To Apply or Not...

[Joteism]

I really need a new car, as my current car will probably not make it through the summer (overheating etc.) and it gets me about 15 mpg. I've been reading a lot of threads on Cap One's Blank Check and I'm just really affraid to take the leap and apply. I guess I'm looking for reassurance and some rational advice (I'm currently anything but rational).

My profile:

Cards (No lates)

$600 CapOne Secured

$500 CU Secured

$500 Express Store Card

$500 BOA CashRewards (AU)

$3000 Discover IT (Hasn't reported)

$1000 Chase Amazon (Hasn't reported)

AAoA: 3.2 years (Without Discover and Chase)

Inquiries: TU (1 from 08/12) / EQ (2 from 03/13 and 2 that are 6 to16 months old and ) / EX (1 from 03/13 and 2 from 07/12)

Scores: 701 TU / 665 EQ / N/A EX (Quizzle 711 / Sesame 692)

Two PIF collections on each report (less than $200 total). One fully paid student loan.

I have an auto loan that was paid in full, but only reported to EX, so I assume my auto-enchanced on that would be higher.

First statements for the two cards cut after the 15th of April, so my worry is that if they report to the CRAs then, my FICO would drop due to the lower AAoA. Also, one of the collections is supposed to fall off any day now (CA agreed to PFD), so that might give me a boost. I guess what I'm asking is should I apply for the loan right now before either one of those cards hit my report or should I wait for the collection to drop off and see if that would make up for the lower AAoA? Also, do higher credit limits look any better when a lender is looking at your report for an auto loan?

I've found the car that I really want and would only want to finance $13k for 48 months with $4000 down. Do you think I might qualify for a decent rate? I know this isn't an exact science, but any input would be appreciated!

[Joteism]

Oh and I make about $61k/yr. My credit utilization is currently at 5%.

[ImprovingYouth]

I would go for it! And I would definitely go for it before the two card report so that doesnt drag your AAoA and your scores way down.

[Joteism]

I should, shouldn't I... Damn... I'm just worried about another HP on my EQ and no approval. Ha... A year ago before I even knew about this forum, I would have already had 16 HPs and I'd be sitting at the dealer ready to jump on the 29.99% offer. You live and you learn...

[Joteism]

Hold on a minute... How do I know you're not just a garden devil trying to lure me out!?

[ImprovingYouth]

No devil here But last thing you need to do is wait, lose the car you have and get even worse terms in a month from now. If you need the car go for it, but if you dont need it then hold off. Just my 2 cents.

[sccredit]

I don't see any reason why you wouldn't get the loan, should be good to go!

[Joteism]

Thanks to both of you! I think I'll wait until Friday just in case that one collection decides to finally drop off and then apply.

On another note, the dealership just called to tell me that they just sold my dream car. Pretty disappointed, but hopefully something similar comes about in the 45 days that I have to use the check...

And ImprovingYouth - I didn't really think that you're a garden devil. Altought that's the exact response I'd expect one to come up with to my question. 

[sccredit]

What car is it?

[Joteism]

Well ok - It's not exactly a dream car, but it was just so much to fun to drive and gas economy is so much better than my current '01Jeep XJ (which I intend to keep). It's an 09 Miata. Six speed, obviously convertible, leather with the optional bluetooth and only 32k miles. I spent the last summer in Vegas and had a convertible the whole time; I guess that's what got me really wanting something very diff from my Jeep.