6 more months of credit repair enough?

[bozekadam]

Hey Guys,

I am new to these forums but they have been great so far. Ive been scanning the auto loans approvals to give myself a gage of how much luck i will have when i apply. But i was wondering if someone can give me my chances of approval or give me a tip for my best chance at approval. I have the exact car i want in mind and i am about 6-9 months out from making the purchase. Here is my info and i am new to this so let me know if I am leaving something out. Oh and by the way i am in full blown rebuild mode after being real foolish with my credit in college.

Current Fico Score: 579

-No repo, foreclosures, or bankruptcies

- Got two credit cards sent to collections when i was 18 (now 26)

-Had several things hit collections about 5 years ago (all utility and medical bills)

-Last two years has been nothing but positive. I refinanced my car a year ago at 8.49% and is now paid off because i paid it off  aggressively(paid 900/month instead of the required 240)

-Finally got approved for another credit card (500 limit) 6 months ago and have paid the balance  in full every month

 Year of Car: 2014

Car that i want KBB value: 45k

Car loan Required: $25K

Down payment: KBB put a trade in price tag on my car at 10k. Planning on also putting 10k down as well. (20k down total)

LTV:55%

Annual Salary: $83,000

Been with employer: 3.5 years

Loan term: Either 48 to 60 months 

Currently have no real debt. Just have my monthly payments like rent and utilities( which is real cheap because i live in Las Vegas). My girlfriend also lives with me and our income together is 122k a year. But I dont plan on putting her on my app because she has worst credit then me.

What do you guys think? Let me know if i need to include more info. Any suggestions on what lender i should try? My credit card and previous auto loan was with Logix credit union. Is it wise for me to stick with them since we have a good history together?

Thanks again in advance,

[CAnNY]

Well don't know if six months is enough. Will the two credit cards be falling off soon. Seem like seven years is near. Once they are off you should see an increase in FICO. Your auto enhanced FICO may be higher than your FICO since it seems you've had a loan previously, so waiting may not be needed. However you won't know unless you go to a dealer and let them pull ur score, or a bank that pulls auto enhanced FICOs.

I would go go to the rebuild section to work on getting the medical colls removed. 

Best of luck!!

[Remember0]

Yeah, I second working on the medical collections. Go to google and type in "whychat hipaa guide program" without the qutoes. Follow the steps EXACTLY, and they should go away if paid (or if you're now willing to pay them).

I say good idea to try Logix and see what they say. You should know though that you might get a higher interest rate (>8%). Factor in whatever APR you get before deciding to buy the 45k car. You can buy pretty nice, new cars (Accord, etc...) for like 25k as a backup plan if you get approved for a high APR and don't want the loan.