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Looking to get auto loan in 3 months, help (limited credit history)
I recently started to take notice of my credit score late in the game because I want to buy a new car with 33% downpayment. 4 months ago I found out that I have 749 score from Experian but very little or no credit history, no black marks, very little debt. During that time I opened up a unsecured credit card and been paying on time and keeping my utilization at 10% (4 months). I also opened up a personal collateral title loan of 2500 with my bank and have been paying that off monthly on time (3 months). Now according to my credit Karma score is 702.
My question is that I want to purchase a car in 3 months. During that time, both my credit card and loan history hits 6 months. I want to get the best possible rates without lowering my score and mainly worried I might get denied due to little credit history. I do not have a co-signer but have stable job income.
On the credit stimulator, my credit score will jump 40 points just for opening up another credit card but will take a 50 point hit if I get a auto loan later on. Is it wise to open another credit card now to build more credit history for 3 months or is opening up too much accounts bad in a short amount of time?
Is it better to just continue what I'm doing and wait til 3 months later and get a autoloan or.....
Get a 2nd unsecured credit card to help build more credit history and get a autoloan 3 months later but get a credit score hit?
Asked by
bluejellybean
6 months ago
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I would not open another credit card. You have a secured card and a personal loan and let your score build. Keep your balances below 30% of the limits at all times. In three months check with some local credit unions for the car loan. With 33% down and a good job you should be in good shape. After you have had the car loan for at least 4 months then get a unsecured card like a Capital One etc. ( low fee or no fee ). Good Luck.
nandog 6 months ago
Yep, just continue what you're doing. You actually sound as if you're in very good shape for someone with a limited credit history, and you'll look better on that auto loan app if you haven't been applying for credit in the meantime. Oh, and don't worry too much about what the CK simulator says. It doesn't always reflect reality.
Clairissa 5 months ago