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Should I be confident in an approval at all?

Established Contributor

Should I be confident in an approval at all?

So, I've never had an auto loan. I paid cash for my 2006 Dodge Charger and I have never financed a vehicle. I attempted once when my credit was absolutely abysmal and they wanted $10,000 down on a $21,000 vehicle at some ridiculous 21% APR or something like that. It was one of those "Guaranteed approval" deals where if they could get you at 50% then at least they didn't "deny" you lol.

 

My EQ FICO is 633 (damn, that feels good to say believe it or not. coming from 388 2 years ago) and I am sure my TU and EX are at least in the 600's because nearly every credit report had the exact same information and were only points away. Actually, my denial letter from BoA for a secured card told me my score was 617 so I would assume that is a FICO. And that was before a big deletion.

 

I don't know much about this auto-enhanced stuff, but I'm sure NO auto loan history is better than bad auto loan history. I want a sub 10% APR. Might be asking a lot but I refuse to be robbed. I may wait a while for some cards to age and some bad debt to age so my regular FICO looks a little better.

 

5 PAID charge-offs.

NO collections.

NO BK.

NO Judgments.

 

Scores as listed. Is a sub 10% loan in my cards or should I be waiting a while for GW attempts on some of the charge-offs? My plan is a $20,000-$30,000 vehicle with $5,000 or $10,000 down. Thanks in advance for your experience.



Starting Score: EQ: 383 2/2011
Current Score: TU: 644 EQ: 648 EX: 6?? 2/2015
Goal Score: 700


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4 REPLIES
Frequent Contributor

Re: Should I be confident in an approval at all?

How is your CC utilization?  At your current score it's gonna be tough.

NFCU Sig Cash-20k/ Amex BCP-19.4k/ Amex Costco-1.2k/Chase Marriott-12k/CSP-13.4k/ Freedom-5.5k/ Discover IT-14k/NCSECU-5k/Walmart-10k/Lowes-25k
Message 2 of 5
Established Contributor

Re: Should I be confident in an approval at all?

Any chance you could get in with Navy Federal?  They might give you a sub 10% loan...



Starting Score: TU:584 | EQ 584
Current Score: TU FICO: 711 | EQ FICO 713 | EX (USAA FAKO) 779
Goal Score: 780 across the board


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Message 3 of 5
Established Contributor

Re: Should I be confident in an approval at all?

My current utilization is ~10%. A couple cards haven't updated yet so it's currently probably 20% or so. You say with my current scores it would be tough. According to the credit union I am going to try at, their rates are score based. The chart shows with my score I'd be eligible for ~7%. http://www.pccu.com/rates.html

 

So are the 5 charge offs going to hurt me at all in this process? The loan shouldn't be for more than $13,000.



Starting Score: EQ: 383 2/2011
Current Score: TU: 644 EQ: 648 EX: 6?? 2/2015
Goal Score: 700


Take the FICO Fitness Challenge
Message 4 of 5
Frequent Contributor

Re: Should I be confident in an approval at all?

A big bank probably, but most credit unions are much more lenient.
NFCU Sig Cash-20k/ Amex BCP-19.4k/ Amex Costco-1.2k/Chase Marriott-12k/CSP-13.4k/ Freedom-5.5k/ Discover IT-14k/NCSECU-5k/Walmart-10k/Lowes-25k
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