05-02-2014 06:30 PM - edited 05-02-2014 06:30 PM
Gotcha. Since the 30k is 2.5k/month, you should be in a good spot. I'd try maybe BofA and see what they say. CapOne is also another good one you can try. I think I'd start with BofA though and wait to see what they say.
05-02-2014 08:05 PM
So Capital One sometimes uses a old FICO that they previously pulled. Look at the date on that FICO from Cap One? My CLI request decline (I had to email the EOto get them to go from $500 -> 3k for me) sometimes are a month old on the FICO score.
The issue with DCU is they might reuse the previous 595 score. You can try though, you have nothing to lose. If they reuse the old score you most likely won't get another hard INQ anyways. So yeah, I guess trying DCU again can't hurt. The other thing about DCU is sometimes I've seen them approve lower incomes for only 15k or 20k. It might be lower score combined with lower income, I really can't tell. But again, like I said, you have little to lose by trying them first. They definitely do have the best rate!
05-02-2014 09:23 PM
Thank you! Very helpful information. What about a cosigner? My GF has a fico of 698 for EQ and about the same amount of income would this help my case at all? Im think DTI may be an issue, but not sure. Do you happen to have the CEOs email for capOne and also what should I say?
05-02-2014 09:28 PM - edited 05-02-2014 09:29 PM
I'll PM you the Capital One info in a bit. But I recommend you hold off for at least 2-3 months till they refresh your credit score. Because now, the credit analyst might use the old pull. BTW, the whole reason for your jump in score is util. So in the future, keep util down!
I never investigated DTI haha because you had an old loan. Answer these questions:
1) Monthly gross (aka pre-tax) income?
2) Rent/mortgage? (If split w/ the gf or something, please tell me)
3) Aggregate minimum monthly payments across all credit cards?
4) Monthly payment on car you have a loan on but will be trading?
5) Any other debt or obligations (like child support, alimony, etc) other than the credit cards and rent/mortgage discussed above?
Oh and since your FICO is fine now, gf wouldn't help unless there's a DTI issue as you hinted.
05-02-2014 09:39 PM
1) Monthly gross (aka pre-tax) income?2500
2) Rent/mortgage? (If split w/ the gf or something, please tell me) 0
3) Aggregate minimum monthly payments across all credit cards? 50
4) Monthly payment on car you have a loan on but will be trading? 434
5) Any other debt or obligations (like child support, alimony, etc) other than the credit cards and rent/mortgage discussed above? No
Also if DTI was an issue, would they let me be able to apply for myself and then just add a cosigner without apply myself again?
05-02-2014 09:52 PM - edited 05-02-2014 09:52 PM
How can you have 0 rent? I mean I don't need to know, but some lenders may.
Even if I imputed a $500 rent as some lenders will do, I don't think you'll have any DTI issues on a 25k loan. Just make sure you can afford a 25k car on a 30k/yr pre-tax salary...just because they approve doesn't mean you can afford it! Also if you speak with a loan officer (with mall CUs or whatever), mention that you'll be trading in your current car!
The whole re apply w/ gf is harder if you're applying by yourself. Definitely possible with some lenders. And hey, just reapplying on say BofA's website can't hurt.
At the dealer, it'll be really easy to do (don't mention cosigning first, if approval is not favorable then mention). But at the dealer you definitely won't need to since you're trading your car.
Best way to do this is don't apply everywhere at the same time haha. Do like your local CU or DCU or BofA first, see what they say. Use that (and potentially their decline reasons) to guage if you're better off applying jointly to the next lender.
05-03-2014 05:16 AM - edited 05-03-2014 05:20 AM
I would never purchase a $25,000.00 car on a $30,000.00 income...
Your going to barely put anything down? Your term will be 72-84 months. You will end up paying about $39,000.00 total for this car, if you DID go the full term. You will be completely upsidedown in 6 months. Your debt/living expenses may increase at ANY time.
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