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Should I even apply

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carsdepot
Member

Should I even apply

My FICO score is currently 605. I have some late student loan payments, but everything is paid as agreed. My report shown 78% utilization, but recently added $2000 limit chase freedom card with 0% apr until 2013. This should make my utilization around 50%, so I'm expecting a boost. I am annong on buying a used tundra in the me t couple of months.

My income is 40,000 and I have been at my job for around 20 months. I'm 24 years old. I had a 2005 Camry throuch Chase which was cosined by my mother. I sold it a couple months ago and paid it off.. It was never late for 5 years.. So my auto enhanced score should be higher right?

Anyway I plan to put around 2000 down and finance 14,500 or so.

What kind of APR am I looking at, if any at all.
myFICO score 548 12/10
currently 603
goal 700
Message 1 of 6
5 REPLIES 5
carsdepot
Member

Re: Should I even apply

Also, my DTI is currently around 10%
myFICO score 548 12/10
currently 603
goal 700
Message 2 of 6
carsdepot
Member

Re: Should I even apply

Another note: my FICO score was 547 back in may and is now 603. I hope to be at 625 by january.
myFICO score 548 12/10
currently 603
goal 700
Message 3 of 6
Creditaddict
Legendary Contributor

Re: Should I even apply

Toyota offer tier 3 which is still promo rate of any current offers Toyota has with 650 or higher and at least from the dealership I had been at last they said they could take ANY report that shows the 650 if I wanted them to pull all 3, I have been to another dealership and they only pulled 1 so not sure.

but is this truck at a Toyota dealership?

and wow you got chase freedom 2k with 605 score, great for you but that is oppisite of so many others experience lately with chase even with low 700's!

might be worth going back to them for car loan again and see... otherwise CU.

Message 4 of 6
carsdepot
Member

Re: Should I even apply

I was surprised when I got the chase freedom preapproval letter in the mail, I guess it was because of the 17000 auto loan that I had recently closed with them, not to sure. it had no lates in 50 something months. The thing bringing my score down are lates on sallie Mae loans, didn't receive the notices after I moved ou of state for my job. I have 3 credit cards that I have had for 5-7 years.

Do you think that my auto industry score might be 650 I my FICO is just over 600.

The tundra is used, does TFS have competitive rates for used trucks? What kind of scores do CUs use as a minimum. I don't want to pay more than 9% APR if I can help it. Thanks for your help. I'm new to the forum and to optimizing my credit.
myFICO score 548 12/10
currently 603
goal 700
Message 5 of 6
Creditaddict
Legendary Contributor

Re: Should I even apply

hard to say on the auto Fico.

ummm, check your toyota website about current offers to see about promo rates on used... but pretty sure they do, my friend just got 2.9 on a 2007 Prius but he had a 805 score they pulled!!

umm all credit unions are different but for sure a great relationship to establish locally if you are going to stay in area or Navy or someone if you could qualify are fantastic!

Message 6 of 6
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