Would Tuscani or anyone else mind giving their opinion on my situation?
My credit scores are as follows: As of July 28th Equifax was 724. TransUnion, 685, and Experian, 679, however were last checked on July 20th when I was showing total debt of 1,289.00 at 18 percent usage on my cards. Yesterday's Equifax score shows 848.00 total debt and 12 percent usage. In actuality, all my cards are paid off but the CRA's have yet to reflect that. Incidentally, Equifax is the only CRA that does not show my collection, therefore it's always my highest score. I'll pay to see all three on the same day once my last two cards have reported their zero balances. Until then, the scores are a bit lopsided. In fact, Score Watch just showed a 14 point jump for only a 441.00 dollar debt decrease.
As for the details, the positive is that my debt load ratio is lowish and I've never had even one late payment. No charge-offs, no bankruptcies, no nada. However, I do have one collection account -- a medical bill that was paid 4 months late back in Feb. of 2005. I'm currently disputing that as it was an insurance issue and never should have gone to collections. We'll see how I do on that.
The negative, besides the collection, is that my credit is young. FICO shows my credit as being only 5 years old with my average age of accounts as being 3 years. Also, my highest credit card limit is only two thousand. Additionally, I have never had a car loan. My only credit is 5 credit cards and a gas card. What I'd like to do is qualify for Mazda's 4.9 model year close-out incentive rate for a new car purchase. Can Tuscani (or anyone) comment on the likelihood of this? I hear that things like the down payment effect qualification. I plan on going in on the last day of the month and buying a 2007, which hopefully, will mean they're desperate to deal. However, I don't know if tactics like these have any impact on the interest rate or just the price of the car.
Thanks for the help!
Message Edited by WhiteCleats on 07-29-2007 09:06 PM
Message Edited by WhiteCleats on 07-29-2007 09:10 PM
My credit scores are as follows: As of July 28th Equifax was 724. TransUnion, 685, and Experian, 679, however were last checked on July 20th when I was showing total debt of 1,289.00 at 18 percent usage on my cards. Yesterday's Equifax score shows 848.00 total debt and 12 percent usage. In actuality, all my cards are paid off but the CRA's have yet to reflect that. Incidentally, Equifax is the only CRA that does not show my collection, therefore it's always my highest score. I'll pay to see all three on the same day once my last two cards have reported their zero balances. Until then, the scores are a bit lopsided. In fact, Score Watch just showed a 14 point jump for only a 441.00 dollar debt decrease.
As for the details, the positive is that my debt load ratio is lowish and I've never had even one late payment. No charge-offs, no bankruptcies, no nada. However, I do have one collection account -- a medical bill that was paid 4 months late back in Feb. of 2005. I'm currently disputing that as it was an insurance issue and never should have gone to collections. We'll see how I do on that.
The negative, besides the collection, is that my credit is young. FICO shows my credit as being only 5 years old with my average age of accounts as being 3 years. Also, my highest credit card limit is only two thousand. Additionally, I have never had a car loan. My only credit is 5 credit cards and a gas card. What I'd like to do is qualify for Mazda's 4.9 model year close-out incentive rate for a new car purchase. Can Tuscani (or anyone) comment on the likelihood of this? I hear that things like the down payment effect qualification. I plan on going in on the last day of the month and buying a 2007, which hopefully, will mean they're desperate to deal. However, I don't know if tactics like these have any impact on the interest rate or just the price of the car.
Thanks for the help!
Message Edited by WhiteCleats on 07-29-2007 09:06 PM
Message Edited by WhiteCleats on 07-29-2007 09:10 PM
Sorry, but what's a DTI? Tuscani, do you really think my credit profile is good enough to qualify for special incentive rates? I figured I was on the fence -- and maybe the wrong side at that.
Correct. 