I pulled my scores and.....

[tisch0791]

REALLY close to pulling the trigger on auto loan apps.  However, I just pulled mine & hubbys EXP & TU info.  Here's what I found:

My scores:  EXP 704 TU 677 EQ (On Score Watch) 665

Hubby scores: EXP 704 TU 749 EQ (On Score Watch) 699

I noticed that our mortgage hasn't reported since October.  We did a modification and had a string of bads, but have been current for Sept Oct Nov of this year.

When we app, will lenders see the new info, or just the info that is two  months old?

Also, how long does it take for a credit card to report a reduced balance?  I just made a big payment for this  month on one of my cards but it's  not reporting yet.

With the scores above, any insight on approval chances?  Thanks!

[llecs]

If your CR reflects the mortgage's entire history, then that's what they'll see. If there's no data for a given month, then the assumption is that you paid on time for that month.

Your CC only reports once per month and will most usually report the balance you had on the statement date. 

Odds...is there anything else reporting? How's DTI? Loan amount?

YMMV on approval odds.

[tisch0791]

DTI is very good.  About $9600 in overall cc debt, one mortgage payment of $1500, and one car payment of $551 are what is on our combined reports.  Drawbacks are mortgage and high util on cards.  But the balances are "old" - in otherwords it's not from frequent use, it's from past use and haven't been able to make big payments.  Chipping away a little at a time! 

Auto loan is never late, and previous auto loan that was with same credit union was paid in full in August.  Credit union that loan is with changed hands THREE times so all the changes are on the reports too.  I don't know if they are interpreted as "separate" loans or not.

The last time we applied with our credit union was before they switched to the one it is  now.  At that time we were denied due to mortgage late and high util.  However now mortgage is current and they said if we could provide a letter showing it was current they would possibly reconsider.  I don't really like this particular credit union so I'm considering using a different one, but I guess it wouldn't hurt to app with them also.

I am also thinking an app to Cap One blank check might be a good idea.  What do you think?

Income is over $100K - regular and self employed incomes.  Looking for a vehicle with a MAXIMUM price of $30K.  Probably a Nissan Maxima or Altima.

[tooleman694]

I wouldnt even sweat this, you have no problem.

[armbenderc]

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@tisch0791 wrote:

REALLY close to pulling the trigger on auto loan apps.  However, I just pulled mine & hubbys EXP & TU info.  Here's what I found:

My scores:  EXP 704 TU 677 EQ (On Score Watch) 665

Hubby scores: EXP 704 TU 749 EQ (On Score Watch) 699

I noticed that our mortgage hasn't reported since October.  We did a modification and had a string of bads, but have been current for Sept Oct Nov of this year.

When we app, will lenders see the new info, or just the info that is two  months old?

Also, how long does it take for a credit card to report a reduced balance?  I just made a big payment for this  month on one of my cards but it's  not reporting yet.

With the scores above, any insight on approval chances?  Thanks!

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Get a Corvette!

[tisch0791]

Wow sounds encouraging!  I'm just concerned because of the "red flags".  However income is good and overall cc debt isn't crazy high, but know it could be better.  Just tough  to get those balances knocked away!  The balance is spread over 6 cards.  My statement dates have passed for December and if I'm buying at the end of the month, I don't think rushing to make extra payments before then will make a difference on the credit report.

Also, for self employment income, has anyone been asked for proof?  What is needed to show this?

As for the mortgage, I guess as long as its now reporting current and I can provide a letter if needed we shouldn't have any approval problems?

What about interest rate?  Anyone had experience with this type of scenario?  We might be able to put some money down in addition to rebates (like 2500?)

Thanks again for any additional insight!

[fishbjc]

Put down a couple of thousand and their smiles will light up the room. 

[tooleman694]

With your scores, I doubt they will ask you to prove your income.

[dabrian]

Go with the Altima as long as you don't care about horsepower. Great gas mileage and fairly cheap if you get close to the standard version.