What should I do?

[CoreyGSHS]

Hi everyone! 

I currently have one BoA unsecured card with a $700 limit (have reported 3 months of great utilization and history). I only had 1 hard inquiry from Citibank last December that I did not get approved of. 

I decided not to post this in the auto section as I know this forum will get more responses, but I am looking forward next year to getting a 2015 Mustang without a cosigner with a great APR. I'm going to have a DP of $3,000. 

My question is, what could I do to enhance my qualifications of getting a good loan? I feel like having only one credit card would not give me enough history. Should I take out a personal loan to show loan history? Should I app for another credit card in 3 months to make my file thicker? 

Please help me out here, guys! 

[Anonymous]

Im not no expert here, but from what I learn so far...

If you planning to get your car next year, I would get a small installment loan and have bank strecth your loan out to 12months. I also would get a couple more of CC and paid it off each month. By next year this time you will have a strong 12 excutive months of good standing (no late) change are your score will improve and you better change getting auto loan with-out any co-signer.  Just my 2cent.  Im still learning myself, but this is I would do IF im in your shoe.

[CoreyGSHS]

Thank you for the response there! My only down fall with the installment loans is the interest. 

I remember talking to a Ford salesman a few weeks ago and he was like, "Well yeah, you can have a great credit score... Its your loan history that matters." 

I definitely plan on apping for a new CC whenever I have reported 6 months to help build my thin file. I just want to get a head start here for my big goal! 

[CoreyGSHS]

I'm not sure if this is relevant either, but I currently have a 2012 vehicle that my mother financed for me at 5% and we still owe about $11,000. 

Do you think refinancing with my name (as well as hers) would help any? 

[Anonymous]

Does your local bank any credit union? Credit have very low rate for interested on installment loan.

I'll give you an sample what I did.

I did a loan installment with my local DCU credit union bank for 1000. They stretch the payment to out for 12months, this way it build good history with the bank and in your CR. The amount doesnt matter, what it matter is that its always on time. Also DCU allow the payment deduct it from my checking or saving account to pay for the loan, so that will assure you that it will be on time every month as long as you have fund in  your account. Also this installment is going against my own money, another words at my very last payment on the 12th month I paid them my last payment of my loan and they bank will hand me the 1000.  Its like using your own money for the loan, this is great way to build credit.  The interest of these loan is only $36 for 12 months.  $36 dollar to build my credit and help me get loan and get good credit? Why not,

Im not sure about your last question. Some one would have answer for you on that one. Hope my reply helps you.

[SunriseEarth]

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@CoreyGSHS wrote:

Hi everyone! 

I currently have one BoA unsecured card with a $700 limit (have reported 3 months of great utilization and history). I only had 1 hard inquiry from Citibank last December that I did not get approved of. 

I decided not to post this in the auto section as I know this forum will get more responses, but I am looking forward next year to getting a 2015 Mustang without a cosigner with a great APR. I'm going to have a DP of $3,000. 

My question is, what could I do to enhance my qualifications of getting a good loan? I feel like having only one credit card would not give me enough history. Should I take out a personal loan to show loan history? Should I app for another credit card in 3 months to make my file thicker? 

Please help me out here, guys! 

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I'm generally not in favor of taking out an unnecessary installment loan for the purpose of credit building.   I do think that more revolving credit could help you, however.

What's your credit profile like?  What are your scores?   What other positive TLs are on their now?   Baddies?

[coldnmn]

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@CoreyGSHS wrote:

Hi everyone! 

I currently have one BoA unsecured card with a $700 limit (have reported 3 months of great utilization and history). I only had 1 hard inquiry from Citibank last December that I did not get approved of. 

I decided not to post this in the auto section as I know this forum will get more responses, but I am looking forward next year to getting a 2015 Mustang without a cosigner with a great APR. I'm going to have a DP of $3,000. 

My question is, what could I do to enhance my qualifications of getting a good loan? I feel like having only one credit card would not give me enough history. Should I take out a personal loan to show loan history? Should I app for another credit card in 3 months to make my file thicker? 

Please help me out here, guys! 

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If you have a BoA unsecured card with three months of history with only one hard pull inquiry from Citi I would check your credit reports. If you have already pulled your free credit reports for this year from annualcreditreport.com I would pull them through here. That way you would know for sure of any baddies AAoAs inquiries etc. I find it hard to believe BoA gave you a credit card with no HP. By doing so it will be easier to give you advice. Good Luck what ever your decision.

[CoreyGSHS]

Believe it or not, I'm not seeing a HP from them on my credit report from Credit Karma, which is giving me a 734 score. 

However, I did have a checking account with them for a good few months before I applied for the Cash Rewards CC. 

[newhis]

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@CoreyGSHS wrote:

Believe it or not, I'm not seeing a HP from them on my credit report from Credit Karma, which is giving me a 734 score. 

However, I did have a checking account with them for a good few months before I applied for the Cash Rewards CC. 

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CK use TU, I bet your HP show on EX

[lexrjSD]

I dont think personal loans will improve your file/credit much, I was in similar situation when I moved to the US (4yrs ago) and trying to build credit. My advice is to get an AMEX revolver that fits your spending (prob. BCP or BCE) and get all the CLIs (specially the 61days one) you can, hopefully you'll be around 10k CL by the time you apply for your car loan. It really helped me, I was able to lease a 55k car with the lowest int. rates possible 1yr and a half later.