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Plans to Apply for a Car Loan: Impact of Car Loan History

Regular Contributor

Plans to Apply for a Car Loan: Impact of Car Loan History

Hello,

 

I plan to apply for a car loan late this summer.  I understand previous car loan history is one important consideration.  Yes, I indeed, have a car loan, which eventually get settled - here are some pertinent details about its history:

 

Car loan account opened in 2004; closed in 2010 (balance of $2K charged off)
-- Three (3)  30-day lates in 2008
-- One 30-day & One 60-day lates in 2009
-- One 30-day; One 60-day & One 90-day late by April 2010 (Car was taken to be reposessed, but I intervened early, cured the outstanding debt and prevented the repossession; I was offered a settlement of the balance of $2K, and I accepted and paid it in August 2010).

 

The full extract of how it is currently reporting is available in the link here: https://drive.google.com/file/d/0B8Jcfdnug_WLN1ZmekNWLWQ1a00/edit?usp=sharing

 

Questions:

 

-- Even though the car was almost repossessed - they did come for the car, but I had to move quickly to get it back, hence never fuily went through the repo.  But will current car finance companies see this information?

 

-- secondly, what would be the likely/potential impact of this history on my application ?  -- Would it weigh a lot?

 

Thanks -Oy

font=times new roman,times,serif][color=#0000ff][b]Current FICO Scores (Feb 2016)[/b][/color][/font]
[size=3][font=times new roman,times,serif][b]EX FICO-8 (AMEX) = [i]647[/i][/b]
[b]TU FICO-8 (Discover) = [i]640[/i][/b]
[b]EQ FICO-5 (DCU) = [i]654[/i][/b][/font][/size]

[font=times new roman,times,serif][color=#ff0000][b]Personal Credit[/b][/color][/font]
[LIST]
[*][size=3]B[font=times new roman,times,serif]arclaysMC: $750 [size=3][font=times new roman,times,serif][size=3][font=times new roman,times,serif]Merrick Bank: $700[/font][/size][/font][/size][/font][/size][/*]
[*][size=3][font=times new roman,times,serif]CapitalOneMC: $400 [size=3][font=times new roman,times,serif][size=3][font=times new roman,times,serif]Milestone: $300[/font][/size][/font][/size] [/font][/size][/*]
[*][size=3][font=times new roman,times,serif]CapitaloneMC-Secured: $700 [size=3][font=times new roman,times,serif][size=3][font=times new roman,times,serif]Kohls=$400[/font][/size][/font][/size][/font][/size][/*]
[*][size=3][font=times new roman,times,serif]Amazon Chase: $2500 Macys: $100[/font][/size][/*]
[*][size=3][font=times new roman,times,serif]BestBuy MC: $2000 JC Penny: $1500[/font][/size][/*]
[*][size=3][font=times new roman,times,serif]DCU Visa: $3000 Walmart: $300[/font][/size][/*]
[*][size=3][font=times new roman,times,serif]WellsFargoVisa: $800 Lowe's: $400[/font][/size][/*]
[*][size=3][font=times new roman,times,serif]Discover: $5000 HomeDepot: $1500[/font][/size][/*]
[*][size=3][font=times new roman,times,serif]AmericanExpress-Costco: $2000 NissanMAC (3.5%) Auto Loan: $40,000 + Mortgage[/font][/size][/*]
[/LIST]
Message 1 of 6
5 REPLIES
Valued Contributor

Re: Plans to Apply for a Car Loan: Impact of Car Loan History

What's your FICO score and which bureau is it from? If not pulled yet, purchasing a EQ one from this site is well worth it imo.

 

It'll hurt your Auto enhanced. But if your regular FICO is high enough, we can try to steer you to lenders who use regular FICO!

For an urgent question Monday thru Fridays, feel free to email me directly remembermyfico //at// gmail /dot/ com if you need a response in 24 hours.
Message 2 of 6
Regular Contributor

Re: Plans to Apply for a Car Loan: Impact of Car Loan History

Thanks for the reply.

 

Here is my report from November 2013:  EX=682 / EQ=649 /TU=687  (via lender - mortgage pull).  My Loan Officer recently pulled again (in March) and she claimed there was very little change (about plus/minus 3 points).  I close on my mortgage in about 2 weeks and my Loan Officer will refresh the report / scores next Monday, so I can provide more specific scores then.  

 

Assuming the scores above, what kinds of lenders will you suggest ...?

 

Thanks - Oy

font=times new roman,times,serif][color=#0000ff][b]Current FICO Scores (Feb 2016)[/b][/color][/font]
[size=3][font=times new roman,times,serif][b]EX FICO-8 (AMEX) = [i]647[/i][/b]
[b]TU FICO-8 (Discover) = [i]640[/i][/b]
[b]EQ FICO-5 (DCU) = [i]654[/i][/b][/font][/size]

[font=times new roman,times,serif][color=#ff0000][b]Personal Credit[/b][/color][/font]
[LIST]
[*][size=3]B[font=times new roman,times,serif]arclaysMC: $750 [size=3][font=times new roman,times,serif][size=3][font=times new roman,times,serif]Merrick Bank: $700[/font][/size][/font][/size][/font][/size][/*]
[*][size=3][font=times new roman,times,serif]CapitalOneMC: $400 [size=3][font=times new roman,times,serif][size=3][font=times new roman,times,serif]Milestone: $300[/font][/size][/font][/size] [/font][/size][/*]
[*][size=3][font=times new roman,times,serif]CapitaloneMC-Secured: $700 [size=3][font=times new roman,times,serif][size=3][font=times new roman,times,serif]Kohls=$400[/font][/size][/font][/size][/font][/size][/*]
[*][size=3][font=times new roman,times,serif]Amazon Chase: $2500 Macys: $100[/font][/size][/*]
[*][size=3][font=times new roman,times,serif]BestBuy MC: $2000 JC Penny: $1500[/font][/size][/*]
[*][size=3][font=times new roman,times,serif]DCU Visa: $3000 Walmart: $300[/font][/size][/*]
[*][size=3][font=times new roman,times,serif]WellsFargoVisa: $800 Lowe's: $400[/font][/size][/*]
[*][size=3][font=times new roman,times,serif]Discover: $5000 HomeDepot: $1500[/font][/size][/*]
[*][size=3][font=times new roman,times,serif]AmericanExpress-Costco: $2000 NissanMAC (3.5%) Auto Loan: $40,000 + Mortgage[/font][/size][/*]
[/LIST]
Message 3 of 6
Super Contributor

Re: Plans to Apply for a Car Loan: Impact of Car Loan History

 

Those scores should be high enough to qualify for close to top~tier rates ~ however as mentioned your Auto enhanced FICO score will likely be lower due to the negative CO tradeline.

 

Since you are trying to buy a house right now make sure that you don't apply anywhere until you've closed.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 4 of 6
Regular Contributor

Re: Plans to Apply for a Car Loan: Impact of Car Loan History

Yep,,,, thanks for the advice - purchase, inquiries etc all postponed definitely until about a week after closing .. It is hard to resist,,,, but the end is almost near. Are there other lenders that do not use the Auto Enhanced score ?

 

/Oy

font=times new roman,times,serif][color=#0000ff][b]Current FICO Scores (Feb 2016)[/b][/color][/font]
[size=3][font=times new roman,times,serif][b]EX FICO-8 (AMEX) = [i]647[/i][/b]
[b]TU FICO-8 (Discover) = [i]640[/i][/b]
[b]EQ FICO-5 (DCU) = [i]654[/i][/b][/font][/size]

[font=times new roman,times,serif][color=#ff0000][b]Personal Credit[/b][/color][/font]
[LIST]
[*][size=3]B[font=times new roman,times,serif]arclaysMC: $750 [size=3][font=times new roman,times,serif][size=3][font=times new roman,times,serif]Merrick Bank: $700[/font][/size][/font][/size][/font][/size][/*]
[*][size=3][font=times new roman,times,serif]CapitalOneMC: $400 [size=3][font=times new roman,times,serif][size=3][font=times new roman,times,serif]Milestone: $300[/font][/size][/font][/size] [/font][/size][/*]
[*][size=3][font=times new roman,times,serif]CapitaloneMC-Secured: $700 [size=3][font=times new roman,times,serif][size=3][font=times new roman,times,serif]Kohls=$400[/font][/size][/font][/size][/font][/size][/*]
[*][size=3][font=times new roman,times,serif]Amazon Chase: $2500 Macys: $100[/font][/size][/*]
[*][size=3][font=times new roman,times,serif]BestBuy MC: $2000 JC Penny: $1500[/font][/size][/*]
[*][size=3][font=times new roman,times,serif]DCU Visa: $3000 Walmart: $300[/font][/size][/*]
[*][size=3][font=times new roman,times,serif]WellsFargoVisa: $800 Lowe's: $400[/font][/size][/*]
[*][size=3][font=times new roman,times,serif]Discover: $5000 HomeDepot: $1500[/font][/size][/*]
[*][size=3][font=times new roman,times,serif]AmericanExpress-Costco: $2000 NissanMAC (3.5%) Auto Loan: $40,000 + Mortgage[/font][/size][/*]
[/LIST]
Message 5 of 6
Super Contributor

Re: Plans to Apply for a Car Loan: Impact of Car Loan History

Many CUs don't use auto~enhanced.  If you search here you shoud be able to find which CRAs are most frequently used, and whether they pull classic or auto~enhanced socres.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 6 of 6