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Posted in Auto Loans
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ELGMF

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Need guidance about what to do...am I that in the hole or am I doing something wrong?
My CS is about 730'ish and I make a little over $3k a month. My monthly expenses are my home mortgage ($1,135/mo, taxes and insurance included), auto loan ($220/mo, insurance included), cell phone ($160/mo, family plan), credit card ($150/mo for roughly $8K in CC debt), and utilities (approx. $220/mo for power, water, internet, etc.) I recently applied for an auto loan of $8K and was denied because of my income to debt ratio, student loans (approx. $40K) and two department store credit cards that have been paid off for almost 3 or 4 years now. What can I do in order to increase my credit score, lower my income to debt ration or show that I can easily pay for a second vehicle?

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Top Contributor
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If you are paying only $150/mo on the credit cards, you are paying just the minimum instead of trying to get them paid in full ASAP, and that is costing you in interest charges.  Get them paid and strive to pay in full every month afterwards.  If you are not currently paying on those student loans, they are going to be collectable until paid in full, no matter how long it takes. Those will impact your score until they are paid.  I suggest you read the articles here.  They helped me a lot.

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