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Thoughts on how long to wait and what to do first

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Leapling
Valued Member

Thoughts on how long to wait and what to do first

Morning,

Just looking for opinions here on order and time frame. 

 

In the next 18 months or so I plan to buy a new car and would like to purchase a duplex or single to rent. I recently went on an app spree opening 4 CC in the last 4 months so I know I need to garden a bit but what would you do first and how long should I wait?

 

Desired car 2019 Audi Q5 or Volvo XC60, plan to finance with 10% down payment. 

 

Mortgage and auto scores are as of 5/520210603_092208.jpg

 

TIA!

Message 1 of 4
3 REPLIES 3
805orbust
Valued Contributor

Re: Thoughts on how long to wait and what to do first

Generally, when you app for big things, it's a good idea to have your revolving utilization at AZEO and have your most recent accounts aged beyond the "new" stage. For Fico8 this would be 12 months, for FICO 5, 4, and 2 this would be 18 months. So if your Mortgage is going to happen in 18 months then your timing would be perfect. Credit seeking behavior is not ideal when planning a mortgage app. Tbh, I don't know in the long run if it's a deal breaker, but it is best practice.

 

1. Wait 18 months to app for mortgage. (No more new accounts)

2. Bring all revolving debt to 0 balance except one which you want under 7% utilization for maximum score benefit.

3. Buy your car after closing on the house. (I ignored this one myself and was fine) 

 

Ymmv of course. Best of luck!

 



Message 2 of 4
Leapling
Valued Member

Re: Thoughts on how long to wait and what to do first

Thank you for your input! 

Message 3 of 4
Anonymous
Not applicable

Re: Thoughts on how long to wait and what to do first


@Leapling wrote:

Morning,

Just looking for opinions here on order and time frame. 

 

In the next 18 months or so I plan to buy a new car and would like to purchase a duplex or single to rent. I recently went on an app spree opening 4 CC in the last 4 months so I know I need to garden a bit but what would you do first and how long should I wait?

 

Desired car 2019 Audi Q5 or Volvo XC60, plan to finance with 10% down payment. 

 

Mortgage and auto scores are as of 5/520210603_092208.jpg

 

TIA!


That's pretty simple.  You never buy a car if you know you're also wanting to buy a house.   Do not open anything up until after you close on the house.  

Message 4 of 4
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