I just checked my credit score and I came up with the following results:

Experian 715

Equifax 703

TransUnion 716

My other factors:

Credit History length 2 years (longest credit card)

I have 13K of student loans, which I won't have to start paying until April 08.

Total credit limit with multiple cards: 28.5K

Total credit usage: 13K or so

Main problem: I have a revolving balance of 10K on my amex 14.1K limit - high usage.

I just graduated from college and will start work in mid July.

Annual gross income: $61,000

___

Capital one offered me 11.95%. This seems way to high. Is this because i have too much debt, a lack of work history , or a both?

I was thinking of getting a cosigner and refinancing the loan to myself as the sole signer 6-7 months down the road. By then, I will have paid at least 10K of my credit card debt and will have had 6-7 months of work history.

 

11.95% is high! Did you just graduate? I qualified for 2.95% from IFS (Infiniti Financial Services) with NO questions asked because I graduated a few days before I got my car. I did buy it brand new so I'm not sure...

Another option I looked into was going with a federal credit union. They're membership based banks that often offer much better rates.

 

11.95% is definitely too high.

i'll look into some credit unions.

do you have any debt/student loans?

 

cars not worth it at 11.95% i went with my company credit union right after graduation

 

Your credit score is fine, it is your credit profile that drag you down, it only took you two years to accumulated 13k in credit debt and now you want to add 25k more onto your debt ? and not to mention the student loan. No offense, but what makes you think you could actually paying 10k off on your credit card debt in next 6~7 months? I mean if you could, you wont have 13k in credit card debt now!

Can I assume that you haven’t actually earn any of that 61k yet? If you did, there will be even less of chance of you paying 10k off your debt. You might get to take home about 3~3.5k per months out of that 61k, so I would suggest that you wait few months, and see how much money you have left after all your bills are paid before you get a car, if you really need a car for transportations? Get something cheaper. You just got out of school and you are already immerse yourself in debt, your expenses only going to be more not less from now on so you really want to thinking thru before making a purchase, any purchase!

 

^^^I agree what he said...I'm surprised they offered you a rate. You should pay down your credit card in the next few months so all you have are your deferred student loans.

 

Yeah check on credit union when i was in high school and my dad was still in the military i had made a bank account with navy federal credit... lol i kept like 1000 dollars in their and now that im 24 i can get loans still with their low *** rates.... Im personally wait till next year to get my car because im trying to save more money for rims.... and few other quickie mods.. my gcoupe is gonna be my weekend whip.. i already paid off my first car ... also before you get a car check on insurance quotes if you havent already... that will make or break any decision that you have... a fast coupe for a young person can be some what high if you own one or havent had car insurance for a long time as well.... try getting a quote from giecko... they quoted me like 133 a month for full coverage but also that is as a second car....
good luck.... i still cant figure out the color coupe i want its tough!

 

thanks for your concern.

the 10K is coming from a combination of sign-on bonus and relocation (after tax), and money i lent a friend last month. i'm going to use this to pay off a large chunk of my credit card debt within this month.

my parents, who had originally agreed to pay for my college related expenses, couldn't pay for my last 13K. however, they're going to send me the funds before interest kicks in.

plugsnet - i got a quote from geico for full insurance on a 04 g35 coupe for around $80 (i'm a few years older than the typical college grad).

I ran through some post-tax calculators and spoken with recent hires from last year who are getting paid the same salary, and I should be getting 3.5K or so. I'm going to spend no more than 15% of my gross wages on my car payment.

--

i went to a credit union the other day, and i should hear from them by tomorrow - i had to send them verification of employment today. they said i'll receive 7%, if approved. my experian score according to them is 658, though my fico scores pulled through the american express credit score checking system varied significantly.

 

dont forget to max out your 401k!

 

^^^^Max that sucker!!!! Free money should always be taken!

 

explain this, i just graduated from college so all this 401k stuff is new to me.

how can i max out my 401k, total newb here so dont kill me

 

http://taxes.about.com/b/a/221203.htm

 

if you become a member at lockheed credit union, you can get 5.99% for 60 months on used cars, and 5.74% on new cars