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New Member
intrsurfer6
Posts: 1
Registered: ‎07-07-2013

21 years old, 660's myfico score, denied everywhere. Any chance of getting approved????

Hey guys, I'm 21 years old, and I have been trying to get approved for an auto loan all summer with no luck. Here are my stats:

 

21 years old

Fico score 663

Attempted Loan approval amount: Pre-approval for up to $12,000, up to $1500 downpayment

Income: ~$1400 a month, plus I make $450 in Work Study and side jobs monthly to help support myself during college.

 

I have two credit card accounts, one closed and the other open right now, the closed one has a 90 days overdue, and two 60 days overdue but I made arrangements last year and was finally able to pay it off this year. The second one I got to rebuild my credit, and has a $24 balance and I've paid on time ever since (not making the same mistake again)

 

The only other loans I have on my credit report are student loans that aren't due to be paid until 2015/16, and I think they add up to $36000. Thy have absolutely no derogatory info on them.

 

I've tried Roadloans, LendingTree, credit unions, etc. and have been turned down everytime. I was pre-approved for a place called JD Byrider, but the reviews scare me and I am trying to stay away from them. I have a cosigner, but their credit score is worse than mine. (in the 500's)

 

So, any chance I can be approved anywhere? 

 

 

Community Leader
Valued Contributor
DaveSignal
Posts: 1,983
Registered: ‎07-29-2011

Re: 21 years old, 660's myfico score, denied everywhere. Any chance of getting approved????

maybe you could look for a cheaper car or come up with a larger downpayment.

 

You don't have the income to get approved for high credit lines or large loans at this point in time.  I would take it easy until you finish school and hopefully find a better job.

EQ:701 TU:745 EX:694
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Valued Contributor
HoldingOntoHope
Posts: 1,057
Registered: ‎09-29-2009

Re: 21 years old, 660's myfico score, denied everywhere. Any chance of getting approved????

You are going to need to come up with a much better cosigner and may still require a down payment to bring the loan amount in line with your income. When you say that you have a monthly income I assume you mean from actual employment and not student loans or grants. Because lenders are not going to look at money from those sources the same as employment income.

 

At your age and present situation your best advice would be to buy whatever you can for cash and wait for a better vehicle purchase until you are out of school and employed. A bad financial decision now could have long term effects on your financial future. (I speak from experience in my own youth:smileyembarrassed:)

Best financial advice I ever got: "Just imagine what an adult would do and do that."

Starting Score: 500's
Current Score: EQ 701 (FICO) TU 721 (FICO) EX 715 (Quizzle)
Goal Score: 760 ALL


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Valued Member
ryox03
Posts: 38
Registered: ‎04-05-2007

Re: 21 years old, 660's myfico score, denied everywhere. Any chance of getting approved????

Do yourself the favore and buy a beater. I had my fair share of 200-1000 dollar cars, and if they lasted a year or more the purpose was served. A car note and the insurance increase to go along with it are not something you really want at your income level. I was in your position 10 years ago at 21 and i know it's not fun.

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Senior Contributor
StartingOver10
Posts: 3,727
Registered: ‎03-06-2010

Re: 21 years old, 660's myfico score, denied everywhere. Any chance of getting approved????


ryox03 wrote:

Do yourself the favore and buy a beater. I had my fair share of 200-1000 dollar cars, and if they lasted a year or more the purpose was served. A car note and the insurance increase to go along with it are not something you really want at your income level. I was in your position 10 years ago at 21 and i know it's not fun.


^^^Excellent advice! You aren't in a position to make payments on a vehicle at your level of income while you are in school. Nothing good can come from financing a vehicle when you don't have the resources for the payments. Wait until you graduate and get a good job to buy something with payments.

New Contributor
sueyang83
Posts: 52
Registered: ‎04-15-2013

Re: 21 years old, 660's myfico score, denied everywhere. Any chance of getting approved????

Don't rush into debt...I'm 30 yr old and had my share of mistake and still paying for it.  I can get approve for a new car but here I am driving a $500 1994 toyota corolla with rust everywhere.  It may not get me from point A to Z but it gets me from A to B and that's work and back.  Take that $1500 and buy yourself a good enough car to last.

EQ-628: TU-649; EX-650 (Lender pull as of 08/01/13
Goal-700
Mega Contributor
Creditaddict
Posts: 18,578
Registered: ‎10-23-2007

Re: 21 years old, 660's myfico score, denied everywhere. Any chance of getting approved????

What are the scores that have been coming on these denials? is this 663 holding pretty steady from them pulling auto enhanced?

What are you trying to buy?

Do you have a CarMax?

is this $1850 need to pay rent too? or just the credit card and now this new car loan if you get it? you need to show the most income with the least expenses (IF they even ask you to show it!) Less is more when it comes to the info you give them if they don't ask for it... don't break up your income, just give them monthly income.

 

if that 663 has been seen close on any of the denials you have tried for I would actually go to Toyota or Infiniti... if they can pull anything over a 650 they should be able to get you into a lease but the income "may" be an issue if that $1850 is diluted with rent or they want to break down proof.

Fico Scores: EQ 639 Navy, TU 667 GE, EX 677 Prosper (06-27-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:
Community Leader
Senior Contributor
StartingOver10
Posts: 3,727
Registered: ‎03-06-2010

Re: 21 years old, 660's myfico score, denied everywhere. Any chance of getting approved????

^^^Oh no! :smileysad: Doing a lease for a 21 year old in school with very little income is a huge mistake.

 

Don't put yourself in a bad position by getting a monthly payment when you don't have the income to support the payment. All you are doing is setting yourself up for a repo. You are in school, right? 21 yrs old and your income is not fully realized yet. The thing about a lease is that the payments are due each and every month. Most 21 yr old students don't have the need for a brand new leased vehicle, which is an accident waiting to happen.

 

Get the beater. Save up your funds by making a payment into your savings monthly as if you had a regular car payment. After you have done steady payments without lates for two years into your savings account not only will you have a nice balance (figure $400 x 24) to put toward a vehicle, but you will have the necessary dicipline to show you can make monthly payments. If it is too hard for you to do at this time, then for sure you don't want to take on a lease or purchase payment.

Mega Contributor
Creditaddict
Posts: 18,578
Registered: ‎10-23-2007

Re: 21 years old, 660's myfico score, denied everywhere. Any chance of getting approved????


StartingOver10 wrote:

^^^Oh no! :smileysad: Doing a lease for a 21 year old in school with very little income is a huge mistake.

 

Don't put yourself in a bad position by getting a monthly payment when you don't have the income to support the payment. All you are doing is setting yourself up for a repo. You are in school, right? 21 yrs old and your income is not fully realized yet. The thing about a lease is that the payments are due each and every month. Most 21 yr old students don't have the need for a brand new leased vehicle, which is an accident waiting to happen.

 

Get the beater. Save up your funds by making a payment into your savings monthly as if you had a regular car payment. After you have done steady payments without lates for two years into your savings account not only will you have a nice balance (figure $400 x 24) to put toward a vehicle, but you will have the necessary dicipline to show you can make monthly payments. If it is too hard for you to do at this time, then for sure you don't want to take on a lease or purchase payment.


I agree I rather see OP go to CarMax or Toyota and find a $10k car and get financed but at the same time if they could stick themself to something basic they could lease a prius or corolla or camry for that matter for around $200 a month.  If you can get op to get no car payment and just buy something then fine that trumps all but if the only question is what and how to get a car because it is a MUST (not sure this is) my suggestion of these places still stands.... just don't get crazy!

Fico Scores: EQ 639 Navy, TU 667 GE, EX 677 Prosper (06-27-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:

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