When Should I go looking for a new car

[PupnCub]

Ok a few months back my credit score for EQ was 677 and TU was 655. I had a CO on both reports that will be removed within the next few weeks. My current car loan was an open acct with a balance of $4,431.00 that I just paid off today (due to an accident that totalled my car).

I am not really savy on the whole auto loan thing, so should I wait another 30or 60days for my reports to update before trying to get a new car loan? Will my score go up by much withthe removal of the CO and showing the past loan paid in full (that I was never late on for 15 months?)

Thanks

[Amerikaner83]

yes you should....most likely it will. If you can wait 2 months...do it.

[Denita]

I agree with Amerikaner83, waiting for your score to increase will get you a much, much better deal.

Having said that, make sure the OC on your now paid off totalled car reports the new balance timely to the CRA's. You can do this by checking the balances on your CR's and if the new zero balance is not showing, just dispute the balance online. [Note, this is the only type of dispute I recommend doing online. Normally you want to do everything CMRRR.]

Also, in the meantime, buy your CR from Experian to check everything on that report. Just because we no longer can get consumer FICO scores from EX it does not mean that some creditors won't use EX to determine your credit worthiness. EX is particularly bad about not updating timely.

[Dre]

^^ Yep...take the above advice. I waited 2-3 months to let my credit scores increase before purchasing a car and it was worth the wait.

[thegame26]

and when you do go, do it at the end of the month. the salespeople have quotas to meet and will be more inclined to 'make a deal' than the begining or end of the month.

[Troofer]

"and when you do go, do it at the end of the month. the salespeople have quotas to meet and will be more inclined to 'make a deal' than the begining or end of the month."

Game, could you expand upon that remark. It is interesting but contradictory. You say end of month, but then say contradict.

I know it's time to buy a new car. Want to know how? Today when I was waiting to get on the bus, a 400 lb woman was getting off, staggered, collapsed onto me, and stomped on my foot. If I hadn't caught her she'd have broken her neck, which I suppose is preferable to my foot, but she had a kid walking behind her, so I suppose it was a good deed.

[thegame26]

"and when you do go, do it at the end of the month. the salespeople have quotas to meet and will be more inclined to 'make a deal' than the begining or end of the month."

Game, could you expand upon that remark. It is interesting but contradictory. You say end of month, but then say contradict.

I know it's time to buy a new car. Want to know how? Today when I was waiting to get on the bus, a 400 lb woman was getting off, staggered, collapsed onto me, and stomped on my foot. If I hadn't caught her she'd have broken her neck, which I suppose is preferable to my foot, but she had a kid walking behind her, so I suppose it was a good deed.

sorry. didn't profread. it shoudl've read that sales people will be more inclined to 'make a deal' at the end of the month than the begining or middle of the month since they have quotas to meet.