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Valued Contributor
maiden_girl
Posts: 2,005
Registered: ‎12-29-2011

Should I apply now or later?

You'll usually find me in the credit card section of this forum but here I am! Hehehe. Anyway, looking for assistance in securing an auto loan (used car) with low interest and less than 10k loan. Currently have 18% UTL and 4 credit cards reporting a balance out of 8. In promo periods right now so currently not paying any interest. Current-never late on all cards and payments. No baddies. Two cards should be PIF'd next month. I have 2 years credit history and my FICO scores are listed below. Will I have a chance at securing a decent auto loan or should I work on getting my balances down lower? Should I just get rid of the two lower amounts now and apply later for a better chance at getting better loan terms? I'm looking into applying with Chase or a credit union. Any advice would be greatly appreciated.

 

Card#1 $2,300 left

Card#2 $1,900 left

Card#3 $777 left

Card#4 $490 left

 

 

 

 

The truth is out there...
FICO scores: 740 (EQ) 738 (EX) 750 (TU) 4/14 | Goal score: 750+ (all 3)
Tradelines: Capital One (5.0k) | Discover IT (5.0k) | Walmart Discover (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)
--------------------------Gardening until my credit recovers...NO MORE INQUIRES TIL 2015
Moderator
Shogun
Posts: 12,902
Registered: ‎04-15-2011

Re: Should I apply now or later?

I see absolutely securing an auto loan for that amount.  You should be able to get a decent rate too.  Do you belong to a CU?  Often they have pretty good rates on car loans.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Valued Contributor
maiden_girl
Posts: 2,005
Registered: ‎12-29-2011

Re: Should I apply now or later?

Not yet but I've been looking into a few credit unions in my area that offer auto loans. I'm leaning more towards Western b/c they offer the lowest rates. Just wasn't sure I'd be able to secure one with all these balances reporting. Lol. Definitely do not want to waste a HP.

The truth is out there...
FICO scores: 740 (EQ) 738 (EX) 750 (TU) 4/14 | Goal score: 750+ (all 3)
Tradelines: Capital One (5.0k) | Discover IT (5.0k) | Walmart Discover (5.0k) | Chase Freedom NPSL (7.3k) | Citi Simplicity (9.3k)
--------------------------Gardening until my credit recovers...NO MORE INQUIRES TIL 2015
Moderator
Shogun
Posts: 12,902
Registered: ‎04-15-2011

Re: Should I apply now or later?

If your income will support the DTI, you should be OK.  Other than that, maybe you could pay heavy for a couple months and hold out on the Auto if you think that would better suit you.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

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