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Posted in Auto Loans
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nickwat101

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630 Credit Score, should I buy new truck or wait?
So my credit is roughly a 630. I have zero late payments ever, nothing ever in collections, 0 derogatory marks. Only reason its so low is because i have pretty high balances on my credit cards (roughly 46 percent utilization). My question is does auto finance companies only look at my score or my actual report? I get so frustrated with my low score because ive been so careful always paying everything on time. And now im almost at the time of needing a new vehicle. thanks!

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If you can wait, wait. Use the money you'd put towards car payments to pay down those balances. Depending on how much you owe even just a couple of months could really help your score. Since a car loan will be a relatively significant balance for years to come, the interest savings a better credit score can provide could help with your future ability to keep your debt balances low.

Also, remember reporting balances are truly what affect your credit score, it's a bit of a game but making sure the amount reported is low can help boost your score quickly even if you use and pay your cards off every month.

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