NFCU Auto Loan approval odds

[Anonymous]

Just recently joined the myfico community after lurking for awhile.

A lot of great information on here and I would like to utilize it specifically for my situation. 

I have been been a NFCU customer since about the summer of 2011. For 

as long as I've had them I have never missed a payment. The only  negative item I have with 

them is a cash rewards visa that I carried a balance over the limit and once the card expired it was closed by grantor.

I still have a balance on this account that I am currently paying off. 

Fico 8 Auto Scores: EQ 590 TU 621 EX 596

The reason for my low scores dates back to the end of 2015 where I had a 60 and 90 day late on my 2 cap1 cc's.

Another derog is a CO REPO from Feb 2016 that still has a balance of 5900. The repo was a motorcycle loan 

through Harley Davidson that was damaged in a flood and I gave up on payments. Huge mistake on my part but I'm working on correcting.

My plan right now is to aggressively pay down my revolving accounts as well as refrain from app'ing until I'm ready to apply for a new 

auto loan through NFCU. 

Review

Accounts in good standing:

Nfcu unsecured nRewards:$171/$500

NFCU Auto Loan: $3978

Zales Gen Acct: $807/$1500

NFCU Cash rewards(closed): $6536/$7500

Cap1 QS1:$0/$500

Derogs:

Cap1 Platinum: $540/$500 60 day late

Cap1 QS: $510/$500 90 day late

Harley Davidson CO (Repo): $5900

With all that out in the open I wanted to know my chances of getting another auto loan through NFCU in a year. 

I plan on paying off all of the revolving accts along with my auto loan by next July. Will this set me up for success with NFCU?

[Anonymous]

I'll also mention that I used auto navigator recently and was pre approved $30k at 13%. That rate is high and my current auto loan through NFCU Iis 6%.

[Appleman]

Hello, 13% seems like a pretty good rate considering your repo, and 60/90 day lates on some maxxed credit cards. Was your current 6% auto loan obtained prior to the negatives you shared?

All three of those items are likely to feel like a boat anchor for awhile. At this poiint try to work on utilization and getting those maxxed out cards caught up and utilization as far below 90% as you can. 

I would also recommend that you find a budget program that will help you not create new debt. Dave Ramsey works for some, I personally like YNAB (You need a budget).

I am not trying to offend you and hope that in a year you can get a better rate but right now I see that as doubtful.

Good luck!

[Anonymous]

Thanks for the response. Yes I received that rate before any of the negatives when my score was about a 670. i figured I was in a hole. So looks like I'll be paying everything off to try and offset these issues. Thanks for the reality check!