spango Posted January 11, 2008 Report Share Posted January 11, 2008 I have found this site absolutely lifesaving!!! I have a quick question. I have 2 auto loans with Ford credit, 1 credit card, 1 student loan, 1 personal loan. No lates in the past year, 2 charge offs i'm still fighting and 3-4 collections I am also trying to delete,,,anyway do I have enough cc's to help me raise my credit score? I am thinking about getting my daughter a car which would be about $7k. or should I leave not get anymore loans. ex-547tu-584eq-467 Link to comment Share on other sites More sharing options...
VeVe Posted January 11, 2008 Report Share Posted January 11, 2008 Not to sound harsh, but I don't think you have much of an option with those scores. Either you're going to get something with an astronomical rate, or just flat out declined. A loan for that amount is probably not possible.You should probably apply for Crown Jewelers, since there's no harm there. Maybe Target as well. I would try to freeze Equifax first though, that way no credit decision could be based on that score. Link to comment Share on other sites More sharing options...
2001Badyear Posted January 11, 2008 Report Share Posted January 11, 2008 You say you have one CC and two auto loans.I would think getting a few more CC's would help. You have to pay them though or they don't do any good and may initially bring scores down.Your other stuff is hurting your scores, so continue working on those. Link to comment Share on other sites More sharing options...
momof5 Posted January 11, 2008 Report Share Posted January 11, 2008 I got a new car loan with scores that low....at 23%! However, with the tightening of credit due to the mortgage/subprime fallout, you may not be able to.Part of your issue may be how recent your derogs are. I have 3 collections on TU/ 1 on EX and 0 on EQ....YET TU is my highest FICO! Part of the reason there is that the other 2 collections on TU are OLD (and stubborn:evil:) so they give me age in addition to the fact that CAs don't hurt as much after 24 months.Honestly, it is sad state of affairs, but you might be better off getting your child a nice used car at a reputable buy here pay here place. Link to comment Share on other sites More sharing options...
spango Posted January 11, 2008 Author Report Share Posted January 11, 2008 I have gotten both loans through ford credit with these scores, I work at a ford dealership and have an inside track to ford credit. Would another loan be beneficial or another cc? Link to comment Share on other sites More sharing options...
Recommended Posts