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Do I qualify?

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Myscore0
Valued Member

Do I qualify?

Credit Score: EQ 664 TU 711 EX 662

AAoA: Not Sure

# of positive trade lines: 6

# of negative trade lines: 1

Income: $2000/mo

Lenght of Employment: 1 mo

Previous Loan Experience: Used car loan 7 years ago paid no lates

Debt-to-Income (DTI): 13%

Year of Car:2015

Miles:

Purchase/Refinance: Purchase

Requested loan term (XX Months): 60

Down payment amount: as little as possible

Co-borrower/Co-Signer: no

Other: I had a used car loan 7 years ago paid no lates, then fell off the credit map until about 3 months ago so besides the old car loan my credit history is pretty short. As well as my employment history, was a homemaker for 15 yrs just went back to work in late August.



Starting scores 8/21/14: TU 622 EX 641 EQ 631
Current scores 10/4/14: TU 725 EX 662 EQ 675
Goal scores: All above 700
Message 1 of 5
4 REPLIES 4
CoreyGSHS
New Contributor

Re: Do I qualify?

I'd have to say you would be just fine at qualifing for a very low APR with that history and those scores you provided. Your monthly income is great as well. However, I would wait until you have three months of paystubs so you will be able to provide them if they need to see proof of income/employment.

Message 2 of 5
fury1995
Valued Contributor

Re: Do I qualify?

I don't see any reason why you wouldn't get a car loan. You should only need your most recent two paystubs with any good prime or subvened lender if they require proof of your income (amount BEFORE tax).. Most dealers will pull Equifax (called Auto Enhanced Beacon 5.0) and possibly your TU and EX. Most National enders pulls credit from Equifax but their are a few indirect lenders that will pull Experian or Trans Union based on your zip code. Either way, you have a qualifying score. Sometimes you can get a better rate by getting the dealer to look at all three CB's and checking if you have more trade lines reporting on a report with a higher score.. if that's the case, the dealer will help push that bureau through the lender to get you better terms..


@Myscore0 wrote:

Credit Score: EQ 664 TU 711 EX 662

AAoA: Not Sure

# of positive trade lines: 6

# of negative trade lines: 1

Income: $2000/mo

Lenght of Employment: 1 mo

Previous Loan Experience: Used car loan 7 years ago paid no lates

Debt-to-Income (DTI): 13%

Year of Car:2015

Miles:

Purchase/Refinance: Purchase

Requested loan term (XX Months): 60

Down payment amount: as little as possible

Co-borrower/Co-Signer: no

Other: I had a used car loan 7 years ago paid no lates, then fell off the credit map until about 3 months ago so besides the old car loan my credit history is pretty short. As well as my employment history, was a homemaker for 15 yrs just went back to work in late August.


 

August 28, 2023 FICO 8

August 28, 2023 FICO BankCard 8

August 28, 2023 FICO Auto 8

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Message 3 of 5
Myscore0
Valued Member

Re: Do I qualify?

Thank you both for your input Smiley Happy



Starting scores 8/21/14: TU 622 EX 641 EQ 631
Current scores 10/4/14: TU 725 EX 662 EQ 675
Goal scores: All above 700
Message 4 of 5
SamsungHDTV
Established Contributor

Re: Do I qualify?


@Myscore0 wrote:

Credit Score: EQ 664 TU 711 EX 662

AAoA: Not Sure

# of positive trade lines: 6

# of negative trade lines: 1

Income: $2000/mo

Lenght of Employment: 1 mo

Previous Loan Experience: Used car loan 7 years ago paid no lates

Debt-to-Income (DTI): 13%

Year of Car:2015

Miles:

Purchase/Refinance: Purchase

Requested loan term (XX Months): 60

Down payment amount: as little as possible

Co-borrower/Co-Signer: no

Other: I had a used car loan 7 years ago paid no lates, then fell off the credit map until about 3 months ago so besides the old car loan my credit history is pretty short. As well as my employment history, was a homemaker for 15 yrs just went back to work in late August.


Yeah you should be fine as long as your new car isn't crazy expensive that would push your DTI too high

Message 5 of 5
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