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Posted in Auto Loans
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bigcuban

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Want a newer car what should I do
Okay, I need some help. I'm thinking of getting a newer car somewhere between 2013 and 2015. I have a question though with it in reference to my credit. My current credit is at 696 at the moment according to CK, Discover also tells me my FICO which I had a 730, I have no clue what my Experian is.

I currently have 3 credit cards. One with Citi which I only owe 405.00 out of $1,000. I have a Discover card where I owe 170.00 out of 2,000, and then I have a Chase which I have 0 APR until October which I owe the most, 1,780 out of 2,000. I hear that if I can somehow raise my credit score to above 730 or so I should be able to probably receive an APR of under 3% or so. So here is my question I have 440.00 that I can use right now to pay off some debt I'm hoping if I do that it will raise my credit score quite a bit here is my question do I pay off Citi completely? If I pay it all off will my score soar quite a bit? Or should I worry about cc utilization and instead put those 440.00 toward my Chase card and lower my utilization on one card? What will help my credit more?

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Top Contributor
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Your best bet would be to pay

all of them down to below 30%. 

The citi card is around 40%  pay $100 to get that down, The chase is the one that will need the most so pay what you have left towards that. That would get that below 75%. over all  that would get you closer to 50%.  

Be aware that even if those payments are made they may not report for another 30 days so don't rush out to try and score a loan right away.  Also you might consider "Pre-quailifing" for the loan in advbance so that you know what you can afford to spend on a new car, and limit the number of inquiries on your report. 

Good luck.

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