AUTO LOAN APPROVAL CHANCES..

[Swtlady430]

I plan on purchasing my first car soon. My oldest credit history is only 2 and a half years old. I have 6 credit cards with a total credit line of $5,950. All credit cards are at $0 balance. No mortgage or auto loan history.  I pulled my Transunion with a credit score of 726. My Experian credit score is 629, showing a collection of $1200 from Oct 2013, which I paid off last month (doesn't show paid yet). My Transunion report doesnt show the collection, which I'm sure is why my score is higher. my FICO Experian score is 611.  

Haven't pulled my FICO score for the other two bureaus (I decided to wait till I'm ready to apply for financing and my collection shows the zero bakance before spendin anymore $$ pulling reports). My annual income is $65,000. 

I'm interested in purchasing the 2014 Acura RDX AWD with tech package, MSRP $39,995.. or the 2014 Infiniti QX50 Journey AWD with MSRP $38,600.  I plan on putting down payment of $8,000. 

I'm hoping someone can help give me some info re: my chances of getting approved, who can give me better APR (dealership vs bank), how high of an APR to expect, and if anyone knows which report each dealership pulls. I live in NY. 

Any info would be grearly appreciated. 

[Remember0]

So if a lender pulled TU, I expect you're going to get top tier. Any chance you could see if the collection shows on EQ?

In general, Nissan (aka Infiniti) pull EQ in NY and TU in NJ or CT per my documentation as of 2009. You could always do the deal at a NJ or CT dealer, and hopefully they wind up using TU.

I don't know what Acura pulls, but Honda I know pulled EQ in MD recently for me. Not sure if that's a statewide thing or luck of the draw though.

Overall, I think you'll be okay. Try and get an approval from an outside lender first. BofA usually pulls EX so I don't recommend them for you. It'd help if you could tell me if EQ has the collection listed. No need to buy a score, can get a free report annually at annualcreditreport.com .

Further, on that collection, instead of just paying it you should have negotiated a Pay for delete. Is it a medical collection by any chance?

[Swtlady430]

My Equifax does have the collection on it..but my report has a few errors on it, including a BoA credit line with 120 days past due payments..I never even had a BoA card. I'm disputing that. My equifax score is around 620's I believe. Transunion is the only one that doesn't have my collection in the report, so it would be great if I knew which dealership/banks pulled only TU.

My collection is a medical collection. I wasn't even aware of a "Pay to delete" deal..I never had a collection before. Who would I ask for the "pay to delete"?? Is it too late to do that? After all, it is all paid off.

Thanks so much for the info! Really appreciate it 😀

[Remember0]

Good thing it's a medical haha. So for fully paid medical collections, there's a special way to remove them. We are not allowed to discuss on the board, but google these four words: whychat guide hipaa program . Follow the steps exactly and that collection should drop off, don't do the pay for delete, do the hipaa process you find using google.

Yes, definitely work on getting your eq clean of all errors. If they are sticky, try moving to hand written disputes and throw the jack attack method at them (you can also google jack attack ). If they are there due to id theft, let me know. There's another process for id theft.

Finally I don't know if you can hold off on buying till the report is fixed, but if you can your score will be more like your TU score. If not, let me know. I'll try to dig up some TU pullers. With a dealership, they'll usually use your highest...but that's not a guarantee. You should go in with your own approvals so let me know.

Also check your PMs (right hand side of the screen from the sing out button).

[Swtlady430]

About the hipaa thing..while reading the steps, it said "DO NOT under any circumstances, write or correspond with the CA regarding this matter, any correspondence or communication that YOU instigate, while not a waiver of your privacy rights under HIPAA, will impede any cause of action you might have as the non permitted "communication" would have come from YOU." My problem is I did contact the CA. It was through the phone with them that I paid the collection. So I'm not sure if I can still do the hipaa thing. Any advice??

[Remember0]

I'd follow the steps. Just pretend you never called to pay and proceed as you would if you didn't.

[Swtlady430]

Ok I'll try it. Thanks so much for the help!

I wish I knew which dealerships/banks in NY pulled only TU, then I would be all set.

[srchick]

RememberO: I just saw your info to the OP and immediately got out my "rebuild/repair" credit file and googled the HIPPA info.  Will be mailing a dispute to the bureaus tomorrow!  I so appreciate the knowledge I am gaining on this site, and truly appreciate all of you.  Thanks in advance for the tip.

[Remember0]

Good to hear it and glad I could help! Keep us in the loop of how it goes and everything (though your own thread is probably best for posting results)! Also be sure to follow the steps exactly!

[NotTellinYou]

You don't say why you need a car, let alone a new car. Why not a used car?

I ask because you seem to be handling your credit cards well and your saving money. Both great! I would work to get the collection removed and continue to save and buy the car you want now, used, in a year or two for 25-40% less.

Good luck in what ever you do!