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Established Member
Razor_Poke
Posts: 14
Registered: ‎04-05-2011

Chances?

The Good: Wife and my scores hang around 690-710. The Great: No negatives or lates; 24 year credit history; 9 perfectly managed auto loans over that 24 years; $105K verifiiable solid history combined income The bad: High CC utilization (74%); DTI about 43% with NO current auto loan; 2 self closed CC's due to int rate hikes; paying as required however.

Wanting a new or late model used Toyota or Honda SUV in the $30K range. Current auto loan to be paid off in a couple months to Toyota. Got a letter a few days ago from Toyota wanting us to return for another finance. It didn't have a lot of details to it, but it implied that they were "favoriing" existing customers in good standing. It didn't even have the typical language about "subject to creditworthiness, etc...." In other words, it looked like more than a pre approval. Regardless of the Toyota offer, how does this look for us? We can pay $5K down also.
Established Member
Razor_Poke
Posts: 14
Registered: ‎04-05-2011

Re: Chances?

Whoa, sorry about the spacing......I really did use paragraphs, not sure what happened.:smileyhappy:

Moderator
Shogun
Posts: 12,884
Registered: ‎04-15-2011

Re: Chances?

I'm thinking that you could get just about anything within reason!  Enjoy your new vehicle!


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Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011

Re: Chances?


Razor_Poke wrote:

The Good: Wife and my scores hang around 690-710. The Great: No negatives or lates; 24 year credit history; 9 perfectly managed auto loans over that 24 years; $105K verifiiable solid history combined income The bad: High CC utilization (74%); DTI about 43% with NO current auto loan; 2 self closed CC's due to int rate hikes; paying as required however.

Wanting a new or late model used Toyota or Honda SUV in the $30K range. Current auto loan to be paid off in a couple months to Toyota. Got a letter a few days ago from Toyota wanting us to return for another finance. It didn't have a lot of details to it, but it implied that they were "favoriing" existing customers in good standing. It didn't even have the typical language about "subject to creditworthiness, etc...." In other words, it looked like more than a pre approval. Regardless of the Toyota offer, how does this look for us? We can pay $5K down also.

Looks pretty good. I would definitely see about getting your util. down in the 30% range, that could cost you some interest on the loan.

 

Other than that you should be just fine.

 




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
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Established Member
Razor_Poke
Posts: 14
Registered: ‎04-05-2011

Re: Chances?


LS2982 wrote:

Razor_Poke wrote:

The Good: Wife and my scores hang around 690-710. The Great: No negatives or lates; 24 year credit history; 9 perfectly managed auto loans over that 24 years; $105K verifiiable solid history combined income The bad: High CC utilization (74%); DTI about 43% with NO current auto loan; 2 self closed CC's due to int rate hikes; paying as required however.

Wanting a new or late model used Toyota or Honda SUV in the $30K range. Current auto loan to be paid off in a couple months to Toyota. Got a letter a few days ago from Toyota wanting us to return for another finance. It didn't have a lot of details to it, but it implied that they were "favoriing" existing customers in good standing. It didn't even have the typical language about "subject to creditworthiness, etc...." In other words, it looked like more than a pre approval. Regardless of the Toyota offer, how does this look for us? We can pay $5K down also.

Looks pretty good. I would definitely see about getting your util. down in the 30% range, that could cost you some interest on the loan.

 

Other than that you should be just fine.

 


By "cost you some interest" do you mean like 5% or 0.25%?


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