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roo
New Member
roo
Posts: 6
Registered: ‎09-18-2012
0

610 score, previous repo fell off, and was DENIED, HELP!

Need a car ASAP - WAS DENIED BY MY CREDIT UNION - Any advice on any of what I have included would change my life in a great way.

 

How do I get approved? I can pay cash for the car up front, but I am trying to build credit through the credit union who offered me 8% if was approved, but i was denied because of insufficient credit history.  I have 3 months veriable income of 3K per month, and 2 years of income earned outside the USA, printed in a different language but absolutley valid.

 

610 score EXPERIAN 611 TU, 593 EQUIFAX, 6 Inquires in past 2 months, 

 

 

Positive Score Factors
  • You have at least 4 open accounts on your credit history.
  • You are wisely using your credit cards, and have kept the average amount of debt on your cards below 15 percent of the card limit.
  • You paid all your credit cards on time in the recent past.
  Negative Score Factors
  • You have applied for credit 6 time(s) in the recent past.
  • You have an unpaid amount on at least one installment account that is in collection and/or " Past Due".
  • Your credit history shows a large proportion of 'Charge-off" and "Collection" accounts.

 

 

Other Debt

Minimum Monthly Payment

Actual Monthly Payment

Balance

Rate

Payoff This Debt? Settle?

Edit

Remove

Totals:

 

$0.00

$8,653.00

 

 

 

 

L J ROSS AND ASSOCIATE

$0.00

$0.00

$3,633.00

18.00%

 

 

 

L J ROSS AND ASSOCIATE

$0.00

$0.00

$2,043.00

18.00%

 expires next month

  

Sprint

$0.00

$0.00

$1,857.00

18.00%

 

 

 

J J MARSHALL & ASSOC

$0.00

$0.00

$439.00

18.00%

 

  

DTE ENERGY

$0.00

$0.00

$249.00

18.00%

 

 

 

BUREAU OF MED ECONCS

$0.00

$0.00

$218.00

18.00%

 

 

 

CONGRESS COLLECTION CO

$0.00

$0.00

$118.00

18.00%

 

  
     

 

 

 

BANK OF AMERICA 

1ST PROGRESS/1ST EQUIT

$35.00

$0.00

$39.00

18.00%

NEVER RECIEVED SO I CLOSED 

 

 

PREMIUM COLLECTIONS SE

$0.00

$0.00

$7.00

18.00%

 PAID BUT STILL SHOWS

 

 

Other Debt

 

   Credit Cards/Revolving Accounts

 
 

Account NameAccount #BalanceBalance DateMinimum PymtLimit

 BANK OF AMERICA
...2595
$0
08/24/2012
 
$300
 CAPITAL BANK
...2669
$50
09/03/2012
$25
$500

 

 

Credit Inquiries = 6

 

CREDIT UNION

Credit Unions

09/19/2012

 

FCU

Bank Credit Cards

09/19/2012

 

1STPROGRESS/

Bank Credit Cards

08/26/2012

 

BANK OF AMERICA

Bank Credit Cards

08/24/2012

 

NCCINC/FELDMAN KIA 2

Automobile Dealers, New

 

08/10/2012

Collections Attorney

07/16/2012

 

LOANS

Mortgage Reporters

01/10/2012

 

Collections Attorney

04/30/2011

 

 

 

roo
New Member
roo
Posts: 6
Registered: ‎09-18-2012
0

I have enough $$$$$ to pay for the car up front and I told them,

[ Edited ]

 but I didnt want to do that because I need the credit built. Options? Advice or suggestions?

Frequent Contributor
AZHeather
Posts: 304
Registered: ‎04-26-2012
0

Re: 610 score, previous repo fell off, and was DENIED, HELP!

Even with a large down they won't?


Starting Score: 634 EQ-FICO (4/20/12) 579 EX-FAKO (4/30/12) 629 TU-FICO (5/6/12)
Current Score: 698 EQ-FICO (11/26/12) 705 EX-(11/21/12) 698 TU-FICO (11/26/12)
Goal Score: 720 (for starters)


Take the FICO Fitness Challenge ~ In the garden until June 2013!
roo
New Member
roo
Posts: 6
Registered: ‎09-18-2012
0

option of putting all the money for the car into a secured loan with my FCU, where they will give 5%

[ Edited ]

I have the option of putting all the money for the car into a secured loan with my FCU, where they will give 5%  interest and with each payment some money gets given back to me, but i wouuld have to have that entire amount tied up until loan or lease is paid off

roo
New Member
roo
Posts: 6
Registered: ‎09-18-2012
0

Do you see anything worth paying off to boost the score? (Collections enclosed)

 
Frequent Contributor
AZHeather
Posts: 304
Registered: ‎04-26-2012
0

Re: 610 score, previous repo fell off, and was DENIED, HELP!

Ouch! You can try Cap 1 Auto. They are a little bit more credit flexible. Good luck.


Starting Score: 634 EQ-FICO (4/20/12) 579 EX-FAKO (4/30/12) 629 TU-FICO (5/6/12)
Current Score: 698 EQ-FICO (11/26/12) 705 EX-(11/21/12) 698 TU-FICO (11/26/12)
Goal Score: 720 (for starters)


Take the FICO Fitness Challenge ~ In the garden until June 2013!
Established Contributor
westo12
Posts: 580
Registered: ‎07-20-2008
0

Re: 610 score, previous repo fell off, and was DENIED, HELP!

AZHeather, when you say Cap One is more flexible credit wise, what exactly do you mean?  

2014 Starting-618, current TU612 (TU 10/6) / Ending Goal score: 720 / 27 Positive TLs / 1 Negative: Unpaid $312 med CA placed 2010 / reported Install Bal/Lim: 25027/36512 | reported Revolving Bal/Lim: 12011/23382=51%util

**IN the garden until I get some auto CLI's on major accts**
Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: 610 score, previous repo fell off, and was DENIED, HELP!

OP, do you have any loans reporting like student loans, mortgages, etc. If so, adding a car loan won't help your FICO any because your installment mix is already satisfied. Even if you didn't have any, any gains would be very, very minimal. IMO, paying thousands in interest isn't worth a few points at best.

 

What I would do though is focus on repair and buy a beater if needing a car to get your from here to there. Focus on repair and within 2-3 months, you could have most if not all baddies removed. Check out Rebuilding Your Credit for more info.

Epic Contributor
Creditaddict
Posts: 20,879
Registered: ‎10-23-2007
0

Re: 610 score, previous repo fell off, and was DENIED, HELP!

Are all these balances with the collection agencies current? like you have not paid them and still owe them?

If you can pay cash but want to rebuild I don't understand why you say I don't want to tie all the money up until loan is paid off... you just said you could pay cash if you had to!

second, if you are trying to rebuild and you do this secure option, you could technically wait a year or so and apply elsewhere or with them to refinance and move away from the secured?

Fico Scores: EQ- 682 DCU, TU 696 Walmart, EX 695 NASA(10-6-14)
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