Hi all, I bit the bullet and went into an auto dealership with b/f who has worse credit than I have. Thanks to the two paid collections (not charge offs) and inquries, my score of 620 is now a modest 568. So we have 10 grand as a down payment for a 28k vehicle. We get approved, but not for the great interest rate. The jury is still out on that. But I will quote what the salesman said ver badem "you have decent credit, the derogs are over shadowed by the 21 on time and open items, but the limits aren't substantial. Even the inquiries don't hut you as much as the amount of low limit cards, paid timely of course. My FCNB limit is 2800 and I have an aria visa with 1200 and an awful high interest gateway loan for 15 and after a year, it's down to 800! 70 bucks a month isn't cutting it. But anyway, before I wander away from the meat of this thread. Capital One, First National, Household and even that Victoria's secret, Target (the list goes on) are all under a thousand and he basically told me to have my credit look good, I need higher limits. Well, I wrote out two checks to pay off the balances of two piddly limit ccards, won't close them, but in April, I am hoping to have changed all that. Platinum Visa through my Credit Union, here I come!
Don't worry you are on the right track. Continue to try and improve your credit limits. When I bought my first car, the interest rate was 18.9%. This was only 2 years ago. I made timely payments and refinanced after only 6 months with my Credit Union. My new interest rate was 12.9% saving me about 30-400 dollars a month. I have since traded that car in. I have bitten the bullet before and have come around to see the light. Credit Unions are offering some great low rates on both loans and credit cards. I believed they reduced my APR to 11%. Pretty good for not asking. I too have some low limit cards, but I do not use them or keep a balance on them. Continue to dispute and shortly you will be caring the Citi and Chase products. good luck
You are on the right track, however salesman are not the best people to trust on what looks good on your report. In my opinion you have too many little cards, so work on closing some of those and opening some good accounts, with maybe Chase or Citi. The As may win, if they can keep Jason. If he comes to the Yanks, they will be favored to start another string of WS championships. www.creditsense.com
you are getting majorly screwed by the sales person. The sales person does not work the interest rates. The finance manager does. Chase financed me at 7% after Vw credit wanted 8.75%. My transunion has 3 major charge offs over $8000 on file and I was approved. They said i'd have gotten a better interest rate if my score was over 700. 10K down on 28K vehicle is a super-safe risk zone, go somewhere else. Make them stack your application.
