11-07-2012 02:15 PM
Wife and I are looking for a car before the end of the year. I just modified my mortgage and it's now reporting current (was late up thru Aug 2012). Happy to say my score jumped from 619 to 641 yesterday! I have one auto loan reporting perfectly, and one that was paid off in August that is perfect also. Two credit cards reporting (on Equifax). No lates on those. One 30 day from a previous auto loan back in Oct 2008. BK discharged back in 2004.
On wife, her score is 683 (Equifax also). No baddies because mortgage only reports on me. She has the auto loan history identical to mine (loans are joint). What is hurting on hers is high balances on 3 credit cards. However no lates. Infrequently used, just trudging through to pay off old balances! As for any lates, just that same one from Oct 2008 that's on mine.
AAoA is around 5 years. Oldest credit account on record is over 15 yrs ago.
I am employed for over 15 years at current job, income around $70K. We are also self employed grossing about $90K with self employment.
1. What might we expect on an auto loan with this credit scenario? I really don't know what (if any) cash we would put down. Definitely looking for a new car and I'm aware that interest rates are typically better and slightly easier to get approved.
2. What would a lender require in order to document self employment income? I've seen some posts where buyers never had to show documentation, but we'd like to be prepared.
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