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9 months of credit history?

CJIII29
Regular Contributor

Re: 9 months of credit history?

I have 2 credit cards, I also took out a small share secured loan for $1000 bucks but its paid off.

Chase Slate Credit Card $1500 credit limit Best Buy Credit
Card $2000 credit limit Amazon Store Card $2100 credit limit .

My Fico scores: Experian 710, Equifax, 702, Transunion 716.
Message 11 of 23
CreditDunce
Valued Contributor

Re: 9 months of credit history?


@CJIII29 wrote:

Do I really need another credit card.


 

Assuming you are able to use the second unsecured card responsibly, getting a second or third credit card will help you.  But you don't have to get any more CC's if you really don't want them.  Your score will just build slower with one "true" CC.

 

You are at the point where you should be able to qualify for no fee, unsecured credit cards.  It can be a pain to keep track of the payment dates, but it shouldn't cost you any money for the CC's.

 

Message 12 of 23
CJIII29
Regular Contributor

Re: 9 months of credit history?

I am wondering how much downpayment should I put down on used $10,000 to $14,000 trucks.

Chase Slate Credit Card $1500 credit limit Best Buy Credit
Card $2000 credit limit Amazon Store Card $2100 credit limit .

My Fico scores: Experian 710, Equifax, 702, Transunion 716.
Message 13 of 23
CreditDunce
Valued Contributor

Re: 9 months of credit history?


@CJIII29 wrote:

I am wondering how much downpayment should I put down on used $10,000 to $14,000 trucks.


The down payment makes it easier to get the loan and may help reduce the interest rate you have to pay.   The size of the down payment needed will vary with the lender and your credit score.

 

If you haven't read the stickies in the Auto Loan forum section, I would recommend you do so.  Here are the two most important.  But I would spend some time in the forum reading.  It can really save you money down the road:

 

http://ficoforums.myfico.com/t5/Auto-Loans/How-to-buy-a-car-for-the-first-time-buyer/td-p/1923289

 

http://ficoforums.myfico.com/t5/Auto-Loans/Guide-to-Financing-Leasing-and-Refinancing-a-Car/td-p/289...

 

 

 

Message 14 of 23
CJIII29
Regular Contributor

Re: 9 months of credit history?

My credit is in the 700' range, so I am thinking $1000 to $1400 down.

Chase Slate Credit Card $1500 credit limit Best Buy Credit
Card $2000 credit limit Amazon Store Card $2100 credit limit .

My Fico scores: Experian 710, Equifax, 702, Transunion 716.
Message 15 of 23
chriscarter
New Visitor

Re: 9 months of credit history?

Since in all but 6 states, the auto lender holds title, not the car buyer...it is very easy to get financing with dings to one's credit score. That's because when needed, repossessing is a legal guarantee. The lender owns the vehicle. The rate will be high, but most times, credit will be granted. A longer credit history may result in a slightly lower rate, but probably not much.

 

Auto lenders are not regulated the way mortgage lenders are.

Message 16 of 23
CJIII29
Regular Contributor

Re: 9 months of credit history?

I will wait till I get few $1000 to put down, I try with carmax but I did not like there insterted rate, 22 % and a $400 payment.

Chase Slate Credit Card $1500 credit limit Best Buy Credit
Card $2000 credit limit Amazon Store Card $2100 credit limit .

My Fico scores: Experian 710, Equifax, 702, Transunion 716.
Message 17 of 23
ytqcisco
New Member

Re: 9 months of credit history?

I can.tell u right now when i got my first auto loan from Toyota with APR 1.9% i only have 5months credit history at that time....so try to have a 100% on time payment and a.master degree is better choice.
Message 18 of 23

Re: 9 months of credit history?

In my case, I just moved to the US from the Far East last August of 2013, as you could see - I have just a year of history. I dont even have an Experian score.

 

But, I was able to get an auto loan from Toyota Camry Hybrid at 0% APR across 5-years last September 2013 (2-months' credit history), and a Chevy Volt at 0% APR for 4-years last March 2014 (8-months' credit history). Albeit, had provided around 40% of OTD costs as downpayment.

 

 


 

AMEX Gold Premier Rewards

Credit Union VISA (CL: $1000)

Discover It (CL: $3000)

Equifax: 741

Transunion: 689

Experience: none

Message 19 of 23
CJIII29
Regular Contributor

Re: 9 months of credit history?

I have to many credit inquiries on my report, because every time I apply for a loan I dont get aproved. Also they say my income is to low I only get pay $9.68 and hour, gross is $1548.80.

Chase Slate Credit Card $1500 credit limit Best Buy Credit
Card $2000 credit limit Amazon Store Card $2100 credit limit .

My Fico scores: Experian 710, Equifax, 702, Transunion 716.
Message 20 of 23
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