@Anonymous wrote:So about a year ago I applied for a vehcile loan for $55,000 and was declined. At that point my credit score I beleive was around a 630. I got an experian in an effort to increase my score as I still wanted to purchase the car, a rental home, and open 2 rewards cards. Since opening my experian account I have removed everything that I could and set up auto payments, also paying 2-3 times/month on my 2 cards. My scores jumped a few points once things were removed but I carried a balance paying the minimum for a few months under the advice of my girlfriend. This lowered my score 5 points or so and it has been creeping up around 1pt each month since then (been keeping very low balances as her advice was terrible). I now seem to be stuck just below "Good" in "Fair" on my rating at 669. What I am looking for would be advice on how to go about accomplishing my goals below, all within 2019 (or now) if possible. I will also include some info that may be pertinent about myself, thanks in advance for any and all hlep.
About me: 31yo male, $100k income, mortgage in gfs name, both of my cars owned, 2 Credit cards currently (says thin file), just upped credit amount on both, usage around 6% can easily be 0%, 3 late payments on file (payment history good), 2yrs 5months since neg, AAoA 6yrs 9months, oldest around 12yrs. (everything in experian says very good other than payment history)
Goals: Open 2 rewards cards, Purchase a $55k car with $35k down, Purchase a house as a rental with $20k down, Purchase a watch and an engagement ring (roughly $4k-6k each)
In a perfect world I would get the Hyatt rewards card and Barclays american airlines card that I have an in flight offer for now. Use barclays card for expenses to get points and use Hyatt card for $4k-6k engagement ring to get points. Around tax season purchase $50-55k Nissan GTR with $35k down (using as many rewards cards for down payment as possible and immediately paying off) We have a vacation booked for mid may 2019 for vegas which is when I intend to propose. I would also like to drop $4-6k on a rolex sometime next year which could potentially be another rewards card if possible? The watch / rental property are last on the list and either could come before the other or even be pushed to 2020 if needed.
So my questions are: What should I do first? Should I wait untill my credit rating crosses over a few more points, apply for all at once, and hope for the best? OR would it be best to apply for 1 or both cards sooner rather than later? How should I expect all of this to change my credit? I want to at the very least get 2 CC's and be approved for a my auto loan this year. Any advice would be greatly appreciated, thanks!
1. No you should not bother applying for anything at this time.
2. You should not carry any balances. That was bad advice.
3. You should let 1 of your cards report a small statement balance which you immediately pay off after the statement cuts, while the other card reports a zero balance.
4. You could send verification letters to the bureaus to try to speed up the process of getting rid of the late payment items.
My advice: MKIV Supra, not GT-R
And maybe pull your reports from the 3 bureaus. It'll be free if you haven't done it in the last year. Come back with the baddies on the reports along with dates.
Then get a Supra.
@Anonymous wrote:I already have a supra.... Any advice out there?
Again, pull your 3 reports. You only mention Experian. For 3 late payments, your score is pretty low. 30 day lates hurt less as they get older, 90 day lates keep the full effect to the end. In comparison, I have 7 lates, (2) of which are 60, and 6 collections showing on my Experian. My utilization is at 65%. If I bring my UTI, to AZEO, my score will come close to yours so something is going on with your reports.
And I would still pick a 2nd Supra over a GT-R. But, if your heart is set, make sure you get it checked out, especially the tranny.