Reply
Established Contributor
Cadillac-XTS
Posts: 1,837
Registered: ‎08-20-2012
0

Could We Get Approved?

We will be in the market to purchase a brand new SUV around March-April of 2013. My current TU is 666 and Eq is 577. I have 5 collections accounts to fall of 12/2012 and a repossession to fall of 2/2013. Once they all fall off I will have 3 collections accounts left on my report which all 3 total $5000.00. I have 3 cc listed on my report with all 3 being paid as agreed with no late payments. I have only had them all just a little less then 2 yrs and 2 prior bad off auto loans with no lates.  Oh my income is $40000.00 annually.

 

Now my wife story. Her TU is 592 and the other scores are unknown at this time. She has a 7 yr old BK and a IRS judgment listed on her reports. Her total debt on the TU is $7,701.00. She also has 2 paid as agreed auto loans with no lates. Neither one of us has had a auto loan in the last 5 yrs. We are just driving to beaters that we paid cash for.

We will be in the market for a $33,000.00 SUV with atleast a $5000 dp . Please advise us of our chances of getting approved as well as any advise you think we may need or should know.

Established Contributor
Cadillac-XTS
Posts: 1,837
Registered: ‎08-20-2012
0

Re: Could We Get Approved?

Im sorry for the typo error but it should say paid off loans not bad

Frequent Contributor
GrowingCredit
Posts: 315
Registered: ‎05-28-2011
0

Re: Could We Get Approved?

I would say clean your report as much as you can. Try PFD/GW letter and remove those remaining collections also and than go for the car shopping. You would be amazed to see the rates and amount of loan you get approved for. You have enough time to clean up.

TU Auto enhanced FICO (9/2012): 744
EX FICO (8/2012): 748
EX FICO (6/2010): 739
Established Contributor
Cadillac-XTS
Posts: 1,837
Registered: ‎08-20-2012
0

Re: Could We Get Approved?

Im new to this so can you please tell me what is a PFD/GW?

New Contributor
zan987
Posts: 55
Registered: ‎09-27-2011
0

Re: Could We Get Approved?

PFD = Pay for Delete; It pretty much means  that you agree to pay the entire debt  if they promise to remove it from your report.

 

GW= Good Will letter;  You are requesting a creditor to remove a late payment because you've been a good customer. Sometimes if you can plead your case that you were a good and loyal customer prior to a unfortunate circumstance, the creditor may remove late payments out of the goodness of their hearts.

 

There are templates and discussions on the site that will show you how to draft these letters.

 

Below is a link to some common abbreviations you will see used on the site.

http://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/td-p/88458

 

Good Luck!!

Established Contributor
Cadillac-XTS
Posts: 1,837
Registered: ‎08-20-2012
0

Re: Could We Get Approved?

Thanks for the enlightment.


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+
}