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Valued Member
Sputney23
Posts: 44
Registered: ‎08-13-2012
0

My chances of approval

[ Edited ]

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
Established Member
Barris
Posts: 113
Registered: ‎12-04-2012
0

Re: My chances of approval

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

 

Valued Member
Sputney23
Posts: 44
Registered: ‎08-13-2012
0

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
Valued Member
Sputney23
Posts: 44
Registered: ‎08-13-2012
0

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
Established Member
6speed
Posts: 26
Registered: ‎02-23-2013
0

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.

Hereby sentenced to no fewer than 12 months in a maximum security Garden for my crimes against my FICO. (10/11/13)

Starting Score: 475 (2/11/13)
Current Score: 624 (12/24/13)
Goal Score: 650, for now
Valued Member
Sputney23
Posts: 44
Registered: ‎08-13-2012
0

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
Valued Member
Sputney23
Posts: 44
Registered: ‎08-13-2012
0

Re: My chances of approval

DENIED my capital one :smileysad:
EQ 700 Trans 695 Exp 722
Valued Member
Sputney23
Posts: 44
Registered: ‎08-13-2012
0

Re: My chances of approval

[ Edited ]

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
Regular Contributor
indecison
Posts: 226
Registered: ‎05-24-2012
0

Re: My chances of approval

Good luck!

Valued Member
Sputney23
Posts: 44
Registered: ‎08-13-2012
0

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

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