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658 credit score.

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New Member

658 credit score.

Looking too purchase another car. Currently owe 23k with Honda, have a credit card maxed out at 4900 and one collections at 700$. I make around 6k monthly. What I tweet am I looking at for a new car?
Message 1 of 6
5 REPLIES 5
Community Leader
Senior Contributor

Re: 658 credit score.

Your score may not move much at all. I'd expect a small ding for whatever inquiries you take and for the new account, but I don't think the loan itself will have much effect. What's the original amount of the Honda loan?

 

I'd be more concerned about the interest rate on your loan than your score. Smiley Happy

Message 2 of 6
New Member

Re: 658 credit score.

The original amount was around 29000
Message 3 of 6
Community Leader
Senior Contributor

Re: 658 credit score.

Given that, I'd expect the installment portion of your score to stay about the same. Your auto inquiries should be combined into one for scoring purposes, so I'd expect a tiny ding there. And there'd likely be a small ding for the new account.

Message 4 of 6
Established Contributor

Re: 658 credit score.

Before you car shop, any way you can pay down the maxxed out CC to around 350-400? and wait till it reports on the bureaus? 

 

The 1 collection, have you tried contacting them for a pay for delete? 

 

Low utilization on revolving will help, and help prevent adverse action such as balance chasing or creditor closing the account. 

The collection is dragging the score down.  Is it recent last couple of years, or is it approaching the statue of limitations and will age off soon?

Message 5 of 6
Super Contributor

Re: 658 credit score.


@DollyLamaBefore you car shop, any way you can pay down the maxxed out CC to around 350-400? and wait till it reports on the bureaus? 

Good advice here above.  To sort of piggy back off of that, without trying to come off too harsh, if the OP isn't able to pay down the maxed out CC at this time it would probably be a wise move to reevaluate taking on another auto loan.

Message 6 of 6
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