07-02-2014 02:51 PM
I have rebuilt my credit now for about a year and half. I've paid off all collections/ debts I've had in full amounts. I've opened a credit card in January of 2014. I was approved for a credit limit of 250, a few months later it went to 500, and now again to 700 limit. Before I got this credit card I checked out some dealerships just out of curiosity they told me they'd approve me at a higher rate, and my down payment I wanted to put down was fine. They stated at that time of January my score was 590. I just checked my score today and it says my score is up to 650 now. I have no other credit bills, own my car, renting under table from my parents- just graduated college recently, and that's about it. I pay my credit card bills 2 weeks ahead of time and never have a utilization above 25%. I pay me student loans early each month too. I'd prob put down a couple grand. Would I get financed? I'm not too picky on a vehicle as long as it's new and affordable.
07-02-2014 07:14 PM
What's the source of the 650 score (this site, creditkarma, etc...)? What bureau is it from?
Also what's your pre-tax income look like? Finally source of income (you don't have to say the exact company, I just need to know full-time employed, part-time employed, self-employed, etc...)?
07-03-2014 08:30 AM
The source is from the experian credit monitoring website. It's from experian bureau .about 30k a yea recent college grad. Employed for just two years with them. Full time employed.
07-03-2014 08:17 PM - edited 07-03-2014 08:17 PM
If you have a 15% down payment, I'd look into Hughes FCU. You'd qualify for their first time auto loan program at 4.75%.
If you don't have the down payment, then it might be worthwhile to spend the $10 and pull your Equifax FICO from this site (the one you have is a FAKO). If it's around 650, I can see DCU approving you for a 3.75% rate, but you may be limited on how much they'll give you (perhaps 15k, 20k if you're lucky).
If you want more than 15k or 20k and don't know of any local banks/CUs you'd want to try, then I'd look at trying with a big bank and seeing what they give you. Cap One will give you 20k+ probably, but then I'm not sure what rate they would quote you.
Finally at a dealer, I'm guessing (with a 650+ FICO) you should get like under 6% for something around 25k max.
But before going to the dealer, I strongly recommend you try on your own. If you figure out the car's price (approximately) and down payment you have, I can probably give you more definite answers.
07-14-2014 10:21 AM
Thanks, for the replies. I decided to wait out a bit on the auto loan and build up my credit alittle more. I just applied last night for another credit card- Capital One, and they immediately approved me for $2000.00. Now i will have two credit cards, of which i maintained on time payments with my first one and always kept my utilization under 30% or paid off completely each month. I will do the same with this card, but it will help me alot more because its a higher limit then my first card. I believe by maintaining my utilization and paying off each month on time will only increase my credit rating, and credit worthiness. I plan on going to a dealer or a bank probably towards the end of the year. That will give my a year and half wtih my original CC and 6 months with this one. I hope it will help with them seeing me as credit worthy for a decent loan. With the appropriated DP. Thank you.
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.
* 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.
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.