Just my opinion OP, u said you make 6 figure how come you don't try to save some $$ per month to buy the car right out instead of getting financing? Just wondering
umm i dont know if this will help but i have less than perfect credit and i got financed with Honda just recently actually two cars one Financed and the Other Leased and my credit sucks bad.... if you can see below.... I co-signed for my mom and then my mom co-signed for me but i make more than my mother at the moment so income was solely based off me and i make a little under 32k a year... not the mention the lease was for a 2005 hond accord trade which was with Santander they paid it off but only gave me 10k for it and leased me a 2013 Honda Accord Coupe ... not the mention they didnt give me the value of the car and my payoff was way greater by about 3.5k and i did a down payment of 1.2k and my mother only did 600 and left with a used Financed 2011 Honda Accord Sedan ......her payments are 404 and mine are 656 sadly but i plan on trying to finance soon and stretch those out because they came up with cant generate for me with Auto FICO score..
@shaun2009 wrote:umm i dont know if this will help but i have less than perfect credit and i got financed with Honda just recently actually two cars one Financed and the Other Leased and my credit sucks bad.... if you can see below.... I co-signed for my mom and then my mom co-signed for me but i make more than my mother at the moment so income was solely based off me and i make a little under 32k a year... not the mention the lease was for a 2005 hond accord trade which was with Santander they paid it off but only gave me 10k for it and leased me a 2013 Honda Accord Coupe ... not the mention they didnt give me the value of the car and my payoff was way greater by about 3.5k and i did a down payment of 1.2k and my mother only did 600 and left with a used Financed 2011 Honda Accord Sedan ......her payments are 404 and mine are 656 sadly but i plan on trying to finance soon and stretch those out because they came up with cant generate for me with Auto FICO score..
So you have over $1000 of car payments on your reports and an annual income of $32k? So your DTI from the auto loans alone is around 40%?
@Dustink wrote:
@shaun2009 wrote:umm i dont know if this will help but i have less than perfect credit and i got financed with Honda just recently actually two cars one Financed and the Other Leased and my credit sucks bad.... if you can see below.... I co-signed for my mom and then my mom co-signed for me but i make more than my mother at the moment so income was solely based off me and i make a little under 32k a year... not the mention the lease was for a 2005 hond accord trade which was with Santander they paid it off but only gave me 10k for it and leased me a 2013 Honda Accord Coupe ... not the mention they didnt give me the value of the car and my payoff was way greater by about 3.5k and i did a down payment of 1.2k and my mother only did 600 and left with a used Financed 2011 Honda Accord Sedan ......her payments are 404 and mine are 656 sadly but i plan on trying to finance soon and stretch those out because they came up with cant generate for me with Auto FICO score..
So you have over $1000 of car payments on your reports and an annual income of $32k? So your DTI from the auto loans alone is around 40%?
Well yea but one car isnt even mine its just co-signed my mom pays her it sounded like a good addition to my report... for reporting purposes i did not think of the DTI part .... but yea its not so bad i make my payments fine and she makes her well she actually doubles hers and the Leased Coupe doesnt show on my report and its been over a month so cheers to that so i guess the DTI is right but wrong makes me wonder if lease cars report...
In the long run it should be a good addition to your credit report. In the short term just hope you have no additional needs for credit because you DTI will now stop you.
well i would like to get maybe 3 unsecured cards in the future preferably 6 months from now that shouldnt hold me too back will it since im managing 3 now...
As long as your utilization is kept low, the high DTI shouldn't hurt the credit cards too bad.