New to credit and car loans

[amclaughlin42]

So, I am new to credit. So new I don't have a FICO score yet. I have had a Cap1 secured card with a 201 credit limit for just shy of 2 months. in a few weeks my first car payment is coming up. I was in need of a new car. I used to pay everything with cash, and thats how I bought my first car. I got a car loan for $16,509 it has a high interest rate of 21% since I had no credit and needed a car to get back and fourth to work. I have about 30 inquiries on my credit report due to trying to get a car loan. I have credit karma. They were able to pull my Vantage 3.0 Score of EQ 619 and TU 614. Since my score is so new, will having that loan on my report lower my score? I will make payments around the 10th of each month, they are due the 13th of every month. The loan has not registered yet, because I will make my first payment in just a couple of weeks. Also, I wanted to add my lender who my loan is through hasn't shown up on my credit report. Not even as an inquiry. It's through Chrysler Capital when can I expect it to start affecting my score. Also, I plan to refinance in 1.5-2 years.

[gdale6]

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@amclaughlin42 wrote:
So, I am new to credit. So new I don't have a FICO score yet. I have had a Cap1 secured card with a 201 credit limit for just shy of 2 months. in a few weeks my first car payment is coming up. I was in need of a new car. I used to pay everything with cash, and thats how I bought my first car. I got a car loan for $16,509 it has a high interest rate of 21% since I had no credit and needed a car to get back and fourth to work. I have about 30 inquiries on my credit report due to trying to get a car loan. I have credit karma. They were able to pull my Vantage 3.0 Score of EQ 619 and TU 614. Since my score is so new, will having that loan on my report lower my score? I will make payments around the 10th of each month, they are due the 13th of every month. The loan has not registered yet, because I will make my first payment in just a couple of weeks. Also, I wanted to add my lender who my loan is through hasn't shown up on my credit report. Not even as an inquiry. It's through Chrysler Capital when can I expect it to start affecting my score. Also, I plan to refinance in 1.5-2 years.

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I would not worry about the Vantage score very few lenders use it, the bulk of the lending community uses Fico scoring. Fico score tends to drop when a new installment loan is added to your profile but I would not worry about it as you cant even get one until at least 6 months of history is recorded on your CRs. The inquiry could be on EX which you cant see with CK, I advise you to set up Credit Sesame, this free service uses info off your EX report. Inquiries affect Fico score immediately and their affects are gone 6 months to 1 year post. What I would do is build 6 months of excellent payment history on your new card loan and then refi it with a CU, you can check out your local ones or try out DCU.

[amclaughlin42]

I am concerned about all this because me and my wife are going to be buying a house in the next few months. We will go through an FHA loan which I have ready you can do with no or limited credit. I am just making sure I have all my ducks in a row before I even begin that process. I was just wondering when it would start reporting to the credit bureaus.

[gdale6]

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@amclaughlin42 wrote:
I am concerned about all this because me and my wife are going to be buying a house in the next few months. We will go through an FHA loan which I have ready you can do with no or limited credit. I am just making sure I have all my ducks in a row before I even begin that process. I was just wondering when it would start reporting to the credit bureaus.

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Typically new loans will report in 60 days or less.

[amclaughlin42]

I was also told to try and get another credit card. Now, I am on the fence about this, due to what I would be approved for at my current rating. Since I do not even have a FICO yet. My Cap1 credit tracker has my score as a 682, I know this isn't FICO or Vantage, and doesn't really apply. But since I don't have a FICO can I even get approved on a non secured card. One like the Barclay Card?

[SunriseEarth]

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@amclaughlin42 wrote:
So, I am new to credit. So new I don't have a FICO score yet. I have had a Cap1 secured card with a 201 credit limit for just shy of 2 months. in a few weeks my first car payment is coming up. I was in need of a new car. I used to pay everything with cash, and thats how I bought my first car. I got a car loan for $16,509 it has a high interest rate of 21% since I had no credit and needed a car to get back and fourth to work. I have about 30 inquiries on my credit report due to trying to get a car loan. I have credit karma. They were able to pull my Vantage 3.0 Score of EQ 619 and TU 614. Since my score is so new, will having that loan on my report lower my score? I will make payments around the 10th of each month, they are due the 13th of every month. The loan has not registered yet, because I will make my first payment in just a couple of weeks. Also, I wanted to add my lender who my loan is through hasn't shown up on my credit report. Not even as an inquiry. It's through Chrysler Capital when can I expect it to start affecting my score. Also, I plan to refinance in 1.5-2 years.

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If this is the first credit you've ever had, I'd suggest waiting 4 months before attempting to add any more credit (you need at least 6 months history for a FICO score).   Also, keep your UTIL on the CC at less than 10% of the limit (in other words, don't let more than a $20 balance post).   

[amclaughlin42]

the first credit I tried to get was in August. I tried to get phones in my name for my wife and I. I was unsecessful, Verizon wanted $400/line. I was not paying $800 plus phones. The first credit I actually got was a secured credit card about 2 months ago. I got it early January. 3 weeks ago I got my car, and I will hold off on applying for anymore credit 

[amclaughlin42]

Also to add, I can't keep my utilization that low. I use about 65% Utilization

[Anonymous]

Well your gonna have to find a way to cut that Utiliazatio down if you want your score to improve . On a 200 dollar card I wouldn't let it report more than 10 dollars .

[Anonymous]

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@amclaughlin42 wrote:

Also to add, I can't keep my utilization that low. I use about 65% Utilization

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On a $200 card? Sure you can. It only needs to be paid down for a couple of days. Use some cash (in a checking account) that would normally go towards a bill for 100 bucks or so, go online and pay it right before the statement date. Two days after the statement date, use the card to pay whatever you would have used the $100 to pay.

Here is what many people don't understand about UTI - you don't HAVE to maintain the low UTI *all the the time*, just around the reporting date. Other banks may differ but Cap One reports whatever the balance happens to be *on* the statement date. The rest of the month you can charge it up and pay it down as often as you want.