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New Member
tjspry
Posts: 3
Registered: ‎07-28-2013
0

Likelihood of getting approved?

Hi there, first time poster, been reading the posts and thought I would get some opinions. We are in dire need of replacing my husband's car. I have recently looked at his FICO score and eq has it at 662. I know our cred uti is up, and I just paid down a cc to get the total credit utilization down to 22% which should post tomorrow. We have a good credit history with only 2 30 day late ( credit card). My questions are...
Will my husbands credit score go up, with paying down the credit card?
Is it possible to get approved for an auto loan?
And at what range of APR?
Thanks for your time and hoping for the best
Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Likelihood of getting approved?

Paying down util is one of the fastest ways to get a "bump" in your scores.  Yes, he should qualify for a loan, maybe not the best terms, but decent ones.


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+

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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!
Member
rich092201
Posts: 21
Registered: ‎07-30-2013
0

Re: Likelihood of getting approved?

Well as bad as my xredit is, i did work for a leading chevy dealership

 

What type of car or truck are you looking to purchase?

New Member
tjspry
Posts: 3
Registered: ‎07-28-2013
0

Re: Likelihood of getting approved?

we were looking at something pretty inexpensive like a kia soul

 

Member
rich092201
Posts: 21
Registered: ‎07-30-2013
0

Re: Likelihood of getting approved?

Kia is pretty good, dealerships will shop your husband with that score for the best rate. I have seen ally bank and gm financial rate a score as low 626 an A tier. 

 

Were you going to obtain your own financing before going to the dealership?

New Member
tjspry
Posts: 3
Registered: ‎07-28-2013
0

Re: Likelihood of getting approved?

hopefully, we were thinking of using nfcu, but I dont want to apply a bunch of places because I don't want to take all the hard pulls,  Doesn't NFCU do an inquiry when becoming an member as well?

 

Member
rich092201
Posts: 21
Registered: ‎07-30-2013
0

Re: Likelihood of getting approved?

Yes but you have to meet their member requirements, you will have 14-30 days from the first hard inquiry to get this done otherwise they will be all hard pulls, pulling your score down


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