10-08-2012 12:29 PM
I've been on here lurking the forums and posts for a few months, getting advice, answers , and tips to improve my score. Since Ive started I know ive gotten rid of basically all of my collections accounts, which was my biggest downfall. Now I only have a car loan on there with almost perfect loan history since I got the car in January 2011. And one closed credit card account with a balance of $308. My Equifax is showing a 627, TU is showing 577. and I dont know about EX but it was the lowest. I have had about 19 inquires this year (which was not smart, I know). I was approved for a a RoadLoans check thing but there rates are crazy and they want me to put money down. I have tried Alliant CU and Consumers and was denied. Im just wondering why this isnt working out in my favor. I have raised my EQ by at least 100 points and TU by about 80. No bankrupticies or public records or even collections on my TU or equifax. I am only 19 and make about $1400 a month but even still I should qualify for something other than a RoadLoans/Santander. any help would be appreciated. ALSO today I went to a dealership that Lending Tree recommended and they denied me but at the top of his dealer pull sheet my Equifax was a fricken 498 from Ford Credit I think. I tried Cap One and was denied so I'm going to call them tomorrow, after the holiday, and ask for a reconsideration.
10-08-2012 03:16 PM - edited 10-08-2012 03:18 PM
In your post you said you have only been making payments since Jan 2011 and not all of them were timely (that's how I took the word: almost).
How many lates do you have in your current car loan?
Is there a reason why you want to get another vehicle right away - you just got this one less than two years ago. Also, one of the factors might be your income in relation to the amount of car you are trying to buy.
What kind of vehicle and price have you been shopping?
10-08-2012 03:28 PM
I had one thirty day late, which is only reporting on my TU. The reason why I am looking for a new car is because the one I have now has an issue at least once a month. Transmission had to be replaced and some other things. I do plan on trading it in but was also considering selling it on my own and getting more money out of it because there is a balance which isnt that high. the car shhouldnt be upside down. only $2180 left from $4300. I've been looking at cars around $10-11K for like a used Hyundai Sonata or G35. Today I didnt even look for a car just ran the credit before we even got serious and still was denied.
And im still confused as to why the dealer pull showed a score 130 points less ?
10-08-2012 04:26 PM
I'd say your score could be lower because it is auto-enhanced and you have an auto late, but you said they pulled EQ and the late is only on TU, so not sure. Are you sure it was EQ and not TU? It could also be that Ford was using a proprietary score model rather than a FICO score. Maybe someone more familiar with Ford can tell you, or if you have the denial letter does it say on it what score they were using, or if not explicity what score, does it state the score range?
You might want to post more complete details in the rebuilding forum and get some advice there. Your scores, especially the TU score, are still pretty low if you have no collections and only one 30 day late. How recent was the 30 day late?
Also, don't underestimate the value of nursing your car along or getting a more reliable beater for a while longer yet. If you think your car is worth more than $2180, if you can add even a little bit to that, you should be able to get a dependable car provided you don't have a particularly long commute. People tend to overestimate the amount they are really putting in to a car for maintenance.
10-08-2012 04:35 PM
Thanks for the responses and the 30 day late was in August of this year so just a few months ago. And I am 100% positive it was my EQ. But even if it was auto enhanced should it be that low from one late payment. ? and I am working at it everyday, I am trying to be patient but winter is fast approaching Chicago and my heat sucks and my traction. Those things could be fixed but will cost. The sheet that the dealer had had some kind of bar chart on it. I shouldve asked for a copy -__- I know at the top it stated Reporting Agency = EQ then Score = 498. I am wondering if selling my car on my own first and paying off the loan will help my score but then I will have nothing but a closed CC account.
10-08-2012 04:58 PM
what about putting 500 down on a secured after 6-12 months app for something else
10-08-2012 05:30 PM
A recent 30 day late can have a large effect. The good thing is that its effect doesn't last that long compared to other major derogatories.
If you have no open credit cards, you probably would see a score increase from opening a card. While you take hits for an inquiry, a new account, and lowering of AAoA, a lot of people report seeing an increase when they have no revolving credit and they add a card. Sometimes there is an increase for the second card as well. Adding a secured card as suggested may be a good approach.
10-08-2012 05:35 PM
Yea I may have to. its just thats a timely process... Who do you recommend for a secured card?
10-09-2012 02:31 PM
No experience with them, but lots of people have posted about BofA's secured card. I think the overall consensus is that it's a decent option.
10-09-2012 10:30 PM
Just got a secured card from US Bank a couple of months ago...pretty decent experience so far. I am just speculating, but $1400 a month in income and 19 yrs old probably doesn't instill a tremendous amount of confidence in a lender, regardless of scores.
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