May 11, 2004

a little nudge

So, I've been totally obsessing over my upcoming purchase of a MINI Cooper S. Last weekend I even rented a model for an extended test-drive (to the tune of $300, thank you very much). And of course I had a blast. I went to the dealership the weekend before for my first test-drive and to see if they had anything I wanted to buy on-the-spot. They didn't. But that was good, because I've decided to wait to purchase a 2005 model. If anything it gives me at least a couple more months of saving time. And a couple more months to get my credit back into gear.

The issue of my credit has been of concern to me for over 7 years - mainly because a little over 7 years ago I had a major health issue which caused me to not only rack up several thousand dollars of uninsured medical debt, but also caused me to default on several monthly payments. It's hard when you fall that behind, because the endless creditor calls always seems to nix the feeling of getting back on track.

In any case, my credit has been far from perfect for the last 7 years and I've gone through more credit rejections than I'd care to remember. But now that I'm seriously in the market for a car, my credit has come to the forefront.

And I'm doing pretty well, if I do say so myself. I've already paid off the entire balances on two of my credit lines, and have three more that I'm planning on putting serious dents into within the next few months. I'm pretty proud to say that I have just over $2000 of total revolving credit balances on those three remaining cards and my current plan is to halve that over the next three months.

I just checked my credit score online. A few weeks ago it was, well, I won't be specific, but I just checked again today and it went up 16 points (and that doesn't even reflect any of the balance pay-downs I've done so far). So, I'm pretty excited about increasing the possibility of getting a lower finance rate over the next few months, and just thought I'd share. Oh yeah, and I'm very excited about getting a new MINI by the end of the year. Stay tuned for several polls about how I should spec it.


posted by julie at May 11, 2004 12:03 PM


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