Re: car loan
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I'm in the exact same situation...have had a credit card for hte past 5 years and have paid it off in full every month. However, my credit score was only 720 or so and I couldn't qualify for the best rates...although I did manage 9%.
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I think this is very misleading. Owning one credit card is not a very good idea to build credit. If you want to build credit you should have at least 3 or 4 cards. I've never had a car loan and have 760 credit score. Combined I doubt if I've charged more than a dozen things in my life, I still have $50,000 in available credit.
Anyways, for what it's worth to get the best interest rate on a home 680 credit score is good enough as long as you can meet the other requirements, money down, etc.
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