Back in March, I elected to increase my existing line of credit limit up to $2,000, which came with a reduction in interest (from 12.5% to 8.5%). Now, I'm in line to buy a car that I really want, but I require a rather sizable loan - let's ballpark in the range of $45,000.
Of my payment history:
- I'm 100% on time and not delinquent in any payments
- I've maintained good credit practices (i.e. paying off the credit card every month at a minimum)
- I work in an industry that allows me to make car loan payments handily with some cash left over to save
The timing of the car suddenly being available for me to put a purchase towards threw a wrench into my plans, as I was planning for that to happen sometime in August, but instead it happened in April.
I'd like to maximize the possibility of my loan being very, very good, but a recent self-pull of my credit score showed less than 650 when it was in the neighborhood of 750 for the bump in credit limit.
Roughly how long should I wait after that credit limit increase to apply for the car loan?