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Question By
JT2489

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Am I on the right track to a good credit profile?
So I'm trying very hard to get my credit where it should be so I can refinance my car I just purchased via a co-signer a few months back. My credit was not BAD but very young and I had still not recovered from last year's attempt to buy a car (total of 16 hard inquiries on my report at the present moment).

The loan I got was a 72 month loan at 5.90% APR on a used 2012 vehicle. I thought it was pretty fair though I feel like I could've haggled the APR down a bit since it was done through the dealership's "preferred" lender. I'd like to refinance soonish to get my partner out of it. I don't want him to have to have this on his credit longer than necessary.

Currently I have these cards and their respective balances:
AMEX - $330 out of $1000
CAP1 - $0 out of $750
CAP1 - $0 out of $500
CHASE/Amazon - $0 out of $500
CITI/BestBuy (previously CAP1) - $190 out of $2100
CITI/RadioShack - $340 out of $800
CITI (standalone) - $0 out of $800

So that puts me at $6450 available credit and only $860 worth of debt. Plus the car loan which I don't know how that factors in. Everything listed above is under 0% APR and will all be payed off in segments.

Now one thing I noticed on my recent free annual report is that when my BB card changed from Capital One to Citi, they marked it as a "closed" account. I've done some research and it looks like I'm not the only one. I know this could really hurt my credit considering my oldest card, the $750 capital one, is only two years old. Hopefully it will be taken care of without me having to fight with them over it.

I'm sure someone will ask why I have so many credit cards and the reason is because I wanted to get my utilization down so I picked up a few extras. Additionally, I understand that it's not bad to have a lot of credit cards and extra lines of credit can be a good thing sometimes.

My employer has a credit union and I think I'll see if I can get in with them and possibly refinance sooner than later with them. I know that there has to be a better rate on that car.

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