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Where to Apply?

New Member

Where to Apply?

Hi Everyone,

 

Credit Score : 550 ( i know its bad, trying to improve)

Downpayment : 4K

Income : 55K ( just got professional job 2 months ago )

trying to get loan for 16K, is there any chance to get approved from dealers or Capitalone Auto or Roadloans or anybody.. need car ASAP

 

Any input is highly appreciated.


Starting Score: 530
Current Score Equifax: 675
Current Score Experian: 681
Current Score Transunion: 685
Goal Score: 700


Message 1 of 24
23 REPLIES
Valued Contributor

Re: Where to Apply?


firststep wrote:

Hi Everyone,

 

Credit Score : 550 ( i know its bad, trying to improve)

Downpayment : 4K

Income : 55K ( just got professional job 2 months ago )

trying to get loan for 16K, is there any chance to get approved from dealers or Capitalone Auto or Roadloans or anybody.. need car ASAP

 

Any input is highly appreciated.


The down payment should help, along with income.  My $$ would be placed on a dealer getting you financed.  Give Cap1 a shot before hand, they have had some off the wall approvals lately!

Starting a whole new chapter
Message 2 of 24
Established Contributor

Re: Where to Apply?


sccredit wrote:

firststep wrote:

Hi Everyone,

 

Credit Score : 550 ( i know its bad, trying to improve)

Downpayment : 4K

Income : 55K ( just got professional job 2 months ago )

trying to get loan for 16K, is there any chance to get approved from dealers or Capitalone Auto or Roadloans or anybody.. need car ASAP

 

Any input is highly appreciated.


The down payment should help, along with income.  My $$ would be placed on a dealer getting you financed.  Give Cap1 a shot before hand, they have had some off the wall approvals lately!


Capital One declined me. I have scores in the low 600's, make $60,000/year, same employer for 11 years.


Starting Scores: (4/16/12 lender pull) TU 596 | EX 550 | EQ 576
Current Score (9/3/15): Wally TU 639 | Amex EX 628 | DCU EQ 639
Goals: Homeowner as of 9/27/2013. Last app 8/1/15. TU-5; EX-16; EQ-13. Aiming for ZERO inqs.
Message 3 of 24
Valued Contributor

Re: Where to Apply?

Might want to take a look at what's weighing down your score so much.  I'd guess there's a utlization issue?  Otherwise it would be a few recent derogatories.  Either way you may be able to pull it up to ~600 somewhat quick.

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Message 4 of 24
Moderator

Re: Where to Apply?

Cap one is sort of squirrley on sub-prime auto loans.  I'm not sure what they're looking for as from anecdotal reports here they're all over the map.

 

I would talk to Roadloans, or just submit through Lending Tree anyway since that'll pick them up plus a few other lenders.  Also dealer financing is a good option in your case OP; however, I greatly benefitted from knowing roughly what I was going to get before I walked into the dealership.  

 

If you have access to a credit union already, it's worth talking to them regardless; however, it's pretty easy to refinance a loan after six months, and there's a good chance your credit score will have improved by that time too.  My own from a 551 initial Auto EX got me a 19.3% loan, I refied 8 months later (income issues before that) down to just under 6%.  We're not stuck with a nastly loan forever, if you need a car, just take whatever financing you can get and then switch up later. 

 

Someone will give you an approval though looking at your numbers.

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
Message 5 of 24
Established Contributor

Re: Where to Apply?

If you haven't gotten a car already, it might be worth trying to apply at a Toyota dealership. They told me that they work with all types of credit. They actually gave me a better rate than my credit union.


Starting Scores: (4/16/12 lender pull) TU 596 | EX 550 | EQ 576
Current Score (9/3/15): Wally TU 639 | Amex EX 628 | DCU EQ 639
Goals: Homeowner as of 9/27/2013. Last app 8/1/15. TU-5; EX-16; EQ-13. Aiming for ZERO inqs.
Message 6 of 24
Established Member

Re: Where to Apply?

I'm seeking out the best place to apply also.  My EQ is 699 - just came off a string of lates on my mortgage but according to Score Watch it has been current for the last 4 months.  My score shot up from 641 to 699 just about two weeks ago!

 

I also have two credit cards and one car loan reporting.  Total balance on cards is $4K.  80% UTIL.  OLD balances trying to pay off.  I just paid off a 2nd car loan in August.  All have reported clean, never late.

 

Seeking a new vehicle loan.  Income is $100 K.  Over 15 yrs with same employer as well as I have self employment income.

 

Based on this, would Cap One turn me down?

Message 7 of 24
Valued Contributor

Re: Where to Apply?


infoseek2012 wrote:

I'm seeking out the best place to apply also.  My EQ is 699 - just came off a string of lates on my mortgage but according to Score Watch it has been current for the last 4 months.  My score shot up from 641 to 699 just about two weeks ago!

 

I also have two credit cards and one car loan reporting.  Total balance on cards is $4K.  80% UTIL.  OLD balances trying to pay off.  I just paid off a 2nd car loan in August.  All have reported clean, never late.

 

Seeking a new vehicle loan.  Income is $100 K.  Over 15 yrs with same employer as well as I have self employment income.

 

Based on this, would Cap One turn me down?


I wouldn't bother with Cap1. You have good credit. Just pay down your UTIL a bit more and you should shoot over 700. Pretty much anyone will finance you, unless you're  looking at a Bugatti or something

  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
  • Starting total revolving credit: $1100 | Current total revolving credit: $36,700
  • Inquiries (12 Months): EQ 2 TU 1 EX 1 | Most Recent: 1/21/2014
Chase Freedom $9500
DCU Visa $10000
Capital One QS $2000
AMEX BCE $3000
Lowe's CC $8500
WalMart CC $3100
BOA Platinum $600
AMEX Gold NPSL
Message 8 of 24
New Member

Re: Where to Apply?

Thanks everyone for the advice. 

I have planned to payoff my balance this month and apply for loan next months with hopefully better score that low 500s.

I will keep posted how it goes..

 

 


Starting Score: 530
Current Score Equifax: 675
Current Score Experian: 681
Current Score Transunion: 685
Goal Score: 700


Message 9 of 24
New Contributor

Re: Where to Apply?

Oh yeah a Bugatti would be nice!  Or a big fancy Mercedes!  Hey one can dream right?

 

My main concern was if the previous mortgage lates would trump the 699 credit score.  I know there's so much more that goes into approval besides the actual number.  And of course I don't want someone to jack me with a ridiculous interest rate!   I'm assuming we could get 5% or lower since our DTI is so low (we will gross about $150K this year!)

 

I was thinking Cap One because I believe they calculate an auto enhanced score?  I'm sure the score would jump over 700 (EQ) since my auto loans report perfectly.

Message 10 of 24