Reply
Frequent Contributor
tonyjones
Posts: 330
Registered: ‎04-22-2013

Started applying for auto loan, my progress.

[ Edited ]

So I decided after a year of not having a car and finally getting my credit to where it was somewhat decent I decided to apply for an auto loan for a private party purchase.

 

2009 BMW M3 - Coupe - Automatic - 40,000 miles.

 

$40,000 loan, 60 months, prefer 0 down but can put 20% down.

 

Salary: $90,000 / year

 

Good: Three open credit cards, one store card and one installment loan.

 

Bad: 1 Paid Judgement, 1 Paid Collection, 1 Paid Student Loan Collection

 

Lenders applying with:

 

Local Credit Union - Approved only for 25K at 9% APR.

 

Wells Fargo Auto Loans - Will only approve me for $15,000 @ 18% APR :/ **bleep**

 

U.S. Bank - Denied, don't know what reason until the letter comes.

 

Chase - Denied, don't know what reason until the letter comes.

 

Bank of America Auto Loan - Denied, Auto Enhanced Score from Experian: 610

 

 

 

TU98 (MyFico) - 670 - 09/03/2013
EXP (MyFico) - 614 - 09/04/2013
EQ (MyFico) - 634 - 09/04/2013

Goal scores: 750+ (all 3)

Your credit score: 602
Scoring system name: Card Acquisition Risk Score
Date calculated: 10/8/2013
Source: Chase Bank USA, N.A.
Scores calculated using this source can range from a low of 250 to a high of 900 (higher scores are better).
Frequent Contributor
Kratos-TM
Posts: 426
Registered: ‎05-23-2013

Re: Started applying for auto loan, my progress.

Hope your CU can come through!

Myfico scores.....
EX08... 800 (11-10-13)
EQ04... 790 (12-02-13)
TU08... 810 (12-02-13)
Frequent Contributor
tonyjones
Posts: 330
Registered: ‎04-22-2013

Re: Started applying for auto loan, my progress.


Kratos-TM wrote:

Hope your CU can come through!


Me too! *Crosses Finger*

TU98 (MyFico) - 670 - 09/03/2013
EXP (MyFico) - 614 - 09/04/2013
EQ (MyFico) - 634 - 09/04/2013

Goal scores: 750+ (all 3)

Your credit score: 602
Scoring system name: Card Acquisition Risk Score
Date calculated: 10/8/2013
Source: Chase Bank USA, N.A.
Scores calculated using this source can range from a low of 250 to a high of 900 (higher scores are better).
Frequent Contributor
tonyjones
Posts: 330
Registered: ‎04-22-2013

Re: Started applying for auto loan, my progress.

Interest tidbit, all five lenders I applied with pulled Experian. No EQUIFAX or TRANSUNION was pulled, **bleep**.

TU98 (MyFico) - 670 - 09/03/2013
EXP (MyFico) - 614 - 09/04/2013
EQ (MyFico) - 634 - 09/04/2013

Goal scores: 750+ (all 3)

Your credit score: 602
Scoring system name: Card Acquisition Risk Score
Date calculated: 10/8/2013
Source: Chase Bank USA, N.A.
Scores calculated using this source can range from a low of 250 to a high of 900 (higher scores are better).
Moderator
Revelate
Posts: 6,806
Registered: ‎12-30-2011

Re: Started applying for auto loan, my progress.


tonyjones wrote:

Interest tidbit, all five lenders I applied with pulled Experian. No EQUIFAX or TRANSUNION was pulled, **bleep**.


Welcome to my world living in California :smileyhappy:.

 

Have to hit CU's really to have a shot of targetting a particular report outside your region for something like auto loans.


Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 672, Wally TU 686, EX 702 (04/14)
Goal Score: 700 in all three (01/01/15)


Take the myFICO Fitness Challenge
Mega Contributor
Creditaddict
Posts: 16,884
Registered: ‎10-23-2007

Re: Started applying for auto loan, my progress.

$40k bleep!!

Go but a brand new Infiniti... They pull TU only here in CA and will tier 1 if they pull over 660.
Don't buy a $40k used BMW with no money down!!! I don't know why your credit is where it is but coming from someone who has made epic credit choices especially car ones you shouldn't buy this car!
Fico Scores: EQ 620, TU 675 & EX 703 (4-1-14)
Joint Cards: Navy NavCheck $15000, Discover iT $9000, Macy Amex $4000, Macy Store $3000, Macy Furniture $5800
AU: Virgin America $8500, CSP $27,000, Fidelity Amex $25,000, AA Biz $25,000, Barclay USAir Biz $6640
Mine: Navy NavCheck $3000, Kay Jewelry $2700, Pottery Barn $2800, FleetCard MC Biz $1800, HSN $1500, Vitacost MC $1500, Navy Cash $1500 and nRewards $1500, Bill Me Later $772, Cap1 Sony $750, Cap1 Spark $750, Best Buy MC $750, GE 76 Gas $650, Von Maur $600, Cap1 QuickSilver $500, Burbank CU $500, Kohls $300, Target1 $300, Target2 $300, Buckle $250, Express $250, Target3 $200
Frequent Contributor
tonyjones
Posts: 330
Registered: ‎04-22-2013

Re: Started applying for auto loan, my progress.


Creditaddict wrote:
$40k bleep!!

Go but a brand new Infiniti... They pull TU only here in CA and will tier 1 if they pull over 660.
Don't buy a $40k used BMW with no money down!!! I don't know why your credit is where it is but coming from someone who has made epic credit choices especially car ones you shouldn't buy this car!

They wouldn't approve me for all 35K, only 25K @ 9% APR. Time to look for a different car lol all denied me except for my CU and Wells Fargo.

 

I'm 660 on TU and 640 on EQ but 610 on EX. :/ but they said they use EXPERIAN only.

 

I can afford a 40K BMW with 0 down but I guess I'm a risk with a thin history and some paid baddies, oh well. Time to buy a car and pay it off in a year.

TU98 (MyFico) - 670 - 09/03/2013
EXP (MyFico) - 614 - 09/04/2013
EQ (MyFico) - 634 - 09/04/2013

Goal scores: 750+ (all 3)

Your credit score: 602
Scoring system name: Card Acquisition Risk Score
Date calculated: 10/8/2013
Source: Chase Bank USA, N.A.
Scores calculated using this source can range from a low of 250 to a high of 900 (higher scores are better).
Mega Contributor
Creditaddict
Posts: 16,884
Registered: ‎10-23-2007

Re: Started applying for auto loan, my progress.


tonyjones wrote:

Creditaddict wrote:
$40k bleep!!

Go but a brand new Infiniti... They pull TU only here in CA and will tier 1 if they pull over 660.
Don't buy a $40k used BMW with no money down!!! I don't know why your credit is where it is but coming from someone who has made epic credit choices especially car ones you shouldn't buy this car!

They wouldn't approve me for all 35K, only 25K @ 9% APR. Time to look for a different car lol all denied me except for my CU and Wells Fargo.

 

I'm 660 on TU and 640 on EQ but 610 on EX. :/ but they said they use EXPERIAN only.

 

I can afford a 40K BMW with 0 down but I guess I'm a risk with a thin history and some paid baddies, oh well. Time to buy a car and pay it off in a year.


660 TU will get you approved at Infiniti or possibly directly from BMW but not so used and that expensive.

Fico Scores: EQ 620, TU 675 & EX 703 (4-1-14)
Joint Cards: Navy NavCheck $15000, Discover iT $9000, Macy Amex $4000, Macy Store $3000, Macy Furniture $5800
AU: Virgin America $8500, CSP $27,000, Fidelity Amex $25,000, AA Biz $25,000, Barclay USAir Biz $6640
Mine: Navy NavCheck $3000, Kay Jewelry $2700, Pottery Barn $2800, FleetCard MC Biz $1800, HSN $1500, Vitacost MC $1500, Navy Cash $1500 and nRewards $1500, Bill Me Later $772, Cap1 Sony $750, Cap1 Spark $750, Best Buy MC $750, GE 76 Gas $650, Von Maur $600, Cap1 QuickSilver $500, Burbank CU $500, Kohls $300, Target1 $300, Target2 $300, Buckle $250, Express $250, Target3 $200
Frequent Contributor
tonyjones
Posts: 330
Registered: ‎04-22-2013

Re: Started applying for auto loan, my progress.


Creditaddict wrote:

tonyjones wrote:

Creditaddict wrote:
$40k bleep!!

Go but a brand new Infiniti... They pull TU only here in CA and will tier 1 if they pull over 660.
Don't buy a $40k used BMW with no money down!!! I don't know why your credit is where it is but coming from someone who has made epic credit choices especially car ones you shouldn't buy this car!

They wouldn't approve me for all 35K, only 25K @ 9% APR. Time to look for a different car lol all denied me except for my CU and Wells Fargo.

 

I'm 660 on TU and 640 on EQ but 610 on EX. :/ but they said they use EXPERIAN only.

 

I can afford a 40K BMW with 0 down but I guess I'm a risk with a thin history and some paid baddies, oh well. Time to buy a car and pay it off in a year.


660 TU will get you approved at Infiniti or possibly directly from BMW but not so used and that expensive.


Will Infiniti pull TU? All the lenders I've applied to pulled EX only.

TU98 (MyFico) - 670 - 09/03/2013
EXP (MyFico) - 614 - 09/04/2013
EQ (MyFico) - 634 - 09/04/2013

Goal scores: 750+ (all 3)

Your credit score: 602
Scoring system name: Card Acquisition Risk Score
Date calculated: 10/8/2013
Source: Chase Bank USA, N.A.
Scores calculated using this source can range from a low of 250 to a high of 900 (higher scores are better).
Mega Contributor
Creditaddict
Posts: 16,884
Registered: ‎10-23-2007

Re: Started applying for auto loan, my progress.

Infiniti is TU only from my experience.
Fico Scores: EQ 620, TU 675 & EX 703 (4-1-14)
Joint Cards: Navy NavCheck $15000, Discover iT $9000, Macy Amex $4000, Macy Store $3000, Macy Furniture $5800
AU: Virgin America $8500, CSP $27,000, Fidelity Amex $25,000, AA Biz $25,000, Barclay USAir Biz $6640
Mine: Navy NavCheck $3000, Kay Jewelry $2700, Pottery Barn $2800, FleetCard MC Biz $1800, HSN $1500, Vitacost MC $1500, Navy Cash $1500 and nRewards $1500, Bill Me Later $772, Cap1 Sony $750, Cap1 Spark $750, Best Buy MC $750, GE 76 Gas $650, Von Maur $600, Cap1 QuickSilver $500, Burbank CU $500, Kohls $300, Target1 $300, Target2 $300, Buckle $250, Express $250, Target3 $200

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.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+