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Member
carmenah
Posts: 8
Registered: ‎03-04-2008
0

Hope for those with Terrible Credit, Open Tax Liens - APPROVED!

So, I have been reading these forums for quite some time and I have used several tips from those smarter than I - particularly:

 

  • Lower utilization to 10% or less
  • On time payments
  • Paying before statement date
  • Right/wrong way to dispute errors

These tips, along with others have helped me get an auto loan approval from Capital One - online via Blank Check - before I went to the dealership.

 

Because of open tax liens - yes, more than one, more than 5 years old - all being paid/included in divorce, etc. Bankruptcy in 2005 - 8 years old.

 

Since 2009, I have made 100% on-time payments, have paid all charge offs (all are old from 2008/9) and managed my utilitization well.  My income is more than 80K.  My DTI is around 20%. One lien, that I thought was handled was  just put on my report in February 2013 - so that is really impacting my score.  My scores did take a dip and are all down between 630-600 depending on which bureau, all from myFICO.

 

I was approved online for up to 30K. Interest rate is disgusting, but I have been saving and my State Farm agent has already said I can refi after 6 months of on-time payment.  

 

I just wanted to offer some "hope" for those in a terrible situation if they NEED a car and can afford it. I know that if I keep up my good payments and as the liens and fall off (IRS will remove the liens after I make a certain amount of payments) and I know my scores will rise. It's my mission to stay on track and I will.  I will post under the approvals thread as well.

 

Regular Contributor
ReaLiLJ
Posts: 143
Registered: ‎09-17-2012
0

Re: Hope for those with Terrible Credit, Open Tax Liens - APPROVED!

[ Edited ]

carmenah wrote:

So, I have been reading these forums for quite some time and I have used several tips from those smarter than I - particularly:

 

  • Lower utilization to 10% or less
  • On time payments
  • Paying before statement date
  • Right/wrong way to dispute errors

These tips, along with others have helped me get an auto loan approval from Capital One - online via Blank Check - before I went to the dealership.

 

Because of open tax liens - yes, more than one, more than 5 years old - all being paid/included in divorce, etc. Bankruptcy in 2005 - 8 years old.

 

Since 2009, I have made 100% on-time payments, have paid all charge offs (all are old from 2008/9) and managed my utilitization well.  My income is more than 80K.  My DTI is around 20%. One lien, that I thought was handled was  just put on my report in February 2013 - so that is really impacting my score.  My scores did take a dip and are all down between 630-600 depending on which bureau, all from myFICO.

 

I was approved online for up to 30K. Interest rate is disgusting, but I have been saving and my State Farm agent has already said I can refi after 6 months of on-time payment.  

 

I just wanted to offer some "hope" for those in a terrible situation if they NEED a car and can afford it. I know that if I keep up my good payments and as the liens and fall off (IRS will remove the liens after I make a certain amount of payments) and I know my scores will rise. It's my mission to stay on track and I will.  I will post under the approvals thread as well.

 
  +1


I know others will +1 this as well, as it is great encouragement to others, especially my mom, who will currently be going through what your going through! A little less vulgar, but right in the same ball park! Here's the quicklink to save you sometime btw: ( http://ficoforums.myfico.com/t5/Auto-Loans/Auto-Loan-Approvals/td-p/252350 )

20 Years & 1 Month Young; Total Income: $53k (Credit History): 1.9 years AAOA: 1.0 years
Fico Scores: Exp: 725 (12/4) EQ: 703 (11/13) TU: 736 (12/6) Total Credit Available: 89k
Wallet: AmEx Plat- NPSL | AmEx BCP $10.5K | BestBuy SC $10k | Duck Card $8k | BoFA CR Plat Plus Sig. $5k | Discover IT $6k | Chase Freedom Sig. $7k | CSP Sig. $5k | USBank Cash+ Sig. $5k | Barclays R MC $5k | Chevron Visa $5k | BR Visa $5k | Walmart Discover $4k | DCU Plat Visa $3k | QuickSilver CR $3k | Macy's Store CC/Macy's Amex $2.5k/$3k | BML $1.2k | Citi Divi Plat Visa $500
Open Loans: Sallie Mae SL: ($5.6k) (Def.) Car Loan (Red Devil FR-S): $20k/33k Remaining -Will Pay Off in 2yrs. Advice Welcomed!
Established Member
PBAJ
Posts: 23
Registered: ‎06-04-2013
0

Re: Hope for those with Terrible Credit, Open Tax Liens - APPROVED!

Congrats! Imagine its hard to get back on track from all of that!


Starting Score: 574
Current Score: EX 656 TU 679 Vantage 706
Goal Score: 750


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