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Approval odds? Any advice appreciated

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Anonymous
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Approval odds? Any advice appreciated

I had a financial rough patch summer to fall 2014 which caused late payments and a reposession of my car with only a year left on it...still hurts.  Fortunately I wasn't upside down on it so I don't have a balance on that loan and was able to save all of my credit card accounts and they have been in good standing every since.  I have a used vechicle that my awesome uncle bought for me that I have since paid off but would like to get a new car.  Its already 10yrs old.

 

I'm not planning on trying to get a loan until the end of 2017.

 

My credit scores on myFico are 629 TU,  647 EX and 649 EQ...I really thought they would be worse but they climbing back up  thankfully.

 

By the end of this year 2016 I expect my credit accounts to be around 10% utilization my total available credit is 7000 on 5 accounts and paid off shortly after...then only using each card for very SMALL purchases, like gas or car ins and paying balance in full each month.   I will also have $10,000 cash to put down and my used car( don't expect much for it though less than $1000) and really don't want more than 3 or 4 years loan..hope to pay it off in like 2.  the car I want will be around 23,000 OTD price brand new. The repo will also be 3 years old when I try to get a loan.  I also have student loan debt but its in income based repayment and all account paid on time and good standing.  My gross is $2500 and my bills each month total $1100 a month:  rent, student loan, phone, internet, food, car insurance and gas...and my credit cards will be zero but used. Oh yeah  my credit age 5-7 years now so only better in another 18 months.

 

What should I expect if all this goes as planned....should I get approved?  do you think my credit score will increase enought so I don't get hit with an 18% loan....i just wont do that...hoping for 9-12% max....any thoughts?

 

Thank you

 

 

 

 

 

Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Approval odds? Any advice appreciated

Try capital one auto finance. Also DTI they don't count ur gas and insurance and all. They really just count rent, credit card payments and ur school loan payment

Message 2 of 5
RonM21
Valued Contributor

Re: Approval odds? Any advice appreciated

If you aren't planning on getting anything until the end of 2017, I think you'll have plenty of time to get your scores up before then, to get approval. Keep growing and having positive history.


Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 3 of 5
Anonymous
Not applicable

Re: Approval odds? Any advice appreciated

Thanks for your reply...my Experian score shot up to 682 from 649 but TU and EQ remained the same  629 and 647 respectively..  can't figure out why all info is the same on each report....hope the others follow suit and it not just a glitch on EX.    Anyway love the forums and really appriciate all the advice and words of encouragement.

Message 4 of 5
Anonymous
Not applicable

Re: Approval odds? Any advice appreciated

I just got 0% financing through Ford Auto Credit with a 651 EQ auto fico, on a 2016 model. They're trying to make room for the 2017s.

Message 5 of 5
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