Craziest credit score ? ever

Financing, Hard Money Lenders, Private Money
1

I need a new car. Actually used, but new to me. I’ve been borrowing one from my father and it’s unreliable, a POS and I’d prefer to return it asap. Although I really appreciate him letting me use it-it beats walking!
I know what I want, and have found one that is acceptable at a great price, so I’m going to have to act quickly or risk losing it. I never would customarily finance or lease a car. I prefer to pay cash, and always have.
I don’t have the cash currently to buy it. But I’m expecting a large check from some business interests in 2 months that would more than cover it. There’s no question of it not coming.

What I see my options as being are:

  1. don’t buy a car until I have the cash in the bank. The payment’s a sure thing, so I’m not worried about that, and I really can’t wait much longer. I don’t know how long the one I’m driving is going to be alive, and I don’t want to be in a situation where I [/i]have[i] to buy one and won’t be able to get what I want. Cars are too $ to not have what you want, in my opinion.
  2. Take out a short-term(6 month) loan. I’d rather not take out a loan, because I am trying to protect my FICO intensely right now and don’t want inquiries or a record of another lender on my open accounts. I feel like I have enough on there, as is, with quite a bit of credit card debt, which is also getting paid off when the check comes.
  3. That being said, I could also put the car on my American Express. That would pretty much max it out, but I’d just make a few payments until I paid it off with the rest of the cards in 2 months. And I wouldn’t have to take out a loan, deal with another lender, have gigantic monthly payments on a 6 month loan. I guess it’d be the equivalent of a balloon loan; a few small payments, then a large one.

What would be the best option, credit-wise? Jacking up yet another existing card to the limit, but wiping them out at once in a few months or taking out a new low-interest 6 month loan with Mongo payments? Why I’m so concerned with my FICO is that I plan on buying a house within 6 months also, and will go no-doc, so keeping my FICO high is job #1 between now and then.

I could white-knuckle it with this car I’m driving, but the type of car I want is difficult to find and get a deal on like this, and I’m just so sick of driving my dad’s loaner. I have to rent a car if I leave town as it is because it’s so unreliable. Boo-hoo.

Any thoughts, besides being insane? What would you do?
Thanks!
Michael

2

…and this has what to do with Real Estate?

Please provide me what the RE tie is ASAP or it will be removed later this morning…

Thanx,

Keith
Moderator

3

Sorry…that was tangential without explanation. I’m planning on buying 3 properties within the next 6 months, with 2 being more realistic, 1 being a multi, non-occ. I’m going to have to go with a no-doc loan, so my FICO is of utmost importance. I have it at around 730 now, and I’d rather not jeapordize my score. In fact, I’d rather be able to buy the properties and wait on the car.
I was trying to see what impact a new loan vs. higher CC debt, both being short-term, would have on my credit score, so I wouldn’t knock myself out of the RE picture with something of lesser importance. If I can’t move forward with my plans for the RE because one or the other would drop my score, and make the #'s more adverse due to a higher rate, I’m going to just wait.

4

if you have more than one credit card, transfer money from all of them so that their balances are low relative to their limits(preferrably less than 30%). or just wait until you buy the properties.