three credit bureaus
Question
how can i improve my credit to get a car loan?
This is my husband's case. He applied for a car loan a few days ago since the car we currently own has been messing a lot recently. As we thought, he didn't get the loan. He currently has a credit score of 620 some on the three credit bureaus. has no negative accounts...owns 4 credit cards. 1) sears with a 250 credit limit 0 balance 2) bank of america with 2500 credit limit, 2400 balance (I know, I know) has 0% apr 3) home depot with 1200 credit limit, 700 balance 4)Lowe's with 2300 credit limit. 1,200 balance. and has 2 installment loans.....one is citi in which he got 2000 last year and owes 500 so car.......and conns in which he owes 1,200. the reasons he got rejected are because he has excessive revolving usage, and has gotten supposedly too many installment loans recently. he got conn's on july and citi in november of last year. well, we were thinking and planning in paying off the 3 credit cards in full by february1, 2010....and paying off citi. we would only be left with conn's which has a 70 monthly payment. if we apply around march to get a car loan, would we be able to get one this time? he has never had a car loan in his name, would that affect him? how much would be required to put down? by the way, we always make the payments on time.
2 months ago - 4 answers
Best Answer
Chosen by Asker
As you mention, it is the nature of the credit he has and not really the amounts or misuse that is causing the problems. Your plan is a good one, and should get you back to where you want to be in March. Even if for some reason it is still a problem, you have done the right thing by reducing your revolving debt.
by OldJimmy
2 months ago
Asker's Rating: 
Other Answers
I think once you get some of the debt paid down, it will raise his score and be easier to get a car loan. You should plan on having 10-20% for the down payment.
by Mandie- 2 months ago
my dad hung himself because of his credit debt. :_(
by secretquestions18- 2 months ago
You mention $6,000 in balances, but the other three pieces to this are 1) what's your income, 2) how much does the car cost, 3) How big is your down payment? You may have to put 100% down in order to buy the car right now. Advantage: 1) You don't need a good credit score. 2) You won't have to worry about payments. 3) Statistics show that 100% of the repos in America involve cars that had car payments. Disadvantage: 1) You may not be able to afford the car you want.
by Jeff T- 2 months ago