So, I remember when I bought my car in Sept 13 I had a 690, and now I'm down 100pts when I really want to trade my car in and reduce my loan interest rate with the new loan. But, this is not possible with my current 590. Score details:
Bads:
3 items totaling 900$ recently posted in collections.
(I'm assuming this is the cause for my 100pt drop)
2 credit cards that I never use with 0 balance. Average age 2.67 years. Total credit line 1300
One is 5 years old with 1000 limit. Open, but cannot use due to military star card and out honorably from the army. Plan on leaving it open for added credit age
Other is express clothing store card. 300limit. I will go buy a pair of jeans, but really don't want to do this monthly.
93% on time payments. 27 of 30 paid on time.
Goods:
28500$ in auto loan debt being paid off monthly to the tune of 485 per month. (2012 challenger v6)
Current plan:
Get PFD for collections or try going through original bill source to pay to pull from CAs. (Hopefully drastic quick score improvement)
Find a general credit card that will approve me and get my gym membership monthly on it or some other bill and have an auto pay set up for self sufficient revolving debt credit use.
Figure out other loans/credit improving solutions to execute.
Goals: trade car in by 2015 and have my 6.14% interest become 2.8% or better and love the new car.
Build credit for a house in five years.
I would love to finance furniture and electronics if beneficial to helping my credit score.
Advice on loans, credit cards, etc would be awesome for a guy with a 590. Thank you all in advance.
Bads:
3 items totaling 900$ recently posted in collections.
(I'm assuming this is the cause for my 100pt drop)
2 credit cards that I never use with 0 balance. Average age 2.67 years. Total credit line 1300
One is 5 years old with 1000 limit. Open, but cannot use due to military star card and out honorably from the army. Plan on leaving it open for added credit age
Other is express clothing store card. 300limit. I will go buy a pair of jeans, but really don't want to do this monthly.
93% on time payments. 27 of 30 paid on time.
Goods:
28500$ in auto loan debt being paid off monthly to the tune of 485 per month. (2012 challenger v6)
Current plan:
Get PFD for collections or try going through original bill source to pay to pull from CAs. (Hopefully drastic quick score improvement)
Find a general credit card that will approve me and get my gym membership monthly on it or some other bill and have an auto pay set up for self sufficient revolving debt credit use.
Figure out other loans/credit improving solutions to execute.
Goals: trade car in by 2015 and have my 6.14% interest become 2.8% or better and love the new car.
Build credit for a house in five years.
I would love to finance furniture and electronics if beneficial to helping my credit score.
Advice on loans, credit cards, etc would be awesome for a guy with a 590. Thank you all in advance.
@dustincook87 wrote:
Yea, but I think it's gonna take more than that to get to the glory of 800s. That's the ultimate goal here. I also don't have any savings to put into to a secured card to get a credit card. I also find that super lame. I want a real credit card. I know that's asking a lot since my score sucks lol
The goal should be to get approved and with good rates for any credit-based applications for which you apply. 800 is less important. You don't need a huge CL on a secured card to show some active revolving history. And a BoA card will unsecure eventually. But, the most beneficial thing you can do right now is to get those collections paid and removed from your reports.
EX:694 TU:744 EQ:777