I have a solid credit score, but do I have enough credit history?

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I am wondering if I would be able to get approved for a car loan without having to pay an arm and a leg. My credit score is great – 750, but my question is do I have enough of a credit history to qualify for an auto loan with decent rates? I am 24, no mortgage, but I have 2-3 credit cards that I pay regularly, and scghool loans that I pay regularly. I also have had a solid job with reliable income since graduating college.

  1. Reply
    May 2, 2011 at 5:21 am

    You sound like a great credit risk to me. . . Go for it . . .

  2. Reply
    May 2, 2011 at 5:50 am

    Your debt to credit ratio will be considered.
    Are you carrying high balances on those credit cards?
    What percentage of those student loans are outstanding?

    Lenders not only look at credit history and credit mix, they also look at how far you have extended your existing credit. Your chances of getting a loan are good, but getting preferential interest rates may depend on whether or not you can get your existing credit utilization to 30% or under before you apply.

    Two years of a solid employment history is usually the minimum acceptable for bank, credit union or dealership branded financing, but lenders WILL look at those other factors when making their decision. This can be verified by talking to a loan officer at your bank or credit union.

  3. Reply
    May 2, 2011 at 6:11 am

    Credit history only increases with time. Just keep doing what you’re doing.

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