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Member
Llemuc
Posts: 6
Registered: ‎05-02-2013
0

Debt to Income and Credit Score

New member here hoping for some help.

 

I have a mortgage through NFCU as well as a current auto loan that was refinanced from USAA a year ago.  My Debt to Income on my CR shows as ~45%.

 

I recently attempted to get an auto loan through USAA, they said I had too high utilization, too many cards with balance, too short of credit history and too many inquiries.

EQ came back as 656 with the letter.

 

I signed up on myFICO and see that my score for TU is 690, EQ is 665.  I've just paid off 5/6 of my cards and paid down the other to 88% util from 95%.  I'm just waiting for the reports to reflect the current reality.

 

Overall utilization is 49% now, Debt to Income is 38% and credit estimator says I should see 700-740 with that.  My question is: If I hit 720+ TU/EQ and have 49% util rate will I be approved for a low rate through NFCU or USAA?

New Contributor
Project17
Posts: 137
Registered: ‎11-21-2012
0

Re: Debt to Income and Credit Score

[ Edited ]
Even if you get it lower you still have the history and inquiry issues at least with USAA.. May have better luck with Navy considering that is where your current loan is.. Depending upon what your buying you may qualify for a promo deal for a new car.
Regular Contributor
jnkp2001
Posts: 135
Registered: ‎01-04-2012
0

Re: Debt to Income and Credit Score

[ Edited ]

I have a about a 680 score with at least 30 inq., a 2 year history, a BK and I was approved for an auto loan thru USAA with a $10,000 CC.  You never really know what they'll say until you try. I can never get a handle it.    :smileyfrustrated:  Good luck!

FICO EQ: 633 8/15/12
lender pulled 11/3/12 EQ 661 TU 650 EX598
credit Karma 674 credit sesame: 663
B/K discharged 2/2006......closed 8/2012

May your limits be high and your balances low!

Established Contributor
sccredit
Posts: 815
Registered: ‎09-14-2012
0

Re: Debt to Income and Credit Score


jnkp2001 wrote:

I have a about a 680 score with at least 30 inq., a 2 year history, a BK and I was approved for an auto loan thru USAA with a $10,000 CC.  You never really know what they'll say until you try. I can never get a handle it.    :smileyfrustrated:  Good luck!


I was 729, 8 inquiries, no negs and AAoA of 4.5 years and was declined by USAA.  They are all over the place

Unsecured Credit: Amex BCP $24,900; Chase Sapphire Preferred $24,200; Discover It $12,500; Chase Ink Cash $15,000; Chase Slate $13,500; Citi TYP $12,900; Amex SPG Biz $3,000; US Bank Platinum $8,600; DCU Visa $10,000; Logix FCU $15,000; Citi Home Depot $8,800; Lowes $5,000; Care Credit $6,000; Penfed Platinum Sig $16,000; Barclay Arrival Plus WEMC $5,000; Bank of America World Points Visa $8,000; US Bank PLOC Overdraft $1,500; PenFed PLOC $5,000


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