My Score went up and I got a car loan!

[Anonymous]

Thanks to everyone on this site for all your help and information. Since July 2007 my FICO (TU through WAMU cc) has been in the mid to low 550's , the lowest score being 558 in February '08.

Thanks to these forums, I found out that % utilization has a great impact on credit scores. I was up to 98% util. and have since paid down to 23% util.

Yesterday I was approved for a 5.4% car loan from BMW (min cooper) and a much higher rate from Capital One (10%).

Thanks to everyone for all your help. I will keep a much closer eye on my credit scrores in the future and plan to pay down my util. to less than 10% by August.

[momof2]

thats great congrats, i had no idea what my score was when i got my car loan but it is through chase auto, i kinda wich i knew what my score was, cause i needed a co-signer AND my interest rate is.. dont fall out of your seat.....20.50%

And that was for a car(dodge neon) that cost $6945 after my $1000 down pymt and the car is a 2001 and i bought it dec 2003.

Just curious what is your score? my EQ score is 633 so i dont know if it has improved or not cause i didnt know what my score was when i got the loan, i am wondering what  minimum score you need to get a loan w/out a co-signer and a interest rate below at least 15%.  thanks

[shawnette]

Congrats!!  I need a new car, too, but I'm too cheap and I don't like car payments.  My next "new" car will be used, also.  And probably paid for in cash, or financed for 18 months max.

[Anonymous]

I got a good deal w/ a zero APR on a new car two years ago w/ 3k down and a eq somewhere around 650 (wasn't sure of my credit at the time). Don't know if this helps you

[Anonymous]

momof2, don't feel bad....paid for my jeep wrangler with an interest like that. i keep kicking myself for not knowing about any of this FICO scoring, etc when I got it 8 years ago. Lessons learned. Now I know how to buy a car!

Curious as well, what your score is now too for how you got the mini cooper. I'm needing to buy a new car....thinking about the Honda Fit or the Scion XD. And the whole reason for fixing my score right now is to get a good interest rate. So let us know!