AAoA is weak - Chances on approval?

[Rona]

As stated - I am now 34 and while I used my credit wildly in my younger years I have tried over the years to pay things off and have them cleaned up on the CR. Just now I have physically pulled my reports from this site and they are

EQ - 709

TU - 723

EX - 747

There are no negative accounts, only a few inquries recently, and no collections etc. on the CR I pulled tonight. The problem is the AAoA is bad as it only shows a card I am an authorized user on of my fathers (11 months now), one of my recently obtained CC's, and a CP1 card should show up whenever they finall decide to put it on there (going on my second ending statement with them now).

How hard is it going to be to get financing with this AAoA as from all I can tell it's the only thing that may hold me back? I did have a financed vehicle in '99 that did get repo'd but settled the debt and it shows in the CR as Closed and a balance of $0, with nothing listed under the negative section on installment accounts, just closed.

Thanks in advance!

[Luscher]

If I added correctly your AAOA is around 3 months. I would wait until it is at least a year before applying. You most likely will get approved now, but imagine were your score will be with age. Also, generally 720 will get you a good rate so as long as you keep your scores close to that, the better

[cottoncrown]

I got 0% from toyota in September with 4 months Aaoa and just 6 months total credit history. They want to sell you the car, if your scores are over 700, which they are, and you really want it just go for it. Just be prepared to back out if they offer you a horrible rate.

[Rona]

Thanks for the replies!

What kind of credit hit is to be expected from say a $20,000'ish auto loan?

I'm curious at far how back it would set me and what kind I recovery time would be?

[cottoncrown]

It won't hurt your report it will just increase your debt to income ratio. Unless you are looking for a mortgage, don't worry about it. I recommend getting a pre-approval from a CU or bank before going to the dealer. When they pull your report they will see the earlier inquiry and try to give you a good rate to finance it through them.

[Rona]

Yeah... My goal is actually to buy a house within the next 6-8 months so chances are I should probably lay off trying to get a new vehicle, even though I do need one badly..

[Luscher]

if your looking for a mortgage in 6 months don't do it! Maybe try and buy a used car? I recommend 6 months grace period between applying for anything if your going for good mortgage rates