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Good income, light credit history, no approvals

New Member

Good income, light credit history, no approvals

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!

10 REPLIES
Valued Contributor

Re: Good income, light credit history, no approvals

Get a cash secured loan.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
New Contributor

Re: Good income, light credit history, no approvals

I'd apply at DCU. Might be able to get 1.9 based off your credit score. 

 

A dealer should be able to finance you if you haVe some money down.  

 

 

Frequent Contributor

Re: Good income, light credit history, no approvals

Only 1 CC reporting? I'd say open up 2 more CC's and then wait 6 months to buy the car if that is an option. Should have enough TL and 'history' at that point to get whatever loan you want.



Starting Scores: myFICO EQ: 678, myFICO TU: 676, myFICO EX: 678 (01/2013)
Latest Scores: myFICO EQ: 789, myFICO TU: 782, myFICO EX: 788
My Wallet: American Express BCE, NFCU cashRewards, Capital One Quicksilver, Discover It, Chase Freedom, Chase Amazon Rewards
Gardening since 02/07/17
Regular Contributor

Re: Good income, light credit history, no approvals


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!

Age: 22 //Cards: Chase Freedom, Chase Amazon Visa, Discover IT, CreditOne, CapOne Quicksilver, CapOne Cash, Walmart, Barclaycard, Citibank BestBuy, NavyFederal Visa Signature cashRewards //AAoA: 1 Year 3 Months (but going down quickly Smiley Tongue) //CK:692, Sesame:656
New Member

Re: Good income, light credit history, no approvals

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!
Valued Contributor

Re: Good income, light credit history, no approvals


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.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Regular Contributor

Re: Good income, light credit history, no approvals

Now for the real discussion.... what car are you buying???

Age: 22 //Cards: Chase Freedom, Chase Amazon Visa, Discover IT, CreditOne, CapOne Quicksilver, CapOne Cash, Walmart, Barclaycard, Citibank BestBuy, NavyFederal Visa Signature cashRewards //AAoA: 1 Year 3 Months (but going down quickly Smiley Tongue) //CK:692, Sesame:656
New Member

Re: Good income, light credit history, no approvals

Looking at the 5-speed Honda Fit. It's replacing my Hyundai Accent. I like the flexibility of the hatchback and the Fit is huge inside.
Valued Contributor

Re: Good income, light credit history, no approvals

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.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%