@Dj4Money wrote:
@TRC_WA wrote:
@Dj4Money wrote:As some of you may know I've been looking to trade-in my six month old Hyundai Accent. My pulled score (FICO Experian Auto 8) is now 649. It will go back up once new credit card balances are reported, right now it's 96%, it will be down to 8-9% by the middle of the month.
I still have one charge-off ($434), one open collection ($407) and a repo (that isn't true but whatever) from 2009. I also have some school loan lates from 2009; but nobody has mentioned that being a problem. One dealer in particular believed that the repo was serious despite it being almost seven years ago and had me write a note to the underwriter explaining what happen. I didn't even have to do this when I bought the Hyundai, I find this bizarre and possibly racial motivated.
I based that on some recent articles and also on Honda's recent fine of $25 Million for predatory lending practices on women and minorities.
Will having a 670 Fico (660 Fico Auto 8) matter more in credit decisions than old negative information? Experian will get there first, I don't know whats holding back TU and EQ, there's less information on there, especially EQ but lower scores
Interesting... I'm gonna go out on a limb and say that a lender requesting information regarding an auto repo is standard practice for someone with a previous auto repo who is looking to finance an auto.
(Mod Cut)
Regarding your question.. credit decisions are based on more than just scores. I've seen 665 scores get approved... and 800 scores need to recon for the same credit card. Your past negatives can most definitely lead to denials.
(Mod Cut-Sarcastic reply) BLOCKED.
Oh no.
I still stand by what I said... you had an auto repo and should expect questions from lenders who you expect to loan you money to buy another auto.
A repo looks pretty bad and just because one lender overlooked it doesn't mean another one will. The fact you don't agree with a lender bringing up issues with your credit prior to loaning you money doesn't mean it's racially motivated either.
