Do I Have Any Chance at Getting A Loan?

[Anonymous]

Here's the situation: high credit card debt: $75K, 99% utilization.

Credit Scores: Equifax 699, Experian 709, TransU 708

$80K/Yr income verifiable w/paystubs, 25K from side business (verify w/ Tax return), 10K unverifiable

Never late on anything over 25 year credit history, including 3 auto loans.

[dvilc001]

Your credit scores are good, but your DTI is high...they may give u problems based on that....

[dvilc001]

Try bringing down the CC's, your scores will increase, and you can qualify for way better rates

[p-]

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@Anonymous wrote:

Here's the situation: high credit card debt: $75K, 99% utilization.

Credit Scores: Equifax 699, Experian 709, TransU 708

$80K/Yr income verifiable w/paystubs, 25K from side business (verify w/ Tax return), 10K unverifiable

Never late on anything over 25 year credit history, including 3 auto loans.

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This advice may be unwelcome, but here it comes anyway:

Wait.  Don't finance a car yet, get by however you need to and use the payment money to pay down your credit cards.  Running everything so close to the line is just asking for disaster, not to mention what you must be paying in interest.

[Anonymous]

You are absolutely correct.  Unfortunately, my current car goes off lease in 6 weeks and must be returned. No option to extend.

[Cellice]

With 75K credit card debt you should not be buying a new car. You are putting yourself on track for financial disaster. Unless you have a huge amount of money in savings if something happened to your job (No job is secure in todays economy) You will be in a lot of trouble. Your minimum payments on that amount of debt alone is extreme.

Did you remodel your house on credit cards?

[Anonymous]

No. it was mostly business expenses. I have a client that owes me more than that amount and is working out a payment plan. In the meantime, I need a car.

[Cellice]

You will get approved because your scores are just fine. You also have decent income and if your auto history is negative free you should have a decent auto enhanced score. You might actually be able to get another lease. Since the new monthly payment will just replace your existing payment it shouldn't be a stretch for a bank to approve you. Its not likely you are adding another payment without removing one first.

[Anonymous]

Thanks for the information. Is there are particular lender or bank that would be more likely to work with me?

[Cellice]

Who is your current loan with?