05' Repo

[tri3nity]

I had a car repo'd in 05'. My cbr says will fall off 2011.  I will graduate from college in 2010 and would like to reward myself with a new car "bill" . There is also a paid off vehicle on my credit in 01'. Should I wait for the repo to fall off or go for it, um I say about 6 months after graduation and I've secured a better job?

[Anonymous]

I say let it fall off of your report before getting a new auto loan because you will get a better rate once it does and your scores will have improved by then as well.  Take the money you would be spending on an auto loan and build a solid emergency fund, 6-8 months of living expenses, maybe more and lower your credit utilization on your cards.  After, the emergency fund is all set and your utilization is between 1% and 9%, then work on any other debts and PFD if possible.Then when you get ready for that new car, you will have a solid financial cushion which will help you get ready for your new life after graduation.

I say you will be fine since you are on the right path to financial freedom and a bright credit future.

[Anonymous]

Because you will need time at a good job....I would wait for it to drop.