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Auto loan w/ eq 670

Valued Member

Auto loan w/ eq 670

Hi All,

 

New to the auto loan forum!

 

I gained some confidence after my equifax fico score! It's not stellar but my score is 670 Smiley Happy

 

Never had auto loan... learned that auto enhanced fico should be -+20.  

 

I am looking into certified used by Toyota, Camry - will I be able to get approval for 1.9% (best offer)?

 

Thank you in advance for your words and wisdom!

Message 1 of 17
16 REPLIES
Valued Contributor

Re: Auto loan w/ eq 670

I don't think your score is tier 1. Depending on the bank, tier 1 is 710-720 or above. So I don't think you will get 1.9% but your interest rate shouldn't be too bad. I'm thinking around maybe 4%.
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
Message 2 of 17
Valued Member

Re: Auto loan w/ eq 670

Hi MovingFoward_2012!

 

Thank you so much for your words and wisdom, I appreciate it!

 

I decided to garden a year and apply in Dec or early January '14.  Can't wait though!!

Message 3 of 17
Valued Contributor

Re: Auto loan w/ eq 670

You really want that super low interest rate don't you? You will have no problems whatsoever getting approved and 4% is not bad. The problem lies with auto enhancing...you haven't had an auto loan yet so that will drop your score a little bit. You could always buy now and refi in 6-12 mos. Best of luck to you. You are working really hard. Smiley Happy
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
Message 4 of 17
Valued Member

Re: Auto loan w/ eq 670

Thanks for your reply MovingForward_2012!

 

I really do though Smiley Happy!  Have SLs that are around 6-7% interest rate, it is painful to watch interest grow... Smiley Sad

 

Actually, I just applied 2 AMEX cards and they were approved Smiley Happy!   I tried to ask the rep on the phone what my Experian FICO is and she said it is 700+, couldn't give me the exact score due to "security concerns."

 

I thought it was going to be only 1 pull, but found out that it was 2 pull since I actually applied 2 cards Smiley Sad bummer!

 

If I try to use Experian Fico score, if it is AT 700, would I be able to qualify for Tier 1 pricing?  

 

I currently have four hard pulls (one in (7/11) and one in (10/12), now two in (1/13) Smiley Sad), should I garden these first then wait?

 

Thank you for your words and wisdom!  

Message 5 of 17
Valued Contributor

Re: Auto loan w/ eq 670

Toyota is great to work with!  They have had very low APR.  I agree with MovingForward, you're probably not tier 1, but I'd think you'd be under 5%.  If you can get your EQ FICO to 675, you could qualify for 1.99% with DCU.  They don't use auto enhanced, so you shouldn't be penalized for no auto loan history, however I'm not sure if this is something they consider in underwriting.

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Message 6 of 17
Valued Member

Re: Auto loan w/ eq 670

Thank you Jutz! 

 

5pts shy for DCU! Will work harder and see what happens, thanks!

Message 7 of 17
Moderator

Re: Auto loan w/ eq 670

Have you had an auto loan in the past in good standing?  That will generally be a boost to your Auto Enhanced score.  Personal installmentment loans and mortgages may help as well, though student loans typically do not anecdotally.

 

If you have a negative auto loan tradeline, that likely will result in a lower score than your classic scores found here.  The Amex one is likely bankcard-enhanced, which is yet a third version unfortunately.  Best barometer is likely the EQ score found here in my estimation.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


Take the myFICO Fitness Challenge
Message 8 of 17
Valued Contributor

Re: Auto loan w/ eq 670

OP, have you pulled your TU fico? When I was approved for a lease through Acura financial, they used TU and it was auto enhanced to 724 from 703. If your TU score is above 700 along with Experian, it is possible. Just make sure your utility on your cards is less than 10%. I don't think it is a slam dunk but I also don't think it would be an instant denial either. If you are willing to take a risk, go for it! Congrats on your AMEX cards! I don't even think I am AMEX quality yet because my oldest revolving TL is from 2009. But I have had several auto loans hence the lease approval from Acura. I just got approved for a Chase Freedom this month and I am in underwriting for a home loan so after I close, I plan to garden for awhile and then try for a Discover card. After gardening the Discover card, I will try for an AMEX as that is my ultimate and final goal. Good luck to you OP, you're on your way! Smiley Happy
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
Message 9 of 17
Valued Contributor

Re: Auto loan w/ eq 670

I should add that if you look at my siggy, my EX fico is only 639 and it is not stopping the approvals so 670 may be the lowest out of the bunch and the rest may be 700+ just like me!
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
Message 10 of 17