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Balancing Credit Goals - Please advise

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Super Contributor

Re: Balancing Credit Goals - Please advise

@GoHerd1 Congratulations!!! That’s great!! I would advise you to go ahead with Navy, that way you don’t incur any more HPs, plus the approval looks beautiful, You couldn’t hardly ask for anything better! You should be stoked, I think you did great! Well done!

Yeah Navy is not especially inquiry sensitive. I told you I thought they would do you right! But they love their HPs. Your banker said you could do 3 what in 12 months?

Remember, study up on the business credit and you’ll be able to build it and do some things without PGs.

Now, you absolutely must have 12 months without inquiries or new accounts on your personal CR before the personal mortgage. No ands, ifs, or buts, for business or any other reason. (And anytime you apply for credit, it’s supposed to be for a legitimate reason. Smiley Wink )

So that means no more inquiries and no more new accounts from now until the mortgage. Get the car and go to the garden. Wait 12 months or more before mortgage.

Congratulations again! You did great and sorry for my late response. I fell asleep responding last night and I have been busy with some family issues.

Keep us posted you’re doing great!
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.

RIP:







Updated June 2020, unless otherwise noted. I took an HP on EX, will reflect on next update.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 71 of 76
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New Contributor

Re: Balancing Credit Goals - Please advise

Birdman7, thanks for the response. I was wondering if anybody saw my post. I got a bright red 2017 Honda Fit, stick shift. Had to go from Naples to Tampa - manual transmission vehicles are hard to find. Millenials can drive them. I love my Fit. 27000 miles, 36mpg, LIFETIME powertrain warranty. NFCU approved me for 30k. I talked the dealer down from $17500 to $13700.
Message 72 of 76
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New Contributor

Re: Balancing Credit Goals - Please advise

Payments about $250.
Message 73 of 76
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Super Contributor

Re: Balancing Credit Goals - Please advise

@GoHerd1 Congratulations!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

You did wonderfully!! Excellent job on EVERYTHING!! All the way around, you did perfectly! Couldn't have done better! I'm definitely happy for you and proud of you! You should be proud of yourself! You have came a long way and deserve to enjoy the fruits of your labor. Enjoy that Fit!!

Doggone great deal, too! I'm psyched for you! I've was in and out of Tampa; should've done lunch! Smiley Wink You can't beat that deal with a stick.

Now, head to the Garden, you'll find a lot of great company there, I'm holding the gate open for you. No HPs and no more new accounts for a 12 month minimum and more is even better.

I'd be willing to bet Navy will easily take care of your mortgage needs 12-18 months from now! Enjoy, stay in touch, and report back with your progress, please! Smiley Happy

 

PS: Tell Regions the early bird gets the worm! So how many inquiries did you donate to the cause? Just 2? Regions and Navy?

For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.

RIP:







Updated June 2020, unless otherwise noted. I took an HP on EX, will reflect on next update.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (aged/nonaged), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/aged/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 74 of 76
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New Contributor

Re: Balancing Credit Goals - Please advise

Only Navy Federal for the car loan. I called and spoke to a very, very nice woman named Ruby. I wanted some kind of pre-approval. In the end, she said that I had done an excellent job with my NFCU credit card and that Navy would LOVE to consider me for an auto loan. So I did it. I was anticipating a loan up to 20k to keep my payments down. But I applied for 30k just in case. She did the app and came back and I qualified for 30k exactly.

I think it was prudent that I took the used car and talked them down to $13700. I was ready to walk away. I was totally ready to drive away in my 30-year-old van. Afterwards my salesman said he had never seen anyone hold out like that. The finance guy said it was $1700 under market value. But I had all the bargaining power: blank check in hand, end of year, another quote in hand, ready to walk. It was such fun, I might just make this an annual Christmas tradition!
Message 75 of 76
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New Contributor

Re: Balancing Credit Goals - Please advise

My payments are about $250. I made $2500 in December. That's 10%, which is not bad. They recommend 8% of gross for auto loan.

For my home project, I want to get a tri-plex in Naples. I would live in one and rent out the other two. If one unit is empty, I will still have the other paying. Rent mine out to vacationers when I go to Tennessee in the summer.

You can use rental income as declared income for a mortgage app. The two rentals will cover the mortgage. This is my plan to live for free. Meantime, I will keep sleeping in my fit. (Plenty of room!) I am too cheap to pay rent! Smiley Wink
Message 76 of 76
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