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Used car loan, CR CLI & high utilization ?

1984
Regular Contributor

Used car loan, CR CLI & high utilization ?

Hey everyone! I hope everyone is having a Happy Holiday season so far!

I had been super great with everything this year until October. Utilization was under 5% each month or lower, practiced a lot of AZEO over three cards and scores jumped up to 699, 689 and 708. October came and with it several unexpected things that rolled plus I lost my job after having my hours cut (9 in two weeks...) due to the previously mentioned issue. So paying credit off vs using it got reversed. I have used $3800 of $4000 on Citi, $3400 of $4000 on NFCU and I just paid off Amex, but it shows until next month $700 of $1000 on it. I am passed due for CLI's on everything, but my scores have dropped to 633 per both Amex and Nfcu fico's. I do have a new job, 3 weeks in hence why I could wipe off the one card and keep a little til the next pay check to try avoiding credit, but waiting until spring for another car is not going to happen. Found a used minivan literally across the street from my house I think I can get for $5000. Have zero cash and would need a loan. I have long history with Navy, but worried odds are stacked against me. By end of Feb I should have all CC debt paid off unless something else pops up (seriously hope not), but worry I will lose out on my advantage being end of year and more people after taxes will be out looking for a deal. In addition, I need a car that runs with enough seats to seat ALL family members with seatbelts and mine no longer does that. So, should I do a cli and car loan (same HP?), car loan then cli or just car loan? Do you think they would hear me out on why my utilization is suddenly high with a score drop or it won't matter and count against me? So bummed to be back with "what do I do questions" :-( Especially when in another three months or so it will be a mute point, but this vehicle thing is weighing heavily on me to move. Safety over money. Would love a new mini, but a $35,000 depreciating pull bugs me to much.

Add: 4 HPs not across the board but can't remember who pulled what. 2 nfcu (one 7/15 and the other 5/17, so two years apart and the other two in 5/17 for amex and citi. Nothing else)
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2 REPLIES 2
CreditInspired
Community Leader
Super Contributor

Re: Used car loan, CR CLI & high utilization ?

Hi OP

IMHO, because you have two maxed out CCs, I think it’s going to be diffilcult to get a loan or a CLI until the UT comes way down.

Even though you need a vehicle, now may not be a good time because then there would be financial concerns related to vehicle maintenance. A $5K vehicle is going to probably need some work sooner vs later.

Just my 2cents.

DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $6.5K ||
Message 2 of 3
1984
Regular Contributor

Re: Used car loan, CR CLI & high utilization ?

It is a honda odyssey 104,000 miles. I think odds are fairly good it will be later on repairs and I can have it and everything else paid off in a few months next year, unfortunately this is when I am getting caught while everything is high. :-(
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