finance a car or open a new credit card - what to do first?

[GettingUnStuck]

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@Slabenstein wrote:

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@GettingUnStuck wrote:

thanks so much, guys! I will start looking. This rate is for Honda Civic. For Honda Fit, the rates are even lower (witn the same 4K down payment). I need to make a decision on which car to buy - I guess will head over the auto forum to discuss. I am clueless atm, but do want to be able to drive uphill and have heard that Honda Fit might not be powerful enough for that.

And then next year I will refinance. Very glad to have found you as advisors.

Thanks,

trying to get unstuck

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My friends have a Fit, and it can definitely go uphill, lol.

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Well, my mechanic raves about Fit's internal capacity and the price simply cannot be beat. My rates on a Fit are much lower than on a Civic. And the colors! I want a brightly colored car. LOL. So looks like Fit is a viable option that will save $$.

[805orbust]

You cannot go wrong with a Honda, and 6% is great given your current snapshot. Imho the AU staus that you've given to your son is more than sufficient to set him on a good path, and when your derogatory items fall off shortly and you bring that utilization down, your scores will skyrocket. I'd even venture that you'll see a significant improvement just by bringing those balances down.

Reading between the lines you seem like a survivor and I'll say you're about to reap the benefits of your perseverance. So happy for your triumphs. Best of luck henceforth. 

[GettingUnStuck]

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@805orbust wrote:

You cannot go wrong with a Honda, and 6% is great given your current snapshot. Imho the AU staus that you've given to your son is more than sufficient to set him on a good path, and when your derogatory items fall off shortly and you bring that utilization down, your scores will skyrocket. I'd even venture that you'll see a significant improvement just by bringing those balances down.

Reading between the lines you seem like a survivor and I'll say you're about to reap the benefits of your perseverance. So happy for your triumphs. Best of luck henceforth. 

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@805orbust thank you, thank you. You cannot even imagine how on point you hit it, calling me a survivor (TBH, even in a literal sense of the word). I value your praise and encouragement and will pass on to my son that experts think I have set him on a good path. I also appreciate everybody else who has responded and dispelled the myth I harbored about the (untrue) benefit of adding him as a co-signor on the Honda loan.

Go Honda, yes! It will be my first auto loan - weird I know for my age, but there is also the undeniable fun element in doing something for the first time.

[805orbust]

You have earned the right to enjoy this. It's all about the journey! 

[GettingUnStuck]

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@USMC_Winger wrote:

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@USMC_Winger wrote:

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You want to help your son establish his own credit.  You've already done a great job by adding him as an AU on CCs with perfect payment histories.  However, co-signing on an auto loan isn't your and his best next step.  If your son still has his student email address and he is part of your household and has access to some of that income (such as for any of his housing, groceries, and utilities expenses plus his CC expenses), he can claim your household income (or his portion of your household income that covers his expenses) on his CC application, so he can probably qualify for a Discover IT Student CC, even without an income history.  

 @USMC_Winger  I could not believe it, but he qualified for Discover. Indeed he has acccess to his portion of my income and his student ID card was sufficient (with the student email address he still has at his university). They opened a card with 2K in the credit line for him - I was amazed. It works! See attached. Thank you for your wisdom - as I have been waiting for the card to arrive in the mail, I have been planning to write to you on this forum to express gratitude. yay to Discover student account!

[FinStar]

As the OP has provided a few updates associated with the vehicle loan and CC approval, this thread is now locked and closed to new messages.

OP - thanks for sharing your updates and congrats.