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Posted in Auto Loans
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Diannie1314

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Should I try for a car loan now or in another year?
My husband passed away in 2011. In 2012 I had to file bankruptcy because of outstanding bills and a house which I couldn't afford. I have taken out a few credit cards to establish my credit scores. I now owe about $4000 on these cards. I paid off my car loan, at a reduced rate which the bank gave me when my husband passed. I now want to purchase a used car that gets better gas mileage and is smaller than my minivan. Should I try to do this now or wait a year? I am paying off my credit cards at more than the monthly payments.

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Calculate your utilization (balance/limit*100) and overall.  Revolving utilization is a major scoring factor and you should not be over 30%.  Ideal is 10% or less.  You'll get better approval odds and terms the better shape your credit is in.

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