I'll try to keep this as short as possible.
Big changes in 2015
- getting engaged/married to my girlfriend of 8 years (hopefully in july)
- received promotion and job in career - income is 70K per year salaried
- would like to buy a new car (current car is OLD)
- would like to apply for a mortgage for a single family home or condo
Just an FYI - I REALLY need a new car, I currently have a 96 civic with 275K miles which needs a lot of work on it. It's getting to the point where I'm getting scared to drive it because I know it's going to break down anytime soon.
A bit of financial info:
- credit scores from here are between 640-660
- one collection (student loan in repayment) and one charge off from 2010
- a few lates on student loans in early 2012
Monthy income after taxes and insurance/401k is roughly $3400. I pay $1000 per month in student loans and help my mom out with mortgage/bills $500 per month.
In the past month I have been able to save $1000.
I'd like to hear people's opinions on the best course of action for achieving these big changes this year. I haven't bought a car because I read on here that a new car loan will be very bad for mortgage lenders; however, I'm not sure if I would even qualify for a mortgage with my student loan collection of $8K.
What would you do in my case?
