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Based on what my credit history is like, will it be possible
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Anonymous
2016-02-11 11:28:43 Post No. 16794352
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Anonymous 2016-02-11 11:28:43 Post No. 16794352 [Report]
Based on what my credit history is like, will it be possible to get a decent interest rate if I apply for an auto loan as soon as my credit card is paid off this summer?

>got first credit card in Summer 2014
>$300 credit limit
>always paid off balance on time every month
>credit score starts at 720
>receive credit limit increase at the beginning of 2015
>limit is now $2,300
>start to get carried away with spending
>balance becomes higher than monthly income
>credit score begins to fall
>still paying on time with minimum payments or higher
>become close to maxing out card
>credit score falls to 650
>decide to stop using card
>find a second job during the summer
>start making larger, more frequent payments towards balance
>credit score begins to rise
>balance now at $1,300 in 2016
>credit score now 680 and is going to get higher
>get another credit increase
>credit limit now $5,300
>credit score is bound to skyrocket up, now
>>
Anonymous 2016-02-11 17:34:55 Post No.16795141
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Anonymous 2016-02-11 17:34:55 Post No.16795141 [Report]
>>16794352
I got a car with a 720ish credit score. They didn't let me get a car loan without a cosigner, though, who ended up being my mom. I usually pay $17 in interest out of the total monthly car payment of $192. If you never had a big loan before and only used your Credit Card to buy small things, they will most likely not give you a loan unless you have a cosigner. I even had a 42% downpayment in cash for my car and they still didn't let me get a car loan on my own.
At the time of purchase I was 18 years old with a credit card account that was 6 months old with all expenses paid off. If it makes a difference, I live in California. Good luck, OP.
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