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Established Member
Posts: 45
Registered: ‎04-15-2014
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Auto loan what to do? Chances of Approval?

I just pulled my EQ Fico yesterday. I will be trading in my car which I will owe 3k on. I will be purchasing a 25k car. Previously  I tried DCU earlier this month and they denied me for autoloan and for account with them my FIco was 598 I have no idea how I now have 707. I have 43 Inquires on my report for EQ for 2 years. I paid off cards, but thats about it. Im just concered with not being approved and do not want any more HPs on my report. How would this look to DCU?

 

AAoA-1 Year

2 years-43 Inquires

EQ Fico: 707

Income: 30k

New Member
Posts: 2
Registered: ‎04-28-2014
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Re: Auto loan what to do? Chances of Approval?

Any down payment? Getting a 28k loan with a income of 30k might be tough.  It would also be a difficult thing to pay in my opinion. And those inquires will hurt you. 

Established Member
Posts: 45
Registered: ‎04-15-2014
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Re: Auto loan what to do? Chances of Approval?

Id put maybe 1k down or so. The only thing I pay is my car payment now and thats 434 month. Everything else goes into savins aside from small card payments. Half of the inquires I have been searching for an autoloan back in 2013. Im just not sure what to do. Should I wait it out or possibly get a cosigner due to the income? Two incomes better than one?

Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
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Re: Auto loan what to do? Chances of Approval?


Insaniak wrote:

I just pulled my EQ Fico yesterday. I will be trading in my car which I will owe 3k on. I will be purchasing a 25k car. Previously  I tried DCU earlier this month and they denied me for autoloan and for account with them my FIco was 598 I have no idea how I now have 707. I have 43 Inquires on my report for EQ for 2 years. I paid off cards, but thats about it. Im just concered with not being approved and do not want any more HPs on my report. How would this look to DCU?

 

AAoA-1 Year

2 years-43 Inquires

EQ Fico: 707

Income: 30k


Who is financing your current vehicle?   You might want to start with them.    Also I agree you might want to consider looking at a less expensive car.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Established Member
Posts: 45
Registered: ‎04-15-2014
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Re: Auto loan what to do? Chances of Approval?

I mean I paid 24k for my current car. By no means am I living out of my capabilities with the car loan I have now at 434 a month and thats at 9%. I currently have Ally Financial.

Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
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Re: Auto loan what to do? Chances of Approval?

 

Do you know why DCU denied you?   What negatives / baddies are ( or were ) on your reports?

 

Assuming that your auto loan has positive history, I think you should be able to do a lot better than your current 9%.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Regular Contributor
Posts: 161
Registered: ‎07-26-2013
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Re: Auto loan what to do? Chances of Approval?

DCU probably denied you due to the score as you have a positive car loan but you did not satisfied the required score for them to extend membership to you which in turn they would not be able to offer you loan products as you would be a non member. You should always check your scores before apping as you said dcu pulled a 598 and you said now you see a 707 when you checked as you paid down your debts on your CC's. The credit report have updated reflecting your new low balances which is the reason for the score jump. This is good new and bad. You now would be approved for membership with dcu as I have read the require a 620 EQ but you would have to wait 45 days to re-apply are they would use the same report they pulled with your 598 score. 

Myfico (7/16/14): EQ:736, EX:678(Prosper 7/16/14), TU:691(5/29/14)
Wallet:


Established Member
Posts: 45
Registered: ‎04-15-2014
0

Re: Auto loan what to do? Chances of Approval?

DCU denied me for too much CU, Inquires and low score. With 42 inquires makes me think they still wont. Do they pull auto enhanced score? Never been late once with anything no collections no negatives at all.

Established Member
Posts: 45
Registered: ‎04-15-2014
0

Re: Auto loan what to do? Chances of Approval?

Hoping to get some more insight on this matter. I dont know what I should do.

Valued Contributor
Posts: 1,288
Registered: ‎02-12-2014
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Re: Auto loan what to do? Chances of Approval?

How many of your INQs are recent. (Last 6 months? And last 1 year?)

 

The reason DCU denied is score. They generally won't touch below 620. It's not INQs per se...it's score.

 

Your 30k income...is that after tax (aka take home) or is that before any taxes are taken out (aka gross income)?

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