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My chances of approval

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Sputney23
Valued Member

My chances of approval

I plan on applying for a car loan by the end of the week.. My scores are listed in my sig

I will be applying with both of my credit unions.. I have 2 years worth of credit history..2 capital one cards both under 30% Utl

I also plan on applying for the capital one blank check..I will also check and see what rates the dealer can come up with..

Im only asking for 16k on my card loan.. I have been on my job for almost 3 years now with an income of 45k annually

EQ 700 Trans 695 Exp 722
Message 1 of 10
9 REPLIES 9
Barris
Established Member

Re: My chances of approval

Your score looks good enough for that kind of money but what is your current adjusted DTI ratio?

 

Message 2 of 10
Sputney23
Valued Member

Re: My chances of approval

I only pay mortgage($500) and utility bills.. credit cards have 602/750 235/320.. I recently paid off my Only instalment...
EQ 700 Trans 695 Exp 722
Message 3 of 10
Sputney23
Valued Member

Re: My chances of approval

Also to my knowledge as long as I apply for a car loan in about a months period of time (no matter how many)it all counts as one inquiry correct?
EQ 700 Trans 695 Exp 722
Message 4 of 10
6speed
Valued Member

Re: My chances of approval

That's the myth, however I've been whacked with multiple hard pulls before, so YMMV.

 

As for your approval chances, I'd say you're 100%. Go to a larger dealer if possible (they often have lower standards because of their sales volume). Will you be putting money down? That can seriously affect your rate. I was approved for a horrific rate with $0 down, but much lower with only $1250 down - and my scores are WELL below yours. Let us know how it goes! GL.

Message 5 of 10
Sputney23
Valued Member

Re: My chances of approval

I really don't have much to put down at the moment.. I recently moved into my house.. I do however plan on paying more than my actual car payment..
EQ 700 Trans 695 Exp 722
Message 6 of 10
Sputney23
Valued Member

Re: My chances of approval

DENIED my capital one Smiley Sad
EQ 700 Trans 695 Exp 722
Message 7 of 10
Sputney23
Valued Member

Re: My chances of approval

Went to my credit union today.. since I have only 2 years of credit history they would have to have the admin office look it over..

my debt to income ratio is good.. Mt Transunion credit score pulled was 721..The loan officer said she didn't see any reason why I wouldn't be approved.. Gave me a 5.5 interest rate..Waiting on the call to see what happens.. Wish me luck!

EQ 700 Trans 695 Exp 722
Message 8 of 10
indecison
Regular Contributor

Re: My chances of approval

Good luck!

Message 9 of 10
Sputney23
Valued Member

Re: My chances of approval

Well.. I was approved! Gonna see what the dealer can do for me tomorrow

EQ 700 Trans 695 Exp 722
Message 10 of 10
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