the 6 months if you can at all help it
@i_and_i wrote:Hi everyone, this is my first post, so please bear with me.
I currently have a Mission Lane CC and Cred.Ai (debit card that behaves like a credit card) and my total AC is 1300.00. I've had them both for about a year. I was pre-approved for Merrick Bank, CreditOne, First Premiere and just recently CapitalOne Platinum Mastercard and Quicksilver.
My goal is to buy a new car, so I've been waiting for the removal of some derogs. I have six, and all should be removed by September.
So my question would another credit card to help my score, or should I refrain from applying for anything since I want to buy a new car? TIA for any help you can give me!
1. Getting a card won't improve your scores in the short run.
2. As to your goal of getting a new car, I would need to know the timing on that. Is it your goal to get it in the next 3 or 4 months, or is it your goal to get it in a year or two. I would also want to know what kind of FICO scores you have now.
3. As to the credit cards, when the time is ripe to apply (which might be now, or might be later, depending on your answers to my questions in paragraph 2 above), I wouldn't bother with Credit One, First Premier, Merrick, or Capital One Platinum. The only 'keeper' you've mentioned is the Quicksilver, but getting it now might be a mistake (again depending on your answers to my above questions). If your scores aren't high enough, Capital One might give you a 'toy limit', and 'bucket' the card so that you'll never get a credit limit increase.
And welcome to the forum 
@i_and_i wrote:Hi everyone, this is my first post, so please bear with me.
I currently have a Mission Lane CC and Cred.Ai (debit card that behaves like a credit card) and my total AC is 1300.00. I've had them both for about a year. I was pre-approved for Merrick Bank, CreditOne, First Premiere and just recently CapitalOne Platinum Mastercard and Quicksilver.
My goal is to buy a new car, so I've been waiting for the removal of some derogs. I have six, and all should be removed by September.
So my question would another credit card to help my score, or should I refrain from applying for anything since I want to buy a new car? TIA for any help you can give me!
I think a lot of this has to do with timing and how much you plan to finance with your car. If you have an immediate need to buy a car prior to the derogs dropping from your report, and you plan to finance a minimal amount, then I would spring for a card avoiding some of the more unscrupilous companies that others already mentioned. You could use it towards the down payment and build positive credit history.
If your plan is external financing or purchasing the car after the derogs leave or both, then I would avoid opening a new card right now. If you plan to pay cash for the car and have a need for a LOC, then now may be okay. Just keep in mind that until your derogs leave your account, your CL may be fairly low and a CLI may be hard to come by for 6-12 months or more.
Starting Score: 800
@i_and_i wrote:Hi everyone, this is my first post, so please bear with me.
I currently have a Mission Lane CC and Cred.Ai (debit card that behaves like a credit card) and my total AC is 1300.00. I've had them both for about a year. I was pre-approved for Merrick Bank, CreditOne, First Premiere and just recently CapitalOne Platinum Mastercard and Quicksilver.
My goal is to buy a new car, so I've been waiting for the removal of some derogs. I have six, and all should be removed by September.
So my question would another credit card to help my score, or should I refrain from applying for anything since I want to buy a new car? TIA for any help you can give me!
@i_and_i Will you be getting your auto loan through your primary bank? Getting a new card won't help your score in the short term as another poster has stated. If you go with Capital One on a new card, it will be bucketed and won't grow much. I would wait, get car loan then start after 6 months working on getting credit card relationships with lenders you can grow with. Not just anybody to have a card. The two you have now is serving that purpose.
@SouthJamaica wrote:1. Getting a card won't improve your scores in the short run.
2. As to your goal of getting a new car, I would need to know the timing on that. Is it your goal to get it in the next 3 or 4 months, or is it your goal to get it in a year or two. I would also want to know what kind of FICO scores you have now.
3. As to the credit cards, when the time is ripe to apply (which might be now, or might be later, depending on your answers to my questions in paragraph 2 above), I wouldn't bother with Credit One, First Premier, Merrick, or Capital One Platinum. The only 'keeper' you've mentioned is the Quicksilver, but getting it now might be a mistake (again depending on your answers to my above questions). If your scores aren't high enough, Capital One might give you a 'toy limit', and 'bucket' the card so that you'll never get a credit limit increase.
And welcome to the forum
Thanks for the welcome
I do have a car, and it has 171k miles. Once I replace the front shocks, the car will be perfectly fine. It's just that the mileage is high, I drive a lot, and I don't want it to leave me stranded and/or start nickel and dimeing me in repairs. I can probably get another year...mayyyybe two out of it.
My scores are: EX/580, EQ/585, TU/598 They'll probably go up a few points once my statement closes for ML because I paid off the balance. I pay it off each month, but last month I carried a balance, which increased my utilization (it has a $300 limit, so it doesn't take much to end up with a high utilization)
I agree; I'm not going to bother with any of the cards I mentioned. They all have annual fees, I'll probably get a low limit and odds are, I won't use them anyway.
@i_and_i wrote:
@SouthJamaica wrote:1. Getting a card won't improve your scores in the short run.
2. As to your goal of getting a new car, I would need to know the timing on that. Is it your goal to get it in the next 3 or 4 months, or is it your goal to get it in a year or two. I would also want to know what kind of FICO scores you have now.
3. As to the credit cards, when the time is ripe to apply (which might be now, or might be later, depending on your answers to my questions in paragraph 2 above), I wouldn't bother with Credit One, First Premier, Merrick, or Capital One Platinum. The only 'keeper' you've mentioned is the Quicksilver, but getting it now might be a mistake (again depending on your answers to my above questions). If your scores aren't high enough, Capital One might give you a 'toy limit', and 'bucket' the card so that you'll never get a credit limit increase.
And welcome to the forum
Thanks for the welcome
I do have a car, and it has 171k miles. Once I replace the front shocks, the car will be perfectly fine. It's just that the mileage is high, I drive a lot, and I don't want it to leave me stranded and/or start nickel and dimeing me in repairs. I can probably get another year...mayyyybe two out of it.
My scores are: EX/580, EQ/585, TU/598 They'll probably go up a few points once my statement closes for ML because I paid off the balance. I pay it off each month, but last month I carried a balance, which increased my utilization (it has a $300 limit, so it doesn't take much to end up with a high utilization)
I agree; I'm not going to bother with any of the cards I mentioned. They all have annual fees, I'll probably get a low limit and odds are, I won't use them anyway.
Bear in mind that utilization is computed based on the reported balance. So if you want to get utilization down, pay things down before the statement date, which is the reporting date for most cards.
@phantasm wrote:
I think a lot of this has to do with timing and how much you plan to finance with your car. If you have an immediate need to buy a car prior to the derogs dropping from your report, and you plan to finance a minimal amount, then I would spring for a card avoiding some of the more unscrupilous companies that others already mentioned. You could use it towards the down payment and build positive credit history. If your plan is external financing or purchasing the car after the derogs leave or both, then I would avoid opening a new card right now. If you plan to pay cash for the car and have a need for a LOC, then now may be okay. Just keep in mind that until your derogs leave your account, your CL may be fairly low and a CLI may be hard to come by for 6-12 months or more.
OOhhh, you mentioned a few things I didn't consider, but I do have a few questions.
What is a LOC, and does it differ from financing? If so, how?
I think a LOC is a loan I would get from a bank, and I could use that money and purchase any car, whether it be privately owned or through a dealership, but I'm not too sure about that. And I think financing is a loan I would obtain through, for example, Toyota Financial, but I don't have as much flexibility as I would with a LOC, but I'm not too sure about that either 
Thanks for bringing it up!
I don't have a pressing need for a car right now, but it has 171k miles and it needs new shocks. Once that's done, it should be fine. I just don't want to put more into the car than it's worth, and I don't want it to leave me stranded. I can probably get another year, maybe two, out of it, but I don't know if it will need more repairs during that time to keep it running. I use my car for work, so it's important I have a reliable car.
Thanks for bringing it up!