App'ing For Auto Loan Soon. Increased Chances?

Anonymous · ‎11-17-2016

Hi guys,

Wondering if you can give me some advice. I am looking to apply for an auto loan with the best rate possible in about 7 months. I wanted to know what I can do right now to put myself in the best position to do so? I've listed my credit profile below. Unfortunately I am a graduate student right now so paying down my negatives will not be possible.

I was in a rought situation 3 years ago, and only in the last 6 months have I started rebuilding. Since May I've opened up new accounts that have all been paid/on-time.

I have only one legit credit card right now (CapOne QS, 1.5%cb). Any thoughts on what next card I can get? And should I join a credit union like DCU right now in anticipation of my application for a loan in 7 months? Thanks for any help

Company---Opened(SL)---Current Limit

CapOne QS (MC) --5/6/16 ($1k)-- $2,500

Walmart storecard --6/8/16 ($500)-- $3,500

Amazon storecard --6/8/16 ($800)-- $3,500

Wayfair storecard --6/16/16 ($700)-- $1,300

JCrew storecard --5/23/16 ($650)-- $1,250

Overstock storecard --5/8/16 ($250)-- $750

VS storecard 5/8/16 --($350)-- $600

Baddies: All 3yo

2 Citi CC chargeoffs, paid, balance $0, closed

2 CU Repo/PLOC chargeoffs, balance reporting monthly, closed :/

1 Medical Collection (reporting on EX and TU only)

FICO8 (Current): EX-635(4 inq), TU-644(5 inq), EQ-678(4 Inq)

AAoA: 5.4yrs

Util: 2%

0 Late payments in the last 3 years

Multiple Installment loans all in perfect standing (opened and closed)

Cards/Limits in my signature

surferchris · ‎11-22-2016

Yes, I would definitely join a credit union now...

Good luck.

Current Cards:
AmEx Hilton Honors Surpass//AmEx Platinum Card//Ann Taylor Rewards Mastercard//Capital One Platinum Card//Credit One AmEx//Credit One Platinum VISA//Fingerhut//Navy More Rewards AmEx//TruWest Platinum VISA//Aspire VISA//Costco Anywhere VISA//Lowes Advantage//Apple Card
Loans:
1 Mortgage/////Navy FCU Auto Loan (2020 Jaguar I-Pace)//Capital One Auto (2016 BMW i3)
Next Cards (4th QTR 2022):
Navy Flagship Rewards VISA//Chase Sapphire Preferred
Stats:
Scores: 700's // Inq's: 1 for mortgage // Util: 1% // AoOA: 21 yrs

Anonymous · ‎11-22-2016

I agree join a credit union now. I joined DCU and my relationship with them helped me get a higher loan amount and pre-approval. You've opened plenty of new store card accounts so I think you need to cool it for awhile. Let those accounts age. You're obviously fishing for credit which makes you look risky. Try the HIPAA method for your medical collection.

Appleman · ‎11-22-2016

I recommend applying to PenFed over the phone. Will be one EQ pull when you do which will allow you to join, get auto loan and maybe a credit card (within 90 days).

By calling in you could have them look at your profile for the chances currently and make recommendations. I have found them to be pretty reasonable and friendly.

Good luck.