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Think I can get approved?

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BGMWPD320
Regular Contributor

Think I can get approved?

Scores as of 6-25-08:
Equifax: 662
TransUnion: 595
Experian:  593
 
I have a GW letter sent for my one and only late payment (on a credit card) made in Jan. of this year right after we moved into our new house  and weren't getting all of our mail.  I have had that account for over two years and that is the only time I have ever missed a payment. 
 
I have had my current truck for four years and have made every payment on time and it is reported to all three.
 
I have one collection on my TU and Exp. reports that I have a PFD letter sent.  I'm not sure it is even my account but it is only $96.00 so I hope they will accept the PFD so I can get rid of that blemish.
 
I am 23 years old and make a little over $43k/year (I'm a police officer).  Do you think I can get approved for an auto loan if I attempt to get financing through a dealership?


Message Edited by BGMWPD320 on 06-27-2008 01:20 PM
Message 1 of 5
4 REPLIES 4
Anonymous
Not applicable

Re: Think I can get approved?

I would wait for the PFD course to be run through. Your EQ score is certainly good enough to get dealership financing. Is your utilization optimized, you might be able to raise your score another 30 points if you can get your credit card balances down to between 1-9% and have less than half your credit cards reporting balances.
 
You might also consider going to a credit union, locally or nationally. As a law enforcement officer I believe you are eligible for JFCU (Justice Federal Credit Union), and there are likely a host of others. If you can get those little dings cleared up and your util optimized you should get a good rate from a dealer.
 
Thanks for protecting us and goodluck!
Message 2 of 5
BGMWPD320
Regular Contributor

Re: Think I can get approved?

My util is currently too high.  I am about to pay down the majority of the four cards and that should leave me with a much lower util (around 30% which I know is still too high).  The reason my util is so high is because of the four cards my limits are:  $2000, $500, $500 and $200.  They are about to bump one of the $500 cards up to $750 so that will help a little.
 
Any idea on how long GW and PFD usually take?  In the form letter for the PFD I found, it requests that they respond, in writing, within 10 days.
Message 3 of 5
Anonymous
Not applicable

Re: Think I can get approved?

I am no expert on PFD, it depends on how fast they write back and if it is a positive response. Sometimes it can take weeks to update to the bureaus. If you can hold off it may be worthwhile, if not I would try to track down a lender that will usually pull EQ and market that score big time. With reduced util you could be 680+, which is a decent credit tier for auto loans.
Message 4 of 5
BGMWPD320
Regular Contributor

Re: Think I can get approved?

I am going to wait to see if my PFD and GW letter do any good before I go purchase a new car.  I am also disputing a few hard inquiries on my credit reports that I have no idea what they are.  I know that probably won't make a big difference in my score but every point helps when you're working on improving your scores!
Message 5 of 5
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