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Posts: 1
Registered: ‎01-30-2013

Best Used auto loan for high Utilization of Credit

Looking to buy a 2006 car with low milage & low LTV. My only credit problem seems to be I have a high utilization of credit right now (58%). I only have another 2 wks to buy the car, was looking to get a loan from a credit union. my plus scores are:






No bad history whatsover other than that 58% utilization of credit.


I have a mortgage, 3 credit cards & student loans but my DTI ratio is still less than 20%. The car is $12k & income $8000/mo.


Any ideas of a good CU to try?




Posts: 9,487
Registered: ‎12-30-2011

Re: Best Used auto loan for high Utilization of Credit

[ Edited ]

Any local or personally I recommend DCU for auto loans right now, but most will be fine for you. They may want something on a down payment but 58% isn't OMG bad, your scores are probably fine with those PLUS ones (no guaruntees) and the rest looks more than acceptable assuming you income is provable if they ask.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)

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Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012

Re: Best Used auto loan for high Utilization of Credit

You are a shoe in anywhere...easy approval.
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! :smileyhappy: Last App: 4/5/13 Gardening until July 2014

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