Looking to get an SUV think I could or should I wait a year and pay down some card debt?

[LJGoose]

Credit Score: 600-625 ( Was around 660 before new accounts)

AAoA: 1 1/2 Years

# of positive trade lines: 10

# of negative trade lines: 4

Income: 45K

Lenght of Employment: 11 Years

Previous Loan Experience: Never missed payment on any car loan. All other loans never missed payment on all cards, 

Debt-to-Income (DTI): 17-19%

Year of Car: 2015 or 14

Miles: New

Purchase/Refinance: Purchase

Requested loan term (XX Months): 72

Down payment amount: 0 -1000

Co-borrower/Co-Signer: None

Other: I am upside down about 6K on current car but I am looking for a new SUV that covers 5-6K of that. Negative tradelines are from Cell phone bills and a medical bill all totalling less than 2k. I am currently sitting at high utilization due to unforeseen circumstances but will be paying it down rapidly and have it from 70% to 30-40% by March or April. Do you think I should wait until mid to late 2015 to get the car or would it not make much difference?

[Anonymous]

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@LJGoose wrote:

Credit Score: 600-625 ( Was around 660 before new accounts)

AAoA: 1 1/2 Years

# of positive trade lines: 10

# of negative trade lines: 4

Income: 45K

Lenght of Employment: 11 Years

Previous Loan Experience: Never missed payment on any car loan. All other loans never missed payment on all cards, 

Debt-to-Income (DTI): 17-19%

Year of Car: 2015 or 14

Miles: New

Purchase/Refinance: Purchase

Requested loan term (XX Months): 72

Down payment amount: 0 -1000

Co-borrower/Co-Signer: None

Other: I am upside down about 6K on current car but I am looking for a new SUV that covers 5-6K of that. Negative tradelines are from Cell phone bills and a medical bill all totalling less than 2k. I am currently sitting at high utilization due to unforeseen circumstances but will be paying it down rapidly and have it from 70% to 30-40% by March or April. Do you think I should wait until mid to late 2015 to get the car or would it not make much difference?

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I think you should wait if at all possible.  Your scores will rise quite a bit if you get your utilization down.  70% is very high and you need to get it below 30% as much as possible.  If you can wait till late 2015 you can get a 2015 model in sales that will help being upside down. (Though that will be the same in the next vehicle if you don't put more down)

[LJGoose]

Ok. Thanks for the advice. I will wait. Even though I can't wait to get out of this car I think another year wont hurt plus it will put less stress on me worrying about my new probably higher car payment ontop of paying down the debt. Ill probably wait to atleast when they start rolling out the 2016s in september or so. How much do you think my score would go up to if I get all my cards down to 30% by then. Could I hit the 700 club?

[Anonymous]

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@LJGoose wrote:

Ok. Thanks for the advice. I will wait. Even though I can't wait to get out of this car I think another year wont hurt plus it will put less stress on me worrying about my new probably higher car payment ontop of paying down the debt. Ill probably wait to atleast when they start rolling out the 2016s in september or so. How much do you think my score would go up to if I get all my cards down to 30% by then. Could I hit the 700 club?

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Very hard to say how high your score will go.  Utilization certainly is one of the major factors in scores but then so are collections.  How old are they?  Your scores will be their highest based on utilization if you can get them down to <10%