Trying for First time Auto Loan Bad Credit, but High Incme

[godbody99]

I am trying for my first auto loan.  It will be on a used car with a sticker of roughly 17,000, and a downpayment of 5,000.

My scores are as follows:

Transunion:682

Equifax: 651

Experian: 681

I have gross salary of 115k, plus 15% end of year bonus.  

Two credit cards both with utilizations around 25%

I have a medical collection that is about 23 months old that shows up on transunion and equifax in the amount of 361.  I would like to pay this off via Hippa strategy.

I have apparently a collection with Convergent Collection agency in the amount of 80 bucks that does not show up on any report.  I would like to pay that off without effecting my credit score.

My questions are, are there any quick fixes to get approved for this loan quickly?  Any lenders that use 1 credit report and not the other?

[Creditaddict]

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@godbody99 wrote:

I am trying for my first auto loan.  It will be on a used car with a sticker of roughly 17,000, and a downpayment of 5,000.

My scores are as follows:

Transunion:682

Equifax: 651

Experian: 681

I have gross salary of 115k, plus 15% end of year bonus.  

Two credit cards both with utilizations around 25%

I have a medical collection that is about 23 months old that shows up on transunion and equifax in the amount of 361.  I would like to pay this off via Hippa strategy.

I have apparently a collection with Convergent Collection agency in the amount of 80 bucks that does not show up on any report.  I would like to pay that off without effecting my credit score.

My questions are, are there any quick fixes to get approved for this loan quickly?  Any lenders that use 1 credit report and not the other?

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1. have you offered to pay the collection for the medical if they delete and they say no? I would just pay it anyway and then dispute with hippa as you mention.

2. if the 2nd isn't reporting then pay it now so it doesn't report!

3. you don't have bad scores now really... as long as you have some good current reporting open credit?

4. I don't think you will have any issues buying a car of that price with that down payment!!

from a dealership?

[godbody99]

Thanks for quick reply. 

1. I did a PFD letter many months ago with no response.  However, I thought I should have little to no contact with the CA if I am going to go with HIPPA,  with the OC (doctors).  Is this not correct?  Can I just pay the CA, and then fix later?

2.  My concern is that if I pay an account at a collection agency that is not currently reporting that they could report after I pay it?  Is this not correct?  

3.  I do have 3 open cc's and student loans that all report and are in good standing. (I recently paid off about 3k in cc debt so I am hoping when those cards report again scores will go up).

4.  Yes, this will be from a dealership, but will be certified preowned.

I assume I can get a loan, but I am really trying to get 5% or under.

[Creditaddict]

1. Paid will always look better then not paid and certainly makes it easier to dispute that it should be gone if it's paid in my view. if you are trying to pay and delete I don't see why contact is bad, you might get someone on the phone that will agree to it (they won't send you something, so just pay and hope the person knows how to put in the request for the delete if they say they will do it... if they dont' end up doing it then you are back to just disputing yourself but at least it's already paid then!

2. can't imagine why they would report after the fact if they have not reported before the fact... id just pay.

3. if dealer pulls 680+ and can't get you under 5% with $5k down you need to go to another dealer... that's tier 2-3 for most car manufacturers if you buy certified.

[Remember0]

For the medical collections, follow the hipaa procedure step by step imo. Google "HIPAA whychat program guide" (without the quotes) and follow it exactly -- whatever it says.