I need advice for first time buyers!!!

Anonymous · ‎10-09-2015

I've been doing a great amount of research on the best way to finance a used vehicle ( preferable a Honda Accord). On my credit report I have student loans totaling up to 9,000, a old navy store card that closed but payed as agreed ( missed two payments before it was closed), and a Capitol one credit card that has a low balance. I applied to a credit union that I do banking with but the said I need a co signer which I don't have. I also applied to capital one auto since they kept sending me letters (still processing) and Honda financial( still processing). My credit scores are between 674-751. I don't what to do or where else to apply, am I considered a bad credit candidate? shoukd I apply on the dealerships website as well? I really wish I could get approved by a lender ahead of time so I don't have to deal with the dealership hassle. Any advice would be great!!!

Anonymous · ‎10-09-2015

Update- denied credit through Honda financing too

Anonymous · ‎10-09-2015

Do you have any revolving credit cards with balances reporting? How old is your credit history? Are the revolving accounts listed in your credit reports yours or are you an authorized user? Do you have anything negative reporting in your credit reports? Do you have lot of credit inquiries? How long have you been at your current job? Does your income suffice the amount of credit you are seeking? We need to know those things to offer you advice.

Anonymous · ‎10-09-2015

I have one with capital one of a 500 limit and my balance is 90...my credit history is about 3 years old...the only thing negative reporting would be the old navy card that I paid off in feb and I never had any inquiries until now since I'm looking for a loan. I've been at my current job for almost two years and I make about 1500-2000 a month while attending school.

EddieK · ‎10-09-2015

Is this your first auto loan? Are the scores you listed from here?

Starting Scores:
1/19/14:
1/28/14:
2/12/14:
Current Scores:
7/10/19:
12/17/16:
9/05/17:

Anonymous · ‎10-09-2015

Yes it would be my first and yes the scores are from here plus I have my scores from the each of the bureaus separately and their about the same.

EddieK · ‎10-09-2015

@Anonymous wrote:
Yes it would be my first and yes the scores are from here plus I have my scores from the each of the bureaus separately and their about the same.

Your scores and income are not the issue, it being your first auto loan probably is. I'd first try DCU. If not approved, your best bet might be getting financed at the dealership under a 1st time buyer's program. I wouldn't do anymore apps online as a dealership has more avenues to get you approved, which I think you will be.

Starting Scores:
1/19/14:
1/28/14:
2/12/14:
Current Scores:
7/10/19:
12/17/16:
9/05/17:

Anonymous · ‎10-09-2015

What is the reason Capital One hasn't responded? I was approved with them with a lower score than yours, so I don't think that it should be a problem. My app was on hold because my pay stub didn't have all the company info they needed, so I just sent them a copy of my whole check, and was approved instantly.

Anonymous · ‎10-10-2015

I'll try my luck with DCU and then the dealerships...

Anonymous · ‎10-10-2015

I'm not sure but they said they'll send a letter in the mail stating why.