05-05-2014 05:55 PM
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_WLN1Zme
-- 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?
05-05-2014 11:50 PM
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!
05-06-2014 05:24 AM
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
05-06-2014 01:04 PM - edited 05-06-2014 01:06 PM
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.
05-06-2014 02:06 PM
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 ?
05-06-2014 02:52 PM
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.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.