Think this will be approved?

[jas312]

Credit Score:  710 (Equifax)

Income:  $41600/year

Age:  21

History:

$4000 auto loan through a credit union (was a two year loan, monthly payment $183.11).  Opened in September 2011, Paid in full by September 2012.  I typically paid significantly more than the requested monthly payment, which is why it was paid off in half the time.  No late payments.  This was my first credit account, so my father cosigned.  The credit union said they probably would have given it to me without a cosigner if I was still at my last job because I would have had over three years at the same employer, but at the time I was only a few months into my new job and had just left the last one.  

Credit Card with $500 limit opened in June of 2012, utilization always below $50 (10%)...typically just a tank of gas.  Paid in full before I even got the statement every month.  When I pulled my credit in October, I had a 724 with a negative listed as my credit card not showing a balance.  So, I started waiting until I got the statement to pay it in full.  This report sees a $48 utilization, calls it "bad" and my score dropped to 710.  Sigh.  Also, there was one inquiry from about three months ago.  Apparently AT&T does hard inquiries for a new cell service...  This one I didn't need a cosigner for--it's also one of my credit union's offerings.

I'm looking to replace my vehicle and would probably be financing somewhere around 13k.  I know I can afford it easily, my job is very secure and I make a decent amount for my age.  It's the bank's opinion that matters, though.

Any opinions?

EDIT:  Also, employment history is about 1 year 7 months at this job, 3 years at the last job (two month overlap where I was working both). 

[blackie1]

You are absolutely "Golden". You will have no problem at all!!  Good Luck!

[Jutz]

Agreed, you should have no issue.  POSSIBLY a small penalty for only 1 previous auto loan, but banks are super aggressive right now and won't pass you up for that.  AT&T should always be a soft pull, double check that listing, you may have just been looking at the promotional/soft pull section.

[jas312]

Thanks!  I'm glad to hear that!  13k is what I'm shooting for after trade and whatever I decide to put down anyway.  I definitely don't want to go past 15k.

On the report, it says "1 Inquiry" and it lists AT&T as an "inquiry that may be affecting my FICO score."  

I'm a little frustrated that my score dropped.  The report makes my <10% utilization look horrible.  It says my ratio of balances to credit limits is too high.  How?  That's barely anything, from what I understood.  It complained about my revolving credit account not showing a balance on the other report, but a measly 10% drops me that much?  I thought it would increase my score!  It also complains that I have too many credit accounts with balances and it lists "1 account" with a balance.  I think they're nitpicking.  

[dabrian]

No problem at all getting a great rate.

[jas312]

Great; thanks!  

I figured if anything got me it would be the length or diversity of my credit history.  With what I make, there shouldn't be any question that I can afford that (maybe not a $50k BMW, but certainly a ~13k loan), and I've always been good with credit--paying on time with at least the minimums, never leaving a balance on the credit card, etc.

[MovingForward_2012]

AT&T is on my credit report as well when I started a new phone contract in Sept but they aren't listed in the same section as the hard inquiries so I think it was a soft pull and is there for my viewing pleasure only.

As for the car...approved!

[MovingForward_2012]

Your ratio of balances to credit limit is too high because your limit is too low. You won't see a big boost for low credit utilization until your credit limit on a single card goes above $2,000. I have the same issue and I am working on that.

[MovingForward_2012]

One more thing...the score pulled by the bank is typically auto enhanced so your score will likely be higher than 710 due to your previous auto loan paid satisfactorily.

[jas312]

Hmm, the AT&T Inquiry looks like a hard one to me, but I don't have any other recent inquiries showing to compare it to.  

I thought about requesting a limit increase on that card, but I think I'll wait a while longer.  I don't want another inquiry showing up before I go for this loan.  Plus, I imagine the longer I wait the more history I'll have with them and that would make them more likely to go with a higher limit.