I was denied by two CU for an auto loan on 2/16 and 2/18 seven weeks ago and in that time, discovered this site, had 2 negative TL's deleted from my reports (including a CMI collection using PFD) and got my utilization down to 46% (according to Equifax and TU) and 24% (according to Experian, they aren't reporting my student loans or something)!
My Walmart Fico went from 664 to 666 which made me think I'd get approved so I was shocked when I didn't. Even though it went down to 656 after those denials, I continued to chip away at more debt, joined USAA Credit Monitoring and waited until my last big payment posted and then applied for an auto loan with Capital One Blank Check on 4/4. My Experian USAA credit score (even though I know it's not FICO) went from 604 on 3/5/12 and now reports 679 today!
I was shocked when not only did Capital One approve me, but I got LOW interests rates. 2.82% for a 2012, 3.67% for a 2011, 4.03% for a 2009-2010 and 5.28% for 2006-2008. My packet just arrived in the mail and I'm going to a dealership to buy a car tomorrow!
The only thing I'm disappointed about is the insurance rates I'm being quoted. Can't find anything under $235/mo with $500 deductibles in LA County. Arghh! And this is for a 2010 Mazda3 I'm looking at. But wish me luck for tomorrow. Plan to pay no more than Edmunds TMV for whatever I do decide on.
Thank you to everyone who ever helped me with a question. I've learned so much and plan to never go back to where I was bad credit wise again. Goodbye 20's! lol
Starting Score: Walmart myfico 664 TU Lender Pull 690 EQ Lender Pull 669
Using Blank Check was easy. Preventing the dealers from still trying to trick me into filling out a credit application was annoying and frustraitng as hell! Once they realized they weren't getting a social security number, or a signature out of me on anything that said the words Finance or Credit they moved me onto the Finance guy. Had to get him not to try and put finance numbers such as 20% interest rate, monthly payments, etc on the Retail Installment Sale Contract and try and say it was just for the bank so they could have something in case the check 'fell through'. Had to call Cap One and put them on speaker to make them realize I wasn't signing anything that didn't have N/A in all of those boxes.
Turns out the four things I was mentioning as far as my driving history on the online quotes, two of them didn't show up on my DMV report when he did a double check and pulled my info, so the $233 quote for the 2009 Toyota Corolla LE went down to $154/mo. So glad I contested it and had them double check when I called!
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