Hello PF!
First post here and on mobile. I mainly lurk, but I've run into a question I can't seem to find the answer for here or through basic research. I am hoping you will have suggestions and/or answers.
Unfortunately, my paid off car is running into issues and the repairs will cost more than the car is currently worth. I am trying to be proactive and start preparing myself to buy a new/new to me car. I know I won't be able to buy a car outright, so a loan will be needed for most if not all of the purchase.
I bought a house a year ago, so I haven't been able to pay the principal down too terribly much, if at all. I have been paying an additional 25-50 dollars every month so there is some progress
I keep up with my credit score through my Discover app that is currently at 794 and the key factor bringing it down is my credit utilization. Seeing as my mortage is my only constant debt, I believe that is the issue.
My goal is to bring my score up as much as possible as quickly as possible while I am saving up for a down payment. My thought process is that I will be able to get a better interest rate on the loan, which will give me a slightly better payment.
Thoughts? Am I completely off base? If I'm not off base, how do I do this?
Submitted October 13, 2019 at 07:45PM by snarky_squid https://ift.tt/2MC1ZZD
