Background info below but figured I'd just ask my question to save some people from having to read the history
I am thinking about buying a used car around this coming December-February. My car is pushing 10 years old (2004 Pontiac Grand Prix, base) and just over 100k miles. It has been pretty reliable up until the last year or so but I can tell it's going to start needing some work in the next year or two and I want a reliable vehicle for when I'm in the mountains (I live in Denver) especially in the winter. Wondering what part might go out and leave you stranded on the side of the highway when it's in the single digits or colder isn't fun That and I'd like some extra safety and control technology...my car doesn't even have ABS but it does have front airbags and seatbelts ha!
Anyway my credit about a month ago was 675 (up from 625 in February) and I'm hoping to get it over 700 by the time I get down to business. Would it be a good idea to take out a short term loan for some furniture say for six months or a year and pay off early to help establish some new credit history? I would try to have it paid off at least two months before trying for the car loan I was approved for an unsecured cc with a $300 limit a few months ago which seems to be helping but I was unsure if a loan that recent would help or hinder. I paid off my current car without missing a payment over 60 months. Started at 16% (bad credit) and a year later refi'd to 8% and paid that off.
Thanks!
Background if you're bored or curious:
I used to have an account on here but it has been years since I logged on and I don't have access to old email accounts. Anyway this forum has been a great help over the years. I found it about ten years ago when I was trying to pay off about $13g's in credit card debt which I was successful in doing Credit score went from 630ish to 720 rather quickly and life was good! Fast forward a few years and I got laid off completely unexpectedly in 2009 (I had a year and a half worth of work on my desk and more coming) and skipping the exciting details I was without a job for a year and a half (unemployment was paying me max for Louisiana...~$425 a month) and my credit went south. I wound up filing Ch. 7 BK in April of 2011 and was discharged that August. I didn't check my credit at the time as it was too depressing to think about it haha! I checked it this February and it was a 625 via Experian which was better than expected. I had just picked up an unsecured credit card with a $300 limit through Orchard Bank to help rebuild my credit since my multiple 10 year old accounts had been closed and charged off. I had nothing reporting on my credit other than student loans. Three months later it had jumped up 50 points to 675. I am only putting a little on the card each month to keep my max usage to under 30%. The only other debt I have right now is $140 a month for some student loans. Anyway....life likes to throw curve balls. I've learned some lessons over the past couple of years both financially and personally. My outlook on life and employment has changed in positive ways but it was very rough for quite a while.
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Standard answer.
Fill MarvBear's credit app for a definitive opinion.
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no, not for an auto loan.