Anxiety

[Anonymous]

This is my first post on the forum, but I have read many, and honestly am getting myself a bit worked up.

I am looking to buy a car in about two weeks - a 2015 Honda Fit

My Current scores are: EX 679 TU 648 EQ 654

About two weeks ago I paid off almost all of my credit cards, leaving about $4000 in credit card debt.

I also have a student loan in good standing

I have an old car loan that is still on all 3 reports showing that it was paid and closed satisfactory in 2006.

I have no late payments on any of my accounts.

The last of my statements will be issued late next week and the estimators on Equifax and Experian show my scores should rise above 700 one that happens

It is hard to say what my DTI is because some of my statements have been a bit odd. I paid 6k on one credit card, brought the balance down to 2300 and my minimum payment on the statement issued 2 days later was $182.00 I am assuming that will not be the case next month.

My salary is about $2900 per month after taxes and I estimate that with the payoffs I should have about $1500 left after paying bills (not including the car payment and insurance.)

I have been at the same job for 11 years, and have lived in the same apartment for 17 years (yes - I should have bought, but my credit was garbage in the 90s and it is a great apartment - that is my next project)

My major point of concern is this:

I opened 3 cards in the last year, and have inquiries on my reports over the last two years

EXP - 3 Inquiries

TU - 1 Inquiry

EQ - 5 Inquiries (is this too many)

The Fit is about $19000 before TTL (I haven't started negotiating yet)

I plan to put $2000 down. No trade-in, I sold my last car 6 years ago.

I was thinking of applying with Capital One once everything posts, and hopefully I will get approved and then I will see what the dealership can offer me.

I am extremely worried about being declined. Am I nuts? I hate dealing with loans and stuff, it makes me incredibly anxious. I cannot wait for all of my statements to post and to get this over with.

Sorry this was so long. I appreciate anyone's thoughts/advice.

[faze2988]

Stop worrying. Your in great shape. You should have no problem getting approved. While inquiries do drag your score down. Auto financing companies can manual review and look at other more important things such as DTI, past auto loans and current debt which all is fine in your situation.

[Anonymous]

Thanks, that makes me feel better. The last time I bought a car was in 2001, so I am way out of practice!

[tonyjones]

I'd app with CapOne, DCU, and PenFed.

[Anonymous]

Cool, thanks.

If I were to be approved with DCU do I have to open a checking account with them? Or is a savings account good enough?

I just changed banks last year and have no desire to go through that again right now.

Thanks again!

[tonyjones]

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@Anonymous wrote:

Cool, thanks.

If I were to be approved with DCU do I have to open a checking account with them? Or is a savings account good enough?

I just changed banks last year and have no desire to go through that again right now.

Thanks again!

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You'll need to open up a membership and savings with $5.00 in it.

[Anonymous]

Getting closer, EX up to 682 and TU up to 675. EQ hasn't updated yet, still at 654, they seem to be the hardest grader (but then I have more inquiries on their report.) Still about $8000 in payments left to post to the reports- last statement issues on the 27th.

The waiting is killing me, but it is good practice. My balances got up so high due to my addiction to instant gratification. After I buy the car I am closing a bunch of accounts. I will take a hit I am sure, but I will recover from that, and I need to focus on saving up a DP for a house - that will take a few years, so my score will have time to rebound.