Brother can you spare a dime?

Donations are always welcome, but I'm doing OK. Actually better than I thought I was. Well, in a "college financial aid" kinda way. You know, "you make too much money to qualify for any grants, but enjoy your ramen noodles for dinner."

One thing I was actually dreading about getting my wife's new vehicle was the credit application. I know that I'm much better off than a large number of people, but I hate having so much debt and so little savings. We'd socked away the tax return in February and all we could since then as a down payment at the expense of larger checks to Visa and his cousin, but because we needed a larger car (we'll have three tall teenagers by the time we are done with this vehicle, plus the two of us as well), we couldn't fit into a pop can on wheels.

My wife actually submitted the credit application on our behalf while she was at the dealership the day the vehicle came in. She gave them estimates of income and house payment, etc and set the wheels in motion.

Payment history -- good, no flaws. Length of credit history -- all good, lengthy track racord. Amount of available credit to income -- a little high I think. Amount of debt to income -- higher than I'd like, but not unmanageable by any standard. Available savings -- sitting there waiting to make a down payment. Really nothing for me to worry about in reality, but it's kinda like being called into the boss' office without an agenda -- makes me a little nervous.

In the end, I was very pleasantly surprised when not only did we qualify for the low rate we were after, but I happen to see a copy of the credit score. Much higher than I was thinking. I know that they've really tightened up on credit and even reworked the FICO score not too long ago. I'd gotten my score several years ago before that change, but other than paying down debt, had not really done anything else to influence that score.

I know that they (the bankers) are in a funny spot. On one hand, trying to convince you to take as much loan as they can get you to take, telling you you can afford more than you really can sometimes -- that's how they make their money after all, but on the other hand if they over extend themselves, or rather, get you to over extend yourself, that's not good for them and they lose money on defaults.

My credit score is not something to brag about, but I have been working a long time on maintaining a good credit score and report, and I'm still working on the outstanding debt part of the equation, but I guess in the end I may not be as bad off as I had thought.

Now I just have to find a way to figure out the whole financial aid thing within 3-4 years. I really hope my kids like writing grant essays :-)