help i need credit

[liz9100]

I just got a loan for 18000.00 for a used car and am waiting for 2 secured credit cards for 200.00 each. I have one secured card for 300.00. What else can i do to raise my score?

[Anonymous]

Do you know that the car loan will report?

Regardless, I'd sit and garden for at least a few months to see where you are at... You'll probably regret taking on a fourth, fifth, or sixth secured card by this time next year. Wait until you qualify for better cards.

$0.02

[liz9100]

No clue but am hoping soon.

[Anonymous]

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@liz9100 wrote:
No clue but am hoping soon.

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Who did you buy it from or finance through? If this tradeline reports, and you take care of it, it may help you for at least the next ten years! If it doesn't, then I'd start doing some research on refinancing and maybe add it to your two-year plan...

Also, what is your FICO at now? Are you needing to apply for something specific? Are you eventually planning a mortgage? It helps to think about working on your score in terms of years and not weeks or months. But, the best thing you can do to increase your score is to make sure to pay on time and keep your balances low!

[liz9100]

I financed it though wells fargo at 17% rate. I plan on paying it off in 2 years. That's when i will need a second car. So am hoping for a score of 750 by then. My score is 550 and i sent out many gw today. Hoping for a few deletion on my credit reort. Am planning on purchasing a home in 3 years.

[Anonymous]

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@liz9100 wrote:
I just got a loan for 18000.00 for a used car and am waiting for 2 secured credit cards for 200.00 each. I have one secured card for 300.00. What else can i do to raise my score?

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What reason are you trying to increase your score? And how long do you have?

The most important thing you can do is let time heal your score and pay what you have on time. It's not the fastest option however it will affect your score the most. Check scores once your new TL's turn 6, 9, and 12 months. Keep reported utl low (under $30-$60 bucks a month between your cards).

For faster score boost. Focus on what's weighing your score down... if you have any CA, CO etc. work on disputing inaccurate information and attempt to have the other baddies removed via PFDs, GW letters, or letting baddies age off.

Write short term and long term goals down and circle calendar dates to track progress. Place them somewhere you can see it. Check them off or have a small celebration once a goal is achieved.

[Anonymous]

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@liz9100 wrote:
I financed it though wells fargo at 17% rate. I plan on paying it off in 2 years. That's when i will need a second car. So am hoping for a score of 750 by then. My score is 550 and i sent out many gw today. Hoping for a few deletion on my credit reort. Am planning on purchasing a home in 3 years.

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Sounds like you're on the right track. Wells Fargo should definitely report (give it a couple of weeks, or at least until your next payment is due), and hopefully some of those GWs will stick. Again, the absolute most important thing you can do is pay all of your current accounts on time, every time.

As for that second car and the mortgage, I'd carefully research mortgage requirements and understand what front-end and back-end ratios are, as well as what your income will be at the time. All of it ties together, like a big puzzle. The mortgage will be a bigger challenge than the car, but the car can directly affect the mortgage if that makes sense.

EDIT: Also begin planning how you're going to save for down payments, etc. You have the luxury of two+ years, use it well!

[Revelate]

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@Anonymous wrote:

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@liz9100 wrote:
I financed it though wells fargo at 17% rate. I plan on paying it off in 2 years. That's when i will need a second car. So am hoping for a score of 750 by then. My score is 550 and i sent out many gw today. Hoping for a few deletion on my credit reort. Am planning on purchasing a home in 3 years.

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Sounds like you're on the right track. Wells Fargo should definitely report (give it a couple of weeks, or at least until your next payment is due), and hopefully some of those GWs will stick. Again, the absolute most important thing you can do is pay all of your current accounts on time, every time.

As for that second car and the mortgage, I'd carefully research mortgage requirements and understand what front-end and back-end ratios are, as well as what your income will be at the time. All of it ties together, like a big puzzle. The mortgage will be a bigger challenge than the car, but the car can directly affect the mortgage if that makes sense.

EDIT: Also begin planning how you're going to save for down payments, etc. You have the luxury of two+ years, use it well!

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Wells will definitely report.  Mine took about three weeks after purchasing the vehicle.

To the OP: you've set yourself up with 2-3 revolving tradelines (I was a little confused by the post but that was probably me) and a solid installment loan for the vehicle.  There's nothing else you can immediately do to boost your score in terms of new tradelines: settle in, make the payments on time, and enjoy the ride.

As others have suggested, focus on the derogatories now to approach score improvement from both directions.  You've already got the key step of enabling positive payment history done, that's the important step to get out of the way ASAP.  Derog removal can take some time but you've got some.  Also I'd question the pay the car off in two years route, you may want to be storing cash.  Also if you make payments early on Wells specifically, you can push out the payment due date by quite a bit while still saving yourself a boatload of interest (I know as I have a WFDS loan currently sitting at a next payment date in December).

[RobertEG]

+1

It does not appear that you need further credit.  With a score hovering around 600, you probably have major derogs as the leading factor in score damage.

Getting your file clear of major derogs would be my primary focus.

[liz9100]

I sent out good will adjustment about two weeks ago.