Hey, thanks for reading and any advice is greatly appreciated.
I've read plenty of the other questions and answers and blogs, but I am just really having a tough time figuring out my specific situation. What kinds of credit should I attempt to apply for if any at this time?
Ill start off with my basic details, where I stand and where I would like to be.
Any information regarding my credit is from Transunion.
My current score: 570
Desired score: 700+
1 public record (judgement from Discover)
0 accounts in collections.
0 accounts delinquent.
Credit card debt: $0.00
Auto Loan Debt: $21,500
---$453.52/mo
Student Loan Debt: $26,500
---$272.98/mo
Judgement listing : $2,450
---$200/mo - $463 remaining
Average Account Age: 7 years 8 mo
On-time payments: 85%
Previous income ~$15,000
Current income ~$85,000
Gender: Male
Age:30
Marital : Married - 1st year filing together.
Her FICO: 648
Note: At one point I had over 10 accounts in collections and delinquent status.
Major Goal: Purchase a home in the 150-200k range with a decent to good 30yr fixed.
We have 1 credit card now. It is a Capital One Rewards card unsecured. I've only had it for two months and it has been PIF all the time. But I've used it for over $2,000 in purchases so far. A bit of a hassle making a payment every 5 days, but with a $500 limit, and I really want to take advantage of the 1% cash back it seems worth it. But let me know if this should be handled differently.
The judgement is on behalf of Discover Bank, and has garnished my state taxes for the last 4 years. This year in May, I made an initial payment of $1000 and setup monthly payments for the remainder. I currently owe $463.00 on the judgement. My biggest issue with this one is that the collection agency has not made any report of payment to the state/courts or the credit bureaus. And I'm not sure if they legally have to. This will be paid in full in December of this year.
The on time payment history bothers me because it shows missed student loan payments while they were deferred. I challenged it and the only thing updated was that they are now current rather than delinquent.
The vehicle was purchased in March, financed through Capital One with a $5000 down payment but I still took a horrendous hit and accepted a 9.5% interest rate, and 9 hard credit inquiries.
--Is there any hope to refinancing a new car? Or not worth it?
So that's where I currently stand. I have hopes of purchasing a home within the next two years, but I know I desperately need to improve my credit to save myself bundles of money on a mortgage.
Is there anything I can do to have the judgement removed or at least state paid in full on my CRs?
Advice for any 18-mid 20s reading this, protect your credit it ultimately is just as important as your college degree!!! And takes even longer to fix so you can move forward in your life!!!
Looking forward to any advice and ideas of what my next moves should be. Also if any other information would help feel free to ask! (Other than my soc number
)
THANKS!!