Starting Score: myFICO TU: 676, myFICO EQ: 678 (01/2013)
SimpleThings wrote:Base salary: $120k a year
FICO score of 759
Credit history of a little more than 2 years
$500 secured credit card, used lightly (used in the last week for the first time in about 9 months to pay off the annual fee)
Want to buy a $16k new car
Been at current job for 1.5 months, left voluntarily from my job of two years to start at current one (95k, previously)
No debts
Rent of $1,200 a month (lived at current address for 2 years)
No collections, never late or missed a payment on anything
Turned down by Penfed, Capital One, and BoA (my bank and provider of the card) within the last week. All for too few lines of revolving credit. I'm willing to lay down up to the purchase price as a down payment (rates are low and it would be nice to build credit).
I realize I made two errors: I should have attempted to secure a loan before leaving my last job, and I should have sought more credit. I don't live extravagantly and have never had a need for credit (even in this case, it's something that my savings could support), so it's never something I gave serious thought to.
I've applied for all the credit in the last week, so ideally I'd like to make more attempts in the coming week to have them treated as a single inquiry. I'm thinking of going to the credit union on Saturday, but given the previous results (all online), I'm slightly discouraged.
If anyone has any suggestions, I'm all ears.
Thanks!
Go to a dealership. They will spam your inquiries (will still only count as one) but you WILL get approved by someone. IMO it is better to apply for anything in person, as a computer does not take into account a persons real financial situation i.e. your lack of a need for credit is being confused with an inability to obtain it. I would also suggest after obtaining the car loan getting 2 more cards to assist in the tradeline deficit you currently have (with your income you should apply for non-secured cards and just recon if denied, cant see you being turned down by a live agent).
Good luck!
SimpleThings wrote:
Thanks everyone for all your suggestions.
DCU approved me for $25k @ 1.9 on the auto and said they would also extend a $5k card. I wouldn't have been able to find it without Robertwd82's mention.
It's not a done deal until the car is in my driveway and the dealer has accepted payment, but I feel much more confident that things will work out with me financing at a good rate.
Many thanks!
Nice, good income always helps.
Do not pay more than $1,500 under MSRP on that car. That is what the market supports, and that is what the dealer can afford.
Get in touch with multiple dealers and make them compete.
Don't let them rip you off on your trade. Find out what the trade in value is before going in there and don't let them convince you it is less.
Also, tell them that you are pre-approved for 1.9%. They are currently running a 0.9% deal on the fit, so see if they can get you into that deal.
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