New Contributor
Posts: 70
Registered: ‎11-05-2011

I can't believe they approved me!

[ Edited ]

I'll apologize in advance... this is a bit of a brag post :smileywink:.  


My wife and I had our first child just a little over a week ago.  We had been talking about buying a small SUV/Crossover type vehicle as we both currently drive Honda Civic 2 door coupes.  After a week of trying to lug a carseat in and out, plus fit the stroller and all the baby stuff, I was pretty fed up.  


I called my CU and applied for an auto loan.  They called me back and said that they could not approve me because of "excessive obligations" and "recent delinquency."  I explained the baddies on my report and they said to call back when those were cleared up and they would reevaluate.  


As for the baddies/credit history - I joined these forums about a year ago.  My credit score was a 560.  I had a handful of collections, medical collection, excessive lates on my SL's, defaulted on a few other student loans.  I did lots of work, got quite a few deletes, did a few PFD, and worked on rehabing my SL's (which I learned about on these forums!  THANK YOU!).  I even opened up to secured CC's and was approved for an unsecured $500 limit.  Things started to go up, then they dropped down to 530 and I've been building back up since.  


I spoke to a family member about the denial and she offered to cosign.  We were scheduled to go out the following weekend to "seal the deal."  I decided to go out and look at some cars this past weekend and fell in love with the CR-V.  I found a 2012 Honda CR-V EX and it had the space we needed plus a few extra perks that I wanted.  Since I had already had my CU pull my credit, I knew it wouldn't hurt me to have Honda pull it and see what they could do for me.  I told Honda the payment amount I was looking for and that I didn't want an outrageous APR as I could just come back the next weekend with a highly qualified cosigner and get something better.


They ran the numbers, came back, told me the payments, terms, APR, etc., and to my surprise they somehow qualified me for 4.49% with American Honda Finance.  My Equifax score is a 578 and my Auto Enhanced score is a 601.  I'm completely baffled.  I was able to get the car I wanted ( I would have been happy with the lower LX model, but they lowered the price to make it work), a car payment $5 below my max (hahha.. not much, but it's something), and the APR of someone with far better credit.


2012 Honda CR-V(not my actual car)


 Edit:  Double posted image.


Starting Score: 560 on 11/1/11
Current Score: 578 on 10/04/12
Goal Score: 650 for starters

Take the FICO Fitness Challenge
Established Contributor
Posts: 1,837
Registered: ‎08-20-2012

Re: I can't believe they approved me!


Established Contributor
Posts: 587
Registered: ‎09-12-2011

Re: I can't believe they approved me!

Congratulations!  That is a very nice ride, and at a great interest rate, too!  When I was car-shopping, the CR-V was on my list to look at.  I used to be partial to Toyotas, but I much prefer the look of the CR-V over the Rav4.



FICOs: TU08 841 6/3/14 per Wally; TU98 800 4/8/14; EQ04 769 6/8/14; EQ08 810 6/10/14; EX 805 6/12/14 per MyFICO

My Wallet: Amex Gold NPSL; Amex Optima Platinum $25K; Amex Costco TE $15K; Amex BCE $12K; BofA Visa $10.1K; Cap1 Quicksilver Visa Sig $10K; CSP $28.2K; Chase Freedom MC $7.5K; Citi Simplicity Visa $15.1K; Discover IT $22.5K; Sallie Mae WMC $12.5K; US Bank Cash+ Visa Sig $20K; Walmart Discover $10K; Wells Fargo Rewards Visa Sig $14K
New Member
Posts: 6
Registered: ‎08-19-2012

Re: I can't believe they approved me!

Congrats! I like. So did you actually end up needing to use your co-signor??

Starting Score; (9/2012) EQ 525 \ TU 508 EX 498
Current Score; (10/2012) EQ 627 \ TU 577 EX ?
Goal Score; 700 Club :smileywink:
New Contributor
Posts: 70
Registered: ‎11-05-2011

Re: I can't believe they approved me!

No co-sign required! All on my own. I still can't get over the APR.

Starting Score: 560 on 11/1/11
Current Score: 578 on 10/04/12
Goal Score: 650 for starters

Take the FICO Fitness Challenge
Valued Contributor
Posts: 1,401
Registered: ‎08-30-2012

Re: I can't believe they approved me!


Starting Score: EQ 511 TU 552 EX 545 8/29/2012
Current Score: TU 705|EQ 690|EXP 698 (FICO)
What's in my wallet? Cap1 PLAT AU $1.25k; Cap1 Cash AU $2k; NFCU Siggy $23k; $4k WalMart DC; CFNA Firestone $2.2k; Amazon $1.5k; NFCU Cash Rewards $22K; AMEX BCE $6k; NavCheck $15k; Lowe's $10k; Citi DP $6.3k; AMEX ED $8.5k
Goal Score: 700 across the board.
Take the FICO Fitness Challenge
My Journey
Posts: 12,875
Registered: ‎04-15-2011

Re: I can't believe they approved me!

Nice purchase, great rate.   Congrats!

Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Regular Contributor
Posts: 106
Registered: ‎07-26-2012

Re: I can't believe they approved me!

Congrats on the vehicle and the rate.

Posts: 76
Registered: ‎02-14-2011

Re: I can't believe they approved me!

Congrats! We're twins cause I just a loan as well and am getting the CRV EX-L! Love the car and can't wait to pick up this friday!

Valued Contributor
Posts: 1,142
Registered: ‎09-01-2011

Re: I can't believe they approved me!

Congratulations!!!   Maybe it was your HUGE down payment, or, your large annual income that sealed the deal? 


Whatever made Honda approve you -- you have received a great blessing for you and your family! :smileyhappy:

Husband's Current Score: EX 691 CUSC; EQ 694; TU 687; Mine: EX 773 (AMEX); EQ 720; TU 750
Wallet Contents: SECURED: Capital One Platinum Mastercard, US Bank Harley Davidson Visa, USAA Bank American Express;
UNSECURED: Chase Freedom; USAA Cash Rewards World Mastercard, Discover More, CUSC Platinum Rewards Visa, American Express Zinc, American Express Blue Cash Preferred, Amazon Card, Walmart Discover Card

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+