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Improving. Now what?

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Improving. Now what?

Hi all.


I've managed to get into "Fair" Territory with 679 TransUnion and 664 Equifax.


My one credit card out of the blue raised my limit sixfold - from $500 to $3100.


Credit Karma is pushing some nice-sounding credit card offers that I don't really need, but one is no fee, no interest, and three percent cash back for a year. Basically 3% off everything would be nice. 


But what's intriguing is the auto loan they're suggesting from a place called "rateGenius" which would lower my interest rate something like 5 points and drop my payment $59. It would reset me from 63 months to 72 months, but if I keep paying the payment I'm paying now, it would cut the loan by something like a year and seven months. That sounds like a no brainer. I could even up the payment a bit.


But what's the track record with CreditKarma's offers? 3.7% sounds a bit low for "fair", and if I went for it, got the hard pull, and they either denied it or came back with a different rate, I'd lose ground.


Any thoughts? thanks for looking.

Message 1 of 7
Super Contributor

Re: Improving. Now what?

Don't listen to anything that CK tells you outside of their weekly credit report updates.  All of that other stuff is just fluff.  The different ratings like "fair" don't mean anything and moving from "fair" to "very good" for example is just front-end software trying to dumb down or simplify things.  Their recommendations for credit cards and/or loans are there for one reason and one reason only - For them to make money.  You click and apply, they make money and you take on products that you more than likely don't need.  Definitely ignore their recommendations, their VS 3.0 scores provided, their charts/graphs/tables with different green/yellow/red colors, etc.

Message 2 of 7
Regular Contributor

Re: Improving. Now what?

Lol @BrutalBodyShots

True tho ☝🏽

Message 3 of 7
Valued Contributor

Re: Improving. Now what?

BBS is on point as always. CK is valuable only for the free weekly reports from TU and EQ, and literally nothing else.

OP, if you want to investigate new cards, go to the lenders’ websites and check for prequalification/preapprovals. Those will be much more trustworthy.

Rose Gold/BCP/Delta Gold/Hilton Surpass/Hilton Honors | IT | Quicksilver | Target | VS | Home Depot | Lowes | Firestone | Wayfair | Kohl’s

Heir apparent to the SJ Special (finally got a Disco CLI of $300)

5/24, 1/24, 76445/24, who cares #HappyWithAmex

Entering the garden 5/27/2019, staying until 2020
Message 4 of 7
Super Contributor

Re: Improving. Now what?

@ImTheDevil wrote:

OP, if you want to investigate new cards, go to the lenders’ websites and check for prequalification/preapprovals. Those will be much more trustworthy.

Great advice that I should have included in my reply.  Good call, ITD.

Message 5 of 7

Re: Improving. Now what?

Thanks for the input. It sounded a little suspect.

I only financed part of the truck to build credit and it seems to be working.

I'd sure like to get that interest rate on a refi, but I don't feel like I'm there yet.

Is there a target FICO number where I'd look at getting that kind of rate with some measure of confidence?

I just feel like I shouldn't waste any hard pulls without credit issued right now.

I've only got a cursory amount on my card right now - showing 5%. Adding cards seems to be more of a sure thing than applying for an auto loan. Would another (effectively unused) card help, hurt, or not make a difference?

Thanks for looking.
Message 6 of 7
Super Contributor

Re: Improving. Now what?

Ultimately it wouldn't make much of a difference.  If you're looking for a loan, adding another account such as a card in close proximity to it isn't usually a good look.  The new account will only cause a temporary score drop if anything, which could keep you away from getting a loan at a favorable rate.  When it comes to top tier rates, it's really lender specific.  Some give their best rates to anyone with a (say) 720 credit score.  Some may go lower, others a little higher.  You'd really have to look into what that specific lender requires and assess from there.

Message 7 of 7
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