Credit Card Center Advertiser Disclosure

Posts: 17,533
Registered: ‎12-30-2011
0 Kudos

Re: Where to App w/ 600 and Cosigner for Blank Check

Dustink wrote:

Revelate wrote:

Dustink wrote:

You got approved for a new car on $800 per month income?

Less than 50% DTI, napkin math 356ish payment on a 17k loan at that APR and it's not like any real taxes are paid at that income.  Near 20% downpayment plus cosigners for students throw off a lot of things: it's an easy loan to make when we're talking secured loans, and I can certainly see TFS underwriting that loan.


That car likely keeps it's value pretty well, looking at it from an underwriting perspective, probably break even or better if the individual flakes in the first couple of years, and they can always go after the cosigner: it's one thing when the big faceless bank is sending nasty grams regarding payment to an individual, it's another thing entirely when a likely family member is banging on your door Smiley Happy.


6speed: congrats on the ride!



" I got financed yesterday, on my own"


I assumed no cosigner, and it seems more like 10% down after tt&l.


I guess the banks will do anything to try to get a 10% return on their money. It doesn't seem like a matter of dti, but rather a matter of having no money left over each month. Car payment, insurance, gas, and maintence will be around $800 per month.


Congrats on the OP. I'm sure you have other income streams so it's fine. Just from a stated income perspective, you got a tough loan.

Oh you're right: I don't know that your economics for a student make sense though unless commuting to something like UCLA in Los Angeles.  Most schools and student work aren't that tasking from a gas/insurance/maintenance perspective.


If I were TFS and looking at it, I'd expect to see six payments and a refinance to a CU or whatever, which is likely what the OP should consider anyway Smiley Happy.



Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)

Take the myFICO Fitness Challenge

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.