Reply
Established Member
Siobhanmairead
Posts: 24
Registered: ‎07-26-2012

Can I get a auto loan with this?

Experian 600

Credit Sesame 636

Credit Karma 583

 

I just checked my credit sesame account and it went down 4 points from 640. I found that two new collection accounts were added to my report today and I'm planning on getting a used car loan in the next few weeks. The collection accounts came out of nowhere, honestly. They are medical bills and I thought I had payment arrangement with all my creditor. My daughter has had a few surgeries since she was born and we're still paying off things like anesthesia and hospitals. 

 

Anyway, my income is 40k and I own my home outright. I have purchased 2 vehicles on my credit in the last 7 years, both paid off. One had perfect payment history, the other had a few lates. 

 

My creditors: Capital w/ $0 balance and limit of $200 (6 months old), Chase w $500 balance and limit of $26k (19 years old). I have no other credit on my report, just these two new baddies and one old one that will fall off in September.

 

Looking to get an auto loan of $18k-$20k. 

 

Could I receive a decent interest rate with the 2 very new baddies? 

 

Also, I didn't receive a dunning letter. Can I dispute the collection and have it removed while I'm apply for the auto loan?

 

Thank you!


Starting Score: 600
Current Score: 626
Goal Score: 720


Take the myFICO Fitness Challenge
Valued Contributor
tooleman694
Posts: 2,258
Registered: ‎08-25-2011

Re: Can I get a auto loan with this?

I bet your Fico is very low..

 

I bet you can do it, but your rate will be very high.

Valued Contributor
MovingForward_2012
Posts: 3,406
Registered: ‎12-19-2012

Re: Can I get a auto loan with this?

You need to find out what your fico scores are. Those are FAKO scores that you posted and are meaningless as 90% of lenders use fico.
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
Established Member
Siobhanmairead
Posts: 24
Registered: ‎07-26-2012

Re: Can I get a auto loan with this?

MyFICO score from score watch is 600.

 


Starting Score: 600
Current Score: 626
Goal Score: 720


Take the myFICO Fitness Challenge
Established Contributor
TrishN
Posts: 505
Registered: ‎11-05-2012

Re: Can I get a auto loan with this?

i dont think 2 CA bring your score down to 600s. you hve to have something on it.

1 : you can get finance with santander i guess 99 % but APR like 16 to 21% , with another lender..... i dont know :smileyvery-happy:

Why dont you list your complete your report, let see we can help you bring your score up a bit

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Community Leader
Senior Contributor
StartingOver10
Posts: 3,019
Registered: ‎03-06-2010

Re: Can I get a auto loan with this?

I do think that 2 collections can bring the score down to 600.

Especially if they are recent, within the last 2 yrs.

 

OP would be better off doing a PFD for the collections first, then going for a vehicle loan.

Valued Contributor
Jutz
Posts: 1,216
Registered: ‎05-10-2012

Re: Can I get a auto loan with this?


StartingOver10 wrote:

I do think that 2 collections can bring the score down to 600.

Especially if they are recent, within the last 2 yrs.

 

OP would be better off doing a PFD for the collections first, then going for a vehicle loan.


Agreed.  OP mentioned that they just showed up.  Luckily medical collections are generally easy for PFD

  • Current: EQ FICO 694, TU FICO 695, EX FICO 698 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $29,500
  • Inquiries (12 Months): EQ 6 TU 3 EX 6 | Most Recent: 1/21/2014
Chase Freedom $5000
DCU Visa $10000
Capital One QS $2000
AMEX BCE $1000
Lowe's CC $8500
WalMart CC $2400
BOA Platinum $600
AMEX Gold NPSL

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+