Paid off car & score went down - Need to buy new car
12-19-2012 08:12 AM
Bare with me folks, kind of a long story here...
My fiances Nissan Pathfinder recently broke down (2 weeks ago) our last payment was the following week the vehicle needs a new transmission and radiator, smallest estimate I've received so far is ~5k! Apparently this is a common issue with these pathfinders and they extended the warranty to 100k miles, we have 106k! At this point we're just going to garage the vehicle until a used transmission pops up somewhere, afterall it's paid off!
Fast forward to today, I pulled our credit reports and our scores both went down with the car loan showing a $0 balance and status of paid or paying as agreed. Our credit is far from perfect but I was definitely not expecting our scores to go down after 5 years of perfect payments on that loan.
Here is an outline of my credit report.
TU 694 EQ 633
AAOA - 3 years, oldest 7 years, 8 months
Util - 43% - we recently bought some new appliances at best buy for 0% interest for 3 years so this brought our utilization way up
Accounts/limits - Barclays 4,500, Macys 1,500, Best Buy $4,800, Credit One(stupid card) 975, Jared 8121
Mortgage - 2 years old, 233k balance
Auto Loan - now showing $0 balance, original loan amount of 13k
Collections - I do have 8 MEDICAL collections from my son when we did not have health insurance.
My Fiances credit report
TU 642 EQ 617
AAOA 4 years, oldest 6 years, 7 months
Util - 73% This is due to the best buy card we spoke about above in my report,
Accounts/Limits - Best Buy $4,800 Macys $1,500
Morgage - 2 years old, 233k balance
Auto loan - same as above but also had another loan paid off successfully for 3k
Collections - medical as well
income - 75k after bonus My fiance does not work as she stays home with the kids
I guess to make a long story short I have 2 questions, any idea why our scores went down? and #2 what are the chances of us being approved for a loan on replacement vehicle? Probably looking for a chevy suburban type of vehicle and around 25-30k