No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
We were approved though dodge for 16% credit score varies between 560 to 614. We have quite a few charge offs. Is there somewhere that might give us a better rate? How long will it take for this car loan to positively affect our credit?
@Anonymous wrote:We were approved though dodge for 16% credit score varies between 560 to 614. We have quite a few charge offs. Is there somewhere that might give us a better rate? How long will it take for this car loan to positively affect our credit?
Try a CU near you. CUs typically offer better rates.
Take steps to remove the COs.
Do you have any installments reporting (.e.g. mortgage, SLs, other car notes, etc.)? If so, I wouldn't predict a gain, but a small loss which will be washed out inside a year. If no loans, YMMV on any gain/loss. Do you have anre open and reporting CCs?
We have a care credit card almost maxed out at 4000. We have a dental installment loan from bright now finance. No previous car loans, no mortgage.
We are hoping to get a few pay for deletes done in the next few months for some of the newer charge offs. I figured getting a car loan would prepare us for a mortgage we hope to qualify within a year. Will it be easier to get a mortgage with a previous car loan?
I'd pay down CareCredit and that'll give you a quite a few points. Keep trying with the PFDs, but if reporting regularly to your CRs w/ added lates and interest, I'd PIF. Eventually your lender would probably require you to pay them so it's good that you are addressing them now.
I don't see the car loan helping your FICO, especially since there's an installment reporting. YMMV when reviewed during the mortgage process. DTI would be impacted, but that's not FICO-related.