Feeling overwhelmed with this whole process…

QuestionsFeeling overwhelmed with this whole process…
asked 4 years ago

My apologies if this sounds familiar (I posted for auto loan advice recently). I have decided that 2017 is the year we clean up our credit reports and have begun reading and learning as much as I can on these boards. It feels like it’s such a daunting task and for some reason I am feeling particularly down about it all today.

Here is our story:
We had had some credit difficulties back in 2009/2010. We fell behind on our mortgage in 2013 but have been on time every month since May 2014. Hubs got 3 credit cards over the last 18 months totaling about $ 23,000 in credit lines and we have about 22% utilization but are planning on paying that down as fast as we can. I am an authorized user on these cards and they appear on my credit report as well.

Back in 2009, I let a credit card get charged off, I was sued and had a lien against me, which is currently being collected by garnishment through payroll deductions (we were this close to paying off but they put the order through before we got the chance to pay it off ☹️). That garnishment should be complete by July. We have been responsible with our credit since the hubs starting rebuilding our credit. The judgment/lien DOES NOT appear on any of my credit reports.

Hubs:
At his city government job for almost 20 years
Annual salary is about $ 54,000.
He got his real scores the other day (I don’t have access to them at the current moment since he’s not home yet) and they were in the low 700’s (704 – 722 range if I recall correctly).
His credit report is clean (other than some mortgage lates, see above), EDITED to add 1 inq on Ex, Tu & 2 on Eq.  1 is scheduled to come off all 3 in May.


Me:
Federal government job for almost 19 years
annual salary is about $ 89,000
Same mortgage lates but I have 5 negs that will be falling off my report between April – July 2017.  EDITED to add 1 inq on Ex, Tu & 1 on Eq. scheduled to come off all 3 in May.  On CCT, my scores are: Ex 631, TU 622, Eq 639. One thing I noticed is it says I have no “revolving credit”. Any suggestions?

Our only bills (other than the standard utilities, etc) is our mortgage, $ 2600.00 and 2 cc payments, minimums for both total $ 125.00. I believe this makes our DTI 24%.
We currently have Golden 1 as our primary bank but are considering PenFed as I am a fed government employee and could join via that.


What are the chances of approval by PenFed for membership (maybe a cc) and auto loan (both of us applying)?  How about possible rate on the auto loan and when should we apply? We’d like to get a new car within the next 30-60 days.  Should we just stick with Golden 1 (hubs has a $ 2000 visa with them) and apply for a loan with them?

Thanks in advance for your help and more importantly for all the helpful information you all provide.
Em

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