Credit Card Center Advertiser Disclosure

Established Member
Posts: 35
Registered: ‎12-24-2012
0 Kudos

BMW Financial and a *possible?* approval?

Question - 


I have posted here before, got some good answers and not so good (ego talking). But here is my dilemma - few years ago (almost 7) I was just starting out establishing credit, had pretty good credit as it went at the time, maybe 2 or so years in I lost my job in 2008 and I had everything charged off but my auto loan which resulted in many, many lates (8 times 30 and 10x 60, all stopped when I found stable employment in 2010). I have recovered with great CC limits (NFCU nRewards Visa 5000 and NFCU Visa 1000, Cap1 300, Cap1 400 [secured] and Target 200) which my UTI is about 30% (planning on paying the rest of the cards off by early summer with a bonus) and I currently have a co-signed auto loan with my mother which was purchased a year ago; My auto history since I brought it current my old loan current (and since paid off as agreed) and nothing negative since March 2010


So here is my question - with my auto loan history, credit card UTI (even if I do pay it off by summer), and my current score of 557 - which I assume that will raise once I get my debt down, do you think its possible to be approved just by myself. I anticipate that with all my baddies that all charged off March 2008 will disappear in about 2 years or less and hopefully wont weigh me down longer, What do you think my possibility is to be financed/lease with BMW? If you think that isn't possible who/what lender is more forgiven to finance to someone like me who is honest? I hope by summer that I will be above a 620+ (not trying to be greedy now Smiley Happy)


I just want to have options again without co-signers and the "hey mom, can you help me". I am much too old for this - I feel I have more than paid my dues (literally). 


Any thoughts, feedback, and opinions are VERY welcomed. Any advice on getting scores up are welcomed too. I've been trying hard and so far not many resolves. 



Established Contributor
Posts: 573
Registered: ‎10-21-2012
0 Kudos

Re: BMW Financial and a *possible?* approval?

I think with that score you would most likely not be able to get a lease.  The good news is that if your goal is to try for a loan in the summer you've got a few months to try to improve your score.  Smiley Happy Getting your utilization down will help obviously.  Have you tried GW-ing the lates on the auto loan?  What are your other baddies? Sounds like some CO and collections?  Have you tried doing PFD's or GW letters for any of those?   


More good news is that you have NFCU and they are VERY generous with credit even for those with lower scores.  Have you thought about just getting a loan through them instead of leasing?

Starting Score: TU:584 | EQ 584
Current Score: TU FICO: 711 | EQ FICO 713 | EX (USAA FAKO) 779
Goal Score: 780 across the board

Take the FICO Fitness Challenge
Established Member
Posts: 35
Registered: ‎12-24-2012
0 Kudos

Re: BMW Financial and a *possible?* approval?

I haven't tried a GW with them(cap 1 auto) and the only baddies I still have are 2 BofA, a previous cap1 card, and a paid collection from 2011 from my county taxes (they claimed they never got a payment, sent me to CA and when they "found the payment" they updated the collection as "paid" they REFUSE to remove it saying its illegal or some bull). My current auto loan is with NFCU - I thought about just refi-ing with them, but I just want a newer car.

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.