Your Age: 25
How long have your been on file with the CRA’s? 7 years
Credit Scores:
Equifax? currently 650, expecting high 600s by year-end
Experian? currently 650, expecting high 600s by year-end
TransUnion? currently 670, expecting high 600s-low 700s by year-end
Your Credit:
Rate your OVER ALL credit: 6.5
Rate your installment Credit from 1-10: 9. No lates at all, but repayment on my student loans began only recently. All of my installment loans are student loans, with a total balance of about $150,000. The loans were opened at various times between 1998 and 2004. I am thinking of consolidating them, but have not done so yet.
Rate your revolving Credit from 1-10: 6 (very good recently, but a few skeletons in my credit closet from the college days, specifically:
Credit Card #1: $1,400, settled for $1,000 in 10/2003, closed by credit grantor.
Credit Card #2: $5,600, settled for $4,700 in 10/2003, closed by credit grantor.
Credit Card #3: paid collection in 9/2001, ~$800, closed by credit grantor.
Assorted lates on all of the above, the most severe being a 120-day in 4/2003. A number of other lates ranging from 30 to 120, but none more recent. The good news is that I haven't had a single late since about 4/2003, and I have a half-decent amount of unutilized revolving credit, specifically:
Credit Card A: balance $1,000, CL $3,000, opened 2/2004, never late
Credit Card B: balance $0, CL $250, opened 9/2004, never late
Credit Card C: balance $0, CL $500, opened 10/2004, never late
Credit Card D: balance $0, CL $500, opened 11/2004, never late
Paypal Line E: balance $0, CL $300, opened 11/2004, never late
Credit Card F: balance $0, CL $1,500, opened 2/2005, never late
Credit Card G: balance $0, CL $1,000, opened 2/2005, never late
Store Card H: balance $0, CL $2,000, opened 2/2005, never late
Total utilization: $1,000 out of $9,050.
The bad news is that I obviously have a ton of new accounts.
Public Records? None
If yes, please describe:
Auto Loans:
Do you have an open auto loan? No. I am making payments on the auto loan that is in my parents' name for the car that they bought for me. Would it help to refinance the car in my name with a year or so to go before my purchase? The current payoff is fairly low, at about $4,300.
How many auto loans are presently open? None
Credit Cards: 6
Total number of revolving accounts: 8 (6 CCs above plus a store card and a PayPal line).
Percent utilization overall: 10-15%
Your Info:
Total Provable MONTHLY GROSS income: $10,000
Provable via computerized paystubs or what method: computerized paystubs
New or Used Vehicle: New
Please describe desired vehicle:
Mercedes-Benz SLK350, with some nice options!