What should be my next step?

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Postby bdruben » Wed Feb 27, 2013 7:54 am

Thank you all for the replies. All great food for thought.

I may just apply for a chase card to see if I'm on the blacklist or not. My oasis optima although its only a $500 CL on it, it was backdated to 2003 so it's helping my aaoa quite a bit so I am very scared to close that and not qualify for another Amex. I've read that I should hold on to the optima oasis for a year before apping for another Amex.

Would being added to someone's cc as an authorized user benefit me? CL on it is 10K but the utilization is over 50% and carries a balance. She is working on paying that down soon though.

My goal for the next 6 months is to finance/lease a new/used car (around 20K), finance a new MacBook Pro (3k), and move into a nicer apartment. I've hear that an "auto enhanced" fico score that focuses on installment accounts is considered when financing a vehicle? If so, I believe I have excellent installment history as I've been paying my student loans for years now and I've also financed furniture/electronics on installment plans. Should I just finance a car now and build more history? Apply for a new cc and finance the MacBook Pro and build history with that? Apply for chase card o close oasis and apply for another Amex card? It seems I can't take a step forward without taking one backwards =(

What should I do?

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Postby MemberSince99 » Wed Feb 27, 2013 10:52 am

Don't cancel your Amex for now. Keep it with that AAoA. Wait until you are in a better position to take that chance.

It could help or could hurt you. It would just depend. 50% utilization would probably take off as many points as you'd gain, but it's hard to guess. I'd steer clear of that honestly.

They do use installment history more for vehicles, that is taken as a higher weight so your auto enhanced score can be different (higher than) your FICO score. (Mine was when I didn't have credit cards).

I would consider your priorities - which of these is most important to you? The car? The macbook? Or a new credit card? Only you can weigh that and decide. Your score will take an initial hit from the inquiries for the car and the new loan, but it will come back up within a few months (my score was back in a couple of months, it's not a long term thing and your score will only grow with paying your car payment).

So you have to decide on your priorities. You may not be able to do everything at once. I would keep Optima for now, and if I NEEDED a car as opposed to WANTING one, that would be the priority. (Of course don't let the dealer know you NEED a car, but you probably know that...). Then maybe see if you are blacklisted by Chase if you want to get back into their good graces, again be aware they will ask you about your charge off with them don't let it catch you flat footed, be prepared to explain what happened and why that won't happen again. And then after that maybe apply for financing for the Macbook. Just keep it simple and don't overextend yourself. And don't worry, it's a marathon not a sprint. We all want what we want right now, it's our nature, but sometimes patience can be a powerful ally.

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