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Valued Member
Posts: 37
Registered: ‎01-11-2013
0

Almost ready for a new auto loan?

Hello,

 

Just joinied the forums but have been lurking around for some time.

I'm ready to purchase a new car in a few months (30k) car and need some advice Smiley Happy

Currently, I'm using Equifax Complete Premier Plan.

My credit score as of 1/11/2013 is 667.  Over the last few weeks, my revolving account's debt to credit ratio has been lowered from 88% to 62%.  Hopefully I should be able to lower it down to 0% once my cards have been paid off.

I only have a two credit cards so far.  Capital one with 300 limit and Amazon Store Card with 2000.

My Installment has a balance of $62,809 and credit limit of $60,409.  (Student Loan, payments start in June)

Revolving account balance of $2,019 and limit of $2,300.

 

Thanks in advance! Smiley Happy


Starting Score: 660
Current Score: 691
Goal Score: 850


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Valued Contributor
Posts: 2,789
Registered: ‎10-10-2012
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Re: Almost ready for a new auto loan?

Welcome to the forums! Getting your util down will definitely help. Are you a member of a local Credit Union?

Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 816 EX 780 TU 823
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Valued Member
Posts: 37
Registered: ‎01-11-2013
0

Re: Almost ready for a new auto loan?

[ Edited ]

Thank you!  I'm not a member of any credit unions.  Does credit unions help with auto loans?

I forgot to add that I have a trade-in vehicle and plan on having $2,000 down payment before purchase. 


Starting Score: 660
Current Score: 691
Goal Score: 850


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Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
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Re: Almost ready for a new auto loan?


michintom wrote:

Thank you!  I'm not a member of any credit unions.  Does credit unions help with auto loans?

I forgot to add that I have a trade-in vehicle and plan on having $2,000 down payment before purchase. 


Some CUs have more lenient underwriting standards, or may offer better rates.   YMMV.

 

I agree that lowering your utilization will help boost your FICO score.   Have you pulled a FICO score to know where you stand ?

 

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Valued Member
Posts: 37
Registered: ‎01-11-2013
0

Re: Almost ready for a new auto loan?

 

pizzadude wrote:

michintom wrote:

Thank you!  I'm not a member of any credit unions.  Does credit unions help with auto loans?

I forgot to add that I have a trade-in vehicle and plan on having $2,000 down payment before purchase. 


Some CUs have more lenient underwriting standards, or may offer better rates.   YMMV.

 

I agree that lowering your utilization will help boost your FICO score.   Have you pulled a FICO score to know where you stand ?

 


Thank you for the reply.  I'm pulling the regular credit scores and not the fico scores from Equifax.  My scores are 667 as of today 1/11/2013.  


Starting Score: 660
Current Score: 691
Goal Score: 850


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Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
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Re: Almost ready for a new auto loan?


michintom wrote:

 


Thank you for the reply.  I'm pulling the regular credit scores and not the fico scores from Equifax.  My scores are 667 as of today 1/11/2013.  


 

I'd recommend checking a FICO score to know where you stand ~ the Equifax credit score is not used by lenders and can't be correlated to a FICO score.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Valued Member
Posts: 37
Registered: ‎01-11-2013
0

Re: Almost ready for a new auto loan?


pizzadude wrote:

michintom wrote:

 


Thank you for the reply.  I'm pulling the regular credit scores and not the fico scores from Equifax.  My scores are 667 as of today 1/11/2013.  


 

I'd recommend checking a FICO score to know where you stand ~ the Equifax credit score is not used by lenders and can't be correlated to a FICO score.


Just pulled Equaifax FICO score from the Score Watch here.  It's currently at 660. Smiley Happy


Starting Score: 660
Current Score: 691
Goal Score: 850


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Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
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Re: Almost ready for a new auto loan?

What is your income? You need a decent income for a $30K car.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Valued Member
Posts: 37
Registered: ‎01-11-2013
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Re: Almost ready for a new auto loan?


MovingForward_2012 wrote:
What is your income? You need a decent income for a $30K car.

My income is only 30k a year.


Starting Score: 660
Current Score: 691
Goal Score: 850


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Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
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Re: Almost ready for a new auto loan?

That's going to be a hard sell. I wish I had better news for you. Probably not impossible as it is slightly better than a $16K car making $16K. But typically you don't want to purchase a vehicle that cost the same as your salary. Can you afford a $550 car payment?
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014

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