So here's the scoop:
I'm a 32 year-old male physician in fellowship training with new NET income of $4100/month since 7/01/2007. Was divorced last year so much of my account history is "joint" not individual. In 8/06 I, and my ex, paid off 2 vehicles within 2 years, the financing for which we obtained via a credit union in the state we formerly lived. We never had any late payments. I have total monthly mortgage payments (a 1st and HELOC) of $242K which has never been late, and a deferred student loan balance of $125K on which I don't have to make any payments. In the divorce proceedings my ex got one vehicle and I kept the other, but had to sell it to raise $ for legal fees-- I've got a POS car now on its very last legs and need a vehicle. My FICO score is 611; I'm dinged for a nearly maxed out cc balance of $1500 which is my only revolving balance. The big scare I think is that everyone sees $360K of debt and no income to match. Ironically when my fellowship ends in 4 years I will start at ~$400K annually in the field for which I'm training. Fine, of course, but I need a car now. I know the first step is to pay my cc down to <10% and make my monthly payments on time (3 x 30 days in the last 12months), but I really need transportation before the 3 months or so I'm guessing it'll take for this to be reflected on my score.
I live in Virginia, if it matters, and want to know if I stand a chance of being approved for an auto loan with this score of 611 immediately. . . will the rates be awful?
