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There's hope guys if you had bad credit!

Frequent Contributor

There's hope guys if you had bad credit!

Long story short, i went tru tough,tough times in 06 and was rebulding my credit lately,my old car was on it's last legs.My wife with no previous car loan history,score in the mid 700's across the board, just a couple of credit cards like CO,Chase and Barclay tried to apply for a ''blank check'' with CO, BOF for 24ks and was denied right away.Sighs, desperate i applied myself with my scores EQ 631, TU CK 687, EX CS 690. 

 

I had 2 paid judgments

1 Paid Co and a couple of old charge offs(more than 4 years old) 

 

After applying with CO with my wife as a co applicant we were approved for up to 30k for 3.57 APR for 72 months! I still can't believe it! I never taught i could get such rate, for you all out there rebuilding, hang in there and read, read a lot here in myfico forums. Thank to the whole community here. God bless! Smiley Happy

Message 1 of 5
4 REPLIES
Regular Contributor

Re: There's hope guys if you had bad credit!

Congrats on the great rate!

Message 2 of 5
Valued Contributor

Re: There's hope guys if you had bad credit!

Congrats! But unfortunately your story doesn't show more hope for those with bad credit as the driving reason you were able to finance the vehicle was that you had a cosigner on the loan with a score above 700+. Mostly anybody can get a vehicle with bad credit if they have a cosigner with great credit. The problem lies in the fact that most people with bad or no credit don't have a cosigner.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 3 of 5
Frequent Contributor

Re: There's hope guys if you had bad credit!

Well, you have a point, but CO denied my co signer when apply by herself. So the theory is inconclusive.

Message 4 of 5
Valued Contributor

Re: There's hope guys if you had bad credit!

That's probably because they needed your income for her to qualify.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 5 of 5