What are the need to haves than the want to haves when apply for new credit? A need to have would be an auto loan, a business loan, a commercial real estate loan or a home loan. A want to have to apply credit would be a department store credit or another credit card after you already have five credit cards.
Our client decided to purchase a new car since his new middle credit score is 660, he began with a middle credit score of 564. For some, this 660 middle credit score is nothing to brag about, though, his new and improved credit and credit scores opened doors for new credit. While he was purchasing his new car, his credit score did not qualify him to go into higher credit tiers that offer discounts on interest rates for auto loans; however, he did get approved in a lower credit tier for an auto loan, which he could not do before. If our client waited to improve his credit further, he would have qualified for the highest or second highest credit tier for auto financing. Also, he would not have 15 new credit inquiries that appeared on his credit report.
Why did your client obtain new credit during his credit restoration process? Based on his circumstances, if you need a brand new car, you need a brand new car; there is not much we can advise at that point knowing our client needs a new car and shops for an auto loan while his credit restoration is in process.
The Cost of Not Having Good Credit
After he purchased his new car, our client was concerned about his 15 new credit inquiries that brought his new credit scores down; he contacted us immediately and asked us if there was any resolution to remove some of the credit inquiries. After reviewing his new 15 credit inquiries, we contacted the client again with a free credit analysis. We found duplicate credit inquiries that appeared on our client’s credit report and also new credit inquiries for auto loans after he obtained his new car. Not all of his credit inquiries were removed because legally he applied for new credit. If our client waited to get his credit scores in the 700s, he would not have been penalized with as many new credit inquiries that affected his improved credit scores.
For more information on how we can help you with credit restoration locally in Boca Raton FL please fill out the online contact form about your concerns or give us a call at 855.477.9007. Read what our valued clients have to say about First Pro Capital and Credit Consulting Professionals on our Testimonials page.
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