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Established Member
LMBray09
Posts: 19
Registered: ‎02-02-2013

Military, DTI and Auto Loan

I keep hearing about Debt to Income ratio and how it affects auto loan chances. Of course I know score does too but my concern is more DTI for this specific question.

 

How exactly does DTI work?

 

We live in military housing that takes all of BAH. Does that count towards it? We have no credit debt, a 13k truck loan with a $240 payment at 72 months. (I can pay this off anytime). Other than that..no other debt. Groceries, cable/internet, car insurance, etc are our only payments. 

 

I ask because I wanted a 30K auto loan and at the time USAA wouldnt budge from 25k due to credit balances too high. Well I paid them off and now just waiting for them to show up on my report before I go and apply again for an auto loan. Any chance that I could get one? Or would DTI still be too much because of BAH Base housing rent?

 

if it helps, husband is an E5, we live in San Diego and not only does he get his base pay and BAS but he gets a little over 1K for special pays. I was trying to do a DTI calculator and with full BAH rent and then the one car payment..it looks like our DTI is high when really we have more than enough to pay for a second car payment.

 

Oh and our bank is USAA but signed up just the other day with NFCU.

 

Thanks for your advice!

Starting Score: FICO EQ 663 (02/04/13)
Current Score: FICO EQ 687
Goal Score: FICO EQ 700 (March 2013)
Established Contributor
TrishN
Posts: 505
Registered: ‎11-05-2012

Re: Military, DTI and Auto Loan

[ Edited ]

its hard to say, but how much your combined income. your fico score from here. USAA pull EQ for auto loan and credit card . Then your Credit look like? CA?  AAOA?

we're financed with USAA 3 cars my income are 75K for year. my wife 65K for year. my EQ score 62x then 64x then 66x. my wife always 700S+. They approved 3 auto loan for 120K . i have 2 CO ( 0 balance) and 1 medical unpaid Medical CA . my wife clean CR,i guess you have to list your credit picture for us to help you which 1 you need to get it done for them to approval you

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013
Established Member
LMBray09
Posts: 19
Registered: ‎02-02-2013

Re: Military, DTI and Auto Loan

Thanks for your reply!

 

I'm a stay at home wife and mother so I don't have an income. Fico EQ is 663 as of feb 4th and has not updated yet. All my cards are paid off but am still waiting on the report to show it. I'm not quite sure what my husband is but I know he is higher than me. If I could guess I would say closer to 700's. We'll pull his score soon. Husband has a clean credit report but I have 2 old negatives due to 30 day lates. It's been 4 years since then. I think the report that hasn't updated yet shows my only negatives are those old lates, high credit balances and short credit history. I've only had my cards for less than 6 years. My oldest card opened in May of 2007 and newest Oct 2012. I think it says average age is 2 1/2 or something.

 

I think I'm confusing myself now lol this is all so confusing. But I am glad I found this site and I really want to get the best score possible!

Starting Score: FICO EQ 663 (02/04/13)
Current Score: FICO EQ 687
Goal Score: FICO EQ 700 (March 2013)
Established Contributor
TrishN
Posts: 505
Registered: ‎11-05-2012

Re: Military, DTI and Auto Loan

i sent you PM. check it

10/2012 Started with 588 EQ Fico score and 20+ CA and CO
1750$ total CL
10/2013 in 700 Club
Personal :Total CL 196K
Business : Total CL 200K
Business LOC : 1M
Garden From 10/13/2013

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