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New Member
ccoke04
Posts: 4
Registered: ‎09-22-2012

Do I have a chance?

-Credit Score (FICO): 572

-Price of vehicle: $28.5k

-Downpayment: Approx. $4-5k

-Annual Income: $48k

-No other bills/expenses, although $25k in deferred student loans

-Member of a credit union.

 

Any input would be greatly appreciated. Thanks in advance :smileyhappy:

Valued Contributor
creditnocash
Posts: 2,172
Registered: ‎07-23-2012

Re: Do I have a chance?

do you have any other cards that are effecting util. 

with a 572 its kind of rough. 

what cu are you a part of? 

ask them if you put down 4-5k what rate they would offer you? 

 

Current: EQ 735 Discover 9/5/13 Walmart TU 730 EX FICO 726 Amex Pull(1/1/13)

Starting total revolving credit: $2600 | Current total revolving credit: 31k+

Inquiries (24 Months): EQ 8 TU 5 EX 5 | Most Recent: 09/04/2013
2 Inquiries in The Last 12 Months


2014 Goals:
Lower Utility

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
New Member
ccoke04
Posts: 4
Registered: ‎09-22-2012

Re: Do I have a chance?

Thanks for the reply.

 

I'm with Coastal Federal Credit Union here in North Carolina. I also have a secured credit card with them that I've had for 5 months. Should I bring a copy of my credit report with me to a branch and have them look it over before I apply?

 

Moderator
Shogun
Posts: 12,875
Registered: ‎04-15-2011

Re: Do I have a chance?

Have you tried to clean up your credit?  A few points in your score could help a lot.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
New Member
ccoke04
Posts: 4
Registered: ‎09-22-2012

Re: Do I have a chance?

I have, I paid off three collection accounts in June although they all turned down my GW letters. Are there any lenders that would approve me other than Santander? I wouldn't particulary mind a higher apr as I would eventually refinance. 

Moderator
Shogun
Posts: 12,875
Registered: ‎04-15-2011

Re: Do I have a chance?

I would try your CU first.  They seem to be more lenient.

 


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
New Visitor
duckling5540
Posts: 1
Registered: ‎10-01-2012

Re: Do I have a chance?

I would just go with Santander, thats probably your only shot.

Established Contributor
sccredit
Posts: 770
Registered: ‎09-14-2012

Re: Do I have a chance?


duckling5540 wrote:

I would just go with Santander, thats probably your only shot.


Santander is a last resort, not a first try.

 

There was a time I had scores in the mid to high 500's and had a loan from Wells Fargo Dealer Services at 10% and Ally at 10%.  Only go to Santander if you absolutely have to.

Mortgage $299k/$310k
Autos Loans $49.5k/$60k
Unsecured Lines $157.2k

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DCU FICO 718


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