Credit Card Center Advertiser Disclosure

Established Member
Posts: 19
Registered: ‎09-15-2012
0 Kudos

Pulling the trigger soon.....

Wife and I are looking for a car before the end of the year.  I just modified my mortgage and it's now reporting current (was late up thru Aug 2012).  Happy to say my score jumped from 619 to 641 yesterday!  I have one auto loan reporting perfectly, and one that was paid off in August that is perfect also.  Two credit cards reporting (on Equifax).  No lates on those.  One 30 day from a previous auto loan back in Oct 2008.  BK discharged back in 2004.


On wife, her score is 683 (Equifax also).  No baddies because mortgage only reports on me.  She has the auto loan history identical to mine (loans are joint).  What is hurting on hers is high balances on 3 credit cards.  However no lates.  Infrequently used, just trudging through to pay off old balances!  As for any lates, just that same one from Oct 2008 that's on mine.


AAoA is around 5 years.  Oldest credit account on record is over 15 yrs ago.


I am employed for over 15 years at current job, income around $70K.  We are also self employed grossing about $90K with self employment.


Two questions:


1.  What might we expect on an auto loan with this credit scenario?  I really don't know what (if any) cash we would put down.  Definitely looking for a new car and I'm aware that interest rates are typically better and slightly easier to get approved.


2.  What would a lender require in order to document self employment income?  I've seen some posts where buyers never had to show documentation, but we'd like to be prepared.


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.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on 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.