Credit Cards Center Credit cards from our partners
Reply
Member
Posts: 5
Registered: ‎07-27-2009
0

Looking to get approved from a lender

Hey; I currently have a EQ of 575, but  I am having trouble getting financed through any lender. I ran my credit recently, and I have 26 late payments in the last 5 years. Wells Fargo Finanical said that was the reason they could not approve me. My son has two cars in his name, one that I am driving. The car I am driving I am trying to get that car out of his name.

 

Does anyone know lenders that can probably approve me with so many late payments?

 

Thanks

Valued Contributor
Posts: 1,320
Registered: ‎04-18-2009
0

Re: Looking to get approved from a lender

I think Ford Motor Credit is pretty EASY

Starting Score: 682 EQ, 663 TU
Current Score: 687 EQ - 705 TU on 7/18/10
Goal Score: 700 + both EQ and TU


Take the FICO Fitness Challenge
Regular Contributor
Posts: 185
Registered: ‎07-26-2009
0

Re: Looking to get approved from a lender

I would try Capital One, Americredit, Roadloans...those three seem to be somewhat easier than most banks to approve loans.
Highlighted
New Member
Posts: 9
Registered: ‎01-27-2009
0

Re: Looking to get approved from a lender

To bruin21

My advice to you is fivefold. 

1)  Today, start looking for a credit union in your local area that you can join then join it.  If you don’t know which one you can join, look up the Credit Union League in your state, call them, they will help you find one.

2)  Stop worrying about getting a car at this point, unless you can pay cash for one.  Use your son's car for the time being...he is your kid, he probably owes you for some of the things he did when he was a kid anyway.  (I am sure he owes you for the things you don't know what he did) 

3) Quit looking at these banks, they will suck you in deeper and make it very difficult to get out of their hole.

4)  Start working on improving your credit situation.  Review the how credit is scored on this web site.  It is the best source of credit information you can find and the price is right…it is free.  Then implement a plan that will insure you will never be late on a payment again…ever.  Open no new credit in the next 3 – 5 years; close no old credit accounts in the next 3 – 5 years unless you start to get charged for them for being dormant in the future.  If you have credit cards…pay them off.  Start paying cash for everything.

5)  Start saving $$ to put down on a car…hopefully you can pay cash and not worry about borrowing money.  (This should be your long term goal (over the next 5 – 10 years)

Good luck!

Member
Posts: 5
Registered: ‎07-27-2009
0

Re: Looking to get approved from a lender

Thanks for the advice everyone. Does anyone know any good banks that does private auto loans with my situation?
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.