Credit Card Center Advertiser Disclosure†
07-24-2013 06:07 PM
07-24-2013 08:17 PM - edited 07-24-2013 08:25 PM
Her current scores are 630 for equifax and 528 for transunion. Transunion is about a month old so it could be higher and equifax pulled yesterday. Looking for around 19,000 and 72 months. She would be a first time buyer and has no reported debt and income of 22,000.
She has 1 charge off and 2 or 3 collections. All are past SoL and about 1 year to 2 years from falling off report.
Probably going to try to go with DCU since her equifax is higher and that's what they use primarily. Do you think she has any Chace at this or any other lender that might do this?
If all else fails, look at Ford and finance a Focus or Fiesta through FMC. Right now I believe FMC is pushing hard on getting first time buyers with limited, low, and no credit into those cars.
What about thin files -- first-time buyers with no credit history? Ford brand execs have talked a lot about attracting those buyers for the Fiesta or Focus. What's Ford Credit's role in that?
Provided you understand the marketplace, it is good business to have more of those coming into our brand. The core is consistency. We want to be their main source of financing. The percent of Ford customers we consider higher risk that we finance is around three-quarters. That is, Ford Credit finances three out of four Ford customers with a credit score below 620. That number was the same during the credit crisis and it's the same now. But it's never going to be four out of four.
07-27-2013 04:33 AM
thank you very much lajntx. Not looking to buy a new car though. I actually want her to buy my car and have it in her name so my DTI isn't that high for a mortgage i'm currently trying to obtain. Just want to know the likely hood of her getting approved for such a high amount and being a first time buyer. anybody else care to chime in with any advice, tips, or anything?
07-29-2013 08:25 AM - edited 07-29-2013 08:26 AM
Edited to say: Highly doubtful. Sorry, I just went back and looked at the scores, mixed this post up with another one. She could probably get a loan on a new car through the dealer but I'm not sure she'll find a CU willing to finance her with the 500's score
07-31-2013 12:52 PM
thank you for all the replies. I was able to get this resolved without having her apply for anything. Geez I love my parents!
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.
* 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.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com 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.