New Member
WhiteCleats
Posts: 3
Registered: ‎07-24-2007
Re: Auto Credit and Scoring
[ Edited ]
Hi Tuscani, Great thread! Thanks for your time and effort. Would you mind giving your opinion on my credit as it pertains to a car loan? My current credit scores are as follows: As of July 20th they were Experian, 679, TransUnion, 685, and Equifax, 693. At this time I was showing debt of 1,289 at 18 percent usage on my cards. Oddly, when I signed up for Score Watch today, it showed my debt down to 1,119 at 16 percent usage and my EQ score jumpted to 715. Can you explain such a large swing? That seems a bit much for only a 170 dollar pay down. Incidentally, I've recently paid off my cards completely but it hasn't hit the CRA's yet. I'm waiting for all my balances to fall under 2 percent usage before I apply for the car loan. As for the details, the positive is that my debt load ratio is lowish and I've never had even one late payment. No charge-offs, no bankruptcies, no nada. However, I do have one collection account -- a medical bill that was paid 4 months late back in Feb. of 2005. I tried disputing it since it was an insurance snafu but I didn't win. The negative, besides the collection, is that my credit isn't old. FICO shows my credit as being only 5 years old with my average age of accounts as being 3 years. Also, my highest credit card limit is only two thousand. Additionally, I have never had a car loan. My only credit is 5 credit cards and a gas card. What I'd like to do is qualify for Mazda's 4.9 model year close-out incentive rate for a new car purchase. Can you comment on the likelihood of this? I hear that things like the down payment effect qualification. I plan on going in on the last day of the month and buying a 2007, which hopefully, will mean they're desperate to deal. However, I don't know if tactics like these have any impact on the interest rate or just the price of the car. Anything you can add will be much appreciated!

Message Edited by WhiteCleats on 07-24-2007 06:14 AM