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Member
pinned388
Posts: 13
Registered: ‎09-20-2012
0

Chances of approval?

[ Edited ]

Okay, Im sure this topic has been overposted but I'd like to ask your thoughts anyway...

 

My scores are around 615 with all 3 bureaus and Im looking to get a used car loan for a 2012 F150 Crew (around $22k-$26k) since there are some good deals right now. 

 

Baddies:

2 medical bills for $1000 total in collections from 2009

1 time warner account in collections for $690 from 2010

1 charged off bank account for $50 from 2008

 

5 recent inquiries

 

Good:

1 HSBC unsecured card $300CL/$40BAL 6 months old

 

Started with a 505 score 4 months ago, so I feel like Im doing pretty darn good so far...

 

With the info above, what are my chances of getting approved? Im trying not to put a ton of money down and also Im wanting to use a creditor that WONT pull equifax since thats my worst credit file. I dont care about the intrest rate too much since I plan of refinancing in a few months as my credit continues to improve.

 

Thanks so much!


Starting Score: 467 Equifax - 507 Transunion - 510 Experian (all on 07/2012)
Current Score: 610 Equifax - 631 Transunion - 610 Experian (as of 01/2013)
Goal Score: 690+ By July 2013
You CAN polish a turd, it just takes a LOT of wax!!!


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Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
0

Re: Chances of approval?


pinned388 wrote:

Okay, Im sure this topic has been overposted but I'd like to ask your thoughts anyway...

 

My scores are around 615 with all 3 bureaus and Im looking to get a used car loan for a 2012 F150 Crew (around $22k-$26k) since there are some good deals right now. 

 

Baddies:

2 medical bills for $1000 total in collections from 2009

1 time warner account in collections for $690 from 2010

1 charged off bank account for $50 from 2008

 

5 recent inquiries

 

Good:

1 HSBC unsecured card $300CL/$40BAL 6 months old

 

Started with a 505 score 4 months ago, so I feel like Im doing pretty darn good so far...

 

With the info above, what are my chances of getting approved? Im trying not to put a ton of money down and also Im wanting to use a creditor that WONT pull equifax since thats my worst credit file. I dont care about the intrest rate too much since I plan of refinancing in a few months as my credit continues to improve.

 

Thanks so much!


You may get approved but that will come witha big down payment and possibly a high interest rate. Avoid Santander at all costs!!!

 

Are these collections paid??

 

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Member
havecollectionsaccounts
Posts: 8
Registered: ‎03-10-2011
0

Re: Chances of approval?

I would try to go through a credit union. My score was 606 and I was able to get into a brand new Toyota Corolla with $1400 down at 12.45%. The dealership submitted my info to several banks and finally financed me through Capital One. I was able to refi 1.5 yrs later at 4.99% w/ credit score of 636. I've heard that credit unions are generally more lenient. Many banks will request that you pay off any collections accounts prior to financing. Good luck!

09/2012
TU- 638 (Lender Pull)
EXP- 644 (MyFico)
EQ- 678 (Lender Pull)
Mega Contributor
LS2982
Posts: 15,436
Registered: ‎04-09-2011
0

Re: Chances of approval?


havecollectionsaccounts wrote:

I would try to go through a credit union. My score was 606 and I was able to get into a brand new Toyota Corolla with $1400 down at 12.45%. The dealership submitted my info to several banks and finally financed me through Capital One. I was able to refi 1.5 yrs later at 4.99% w/ credit score of 636. I've heard that credit unions are generally more lenient. Many banks will request that you pay off any collections accounts prior to financing. Good luck!


This ^^

 

The CU refi is going your best option once you find a lender that will get you in the door. Or if you have a CU already i'd go and see if they can approve you first.

 




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Member
pinned388
Posts: 13
Registered: ‎09-20-2012
0

Re: Chances of approval?

After browsing the forums a bit I think I'm going to try and get approved for Cap One's blank check, then use that as leverage to get the dealers finance guys to compete for a better rate. Also, we have a car that qualifies for a $3500 rebate here in Texas and a few other tricks Im going to use to knock the price down! Nevermind the poor rate I'm bound to get, Im mainly going to work on getting the price down, then refi pretty soon. So excited about getting a much needed new-to-me car!

 

I appreciate your feedback so far, keep it coming! I need all the info I can get before I start this process!

 

-Thanks


Starting Score: 467 Equifax - 507 Transunion - 510 Experian (all on 07/2012)
Current Score: 610 Equifax - 631 Transunion - 610 Experian (as of 01/2013)
Goal Score: 690+ By July 2013
You CAN polish a turd, it just takes a LOT of wax!!!


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