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New Visitor
Posts: 2
Registered: ‎12-06-2013
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Help! 23yo trying to get auto loan with no luck!

HI, 

 

My fiance and i bought our home this year with a bit of difficulty due to no credit history. Since then we have both opened 1 credit card each in hopes of upping our credit scores. Mine is currently around 715 and his is about the same. I had recently applied for a secondary card simply due to the holidays, but it was decliend with the reasoning of not having enough history. 

 

I am hoping to also purchase a new car after the first of the year, but i am hesitant due to i was declined for a credit card. Also, wiht th new mortgage, i am unsure how easliy i could get an auto loan. The fiance is willing to co-sign on the vehicle, but i would like to avoid that if at all possible. 

 

We have never made any late payment on anything, and i always pay up to 800-1000% more than whats due on my credit cards each month. ( i.e $min payment $30 but i pay $200-$300 2x per month) . Is it simply that i do not have a lengthly credit history that i am having difficulty getting a loan? I have consulted a C.U as well, with no luck. They stated they would approve me for 4.55%APR but i would need the fiance to cosign. 

 

Please help! I am getting very frustrated. I work as a bankruptcy paralegal, and i have clients go out the day after their bankruptcy and buy brand new vehicles at somehwat decent APRs !! Grr. 

 

Any advise would be helpful!!! 

Thank you. 

 

M.R.

Valued Contributor
Posts: 1,710
Registered: ‎03-24-2013
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Re: Help! 23yo trying to get auto loan with no luck!

What is your rico score and income? and how long ago did you start your mortgage and 1st credit card?
CHASE FREEDOM | AMEX BCE | | BOFA REWARDS | CITI TYP | Quicksilver | DISCOVER IT | Sallie Mae | CHASE CSP
--------$32,000-------------$30,000-----------$30,000-----------$30,000-----$13,000---------$18,200----------$15,000---------$6,500----

FICO - TU: 780 EX: 784 EQ: 781
New Visitor
Posts: 2
Registered: ‎12-06-2013
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Re: Help! 23yo trying to get auto loan with no luck!

To be honest, im not sure. Ive been to afraid to attempt to pull a FICO or a Credit score , due to the numerous applications ive done ( 3 total in past month). I understand that numerous pulls can drop your score dramatically.

 

Mortgage was finalized in June 2013.  ( Although we were in the process since Oct. 2012, i.e credit pulls since then). First credit card opened was roughly a year ago. 

 

Income is around 25k for myself, 50k combined with fiance and myself. 

 

 

Valued Contributor
Posts: 1,710
Registered: ‎03-24-2013
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Re: Help! 23yo trying to get auto loan with no luck!

Well the good news is now you should have a rico score. you are going to have to pull that to see what your score is. It will be a soft pull and will not effect your credit. but a real rico will show were you are at. If you have been paying all your balances on time then you should have nothing to worry about, especially since you got a mortgage with no history which is amazing
CHASE FREEDOM | AMEX BCE | | BOFA REWARDS | CITI TYP | Quicksilver | DISCOVER IT | Sallie Mae | CHASE CSP
--------$32,000-------------$30,000-----------$30,000-----------$30,000-----$13,000---------$18,200----------$15,000---------$6,500----

FICO - TU: 780 EX: 784 EQ: 781
Regular Contributor
Posts: 160
Registered: ‎11-12-2013
0

Re: Help! 23yo trying to get auto loan with no luck!

I'm also 23 and just got a car loan in July with a ton of student loan debt and also limited credit history...I opened my first CC in January '13. All I can say is that I recommend joining a CU and getting the loan through them. Easier on all levels with a CU (payment, service, etc) and they provide the lowest rates. I locked in a 5 year financing at 1.9%.

 

Cheers!

FICO - TU: 806 | EQ: 775 | EX: 805

Regular Contributor
Posts: 160
Registered: ‎11-12-2013
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Re: Help! 23yo trying to get auto loan with no luck!


Luscher wrote:
Well the good news is now you should have a rico score. you are going to have to pull that to see what your score is. It will be a soft pull and will not effect your credit. but a real rico will show were you are at. If you have been paying all your balances on time then you should have nothing to worry about, especially since you got a mortgage with no history which is amazing

Is buying a real fico score, say through myfico, a soft pull? I would hate to have a HP on all three bureaus from myself just checking my score.

FICO - TU: 806 | EQ: 775 | EX: 805

Valued Contributor
Posts: 1,710
Registered: ‎03-24-2013
0

Re: Help! 23yo trying to get auto loan with no luck!

and credit check you initiate yourself is a soft pull.

btw I leased a car when i was 18 with no credit and little income, i was co-signed by somebody who had awful credit and we still got the car, its pretty difficult not to get an auto loan these days.
CHASE FREEDOM | AMEX BCE | | BOFA REWARDS | CITI TYP | Quicksilver | DISCOVER IT | Sallie Mae | CHASE CSP
--------$32,000-------------$30,000-----------$30,000-----------$30,000-----$13,000---------$18,200----------$15,000---------$6,500----

FICO - TU: 780 EX: 784 EQ: 781
Valued Contributor
Posts: 1,710
Registered: ‎03-24-2013
0

Re: Help! 23yo trying to get auto loan with no luck!

btw, the only real fico score you can buy is through this site. Some credit card issuers offer free fico scores in your statement each month also
CHASE FREEDOM | AMEX BCE | | BOFA REWARDS | CITI TYP | Quicksilver | DISCOVER IT | Sallie Mae | CHASE CSP
--------$32,000-------------$30,000-----------$30,000-----------$30,000-----$13,000---------$18,200----------$15,000---------$6,500----

FICO - TU: 780 EX: 784 EQ: 781
Regular Contributor
Posts: 160
Registered: ‎11-12-2013
0

Re: Help! 23yo trying to get auto loan with no luck!


Luscher wrote:
btw, the only real fico score you can buy is through this site. Some credit card issuers offer free fico scores in your statement each month also

Thanks for the update about SP for when you order a fico score on yourself! Also, I do get my TU score through Barclay already. Not sure if they use the latest model or not but I assume it doesn't matter...likely close enough.

FICO - TU: 806 | EQ: 775 | EX: 805

Valued Contributor
Posts: 1,710
Registered: ‎03-24-2013
0

Re: Help! 23yo trying to get auto loan with no luck!

There is like 50 or so different variations of FICO scores that each lender or bank can use so they are a little different but for the most part are the same.
CHASE FREEDOM | AMEX BCE | | BOFA REWARDS | CITI TYP | Quicksilver | DISCOVER IT | Sallie Mae | CHASE CSP
--------$32,000-------------$30,000-----------$30,000-----------$30,000-----$13,000---------$18,200----------$15,000---------$6,500----

FICO - TU: 780 EX: 784 EQ: 781

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