Craziest credit score ? ever

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?

…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…



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.

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.