TLDR; Our end game here is to purchase a new vehicle, but our credit score needs some work.
Currently we have an auto loan at 14% with a $300/mo payment. Years ago when we got this loan my husband had non existant credit and mine was bad. We got the car loan and a credit card from our Credit Union at the same time; and over the past 3 years have built my husband's credit up and improved mine to a "Good" rating.
Long story short we need a new car, we are exactly even on what we owe vs what its worth. Our one credit card is at 70% utilization and I want to keep it there. No more credit card purchases, I've taken them out of our wallets and put them away. We also need a new bunk bed for our kids and are debating this: do we put the bunk beds on our credit card (thus increasing the utilization) or do we finance it thru the furniture store (opening up a new credit line)? Which is more beneficial/detrimental to us if we are trying to improve our credit rating to get a better car loan?
Submitted March 10, 2019 at 08:27AM by Madetobeg https://ift.tt/2UvtiHJ
