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New Visitor
Posts: 2
Registered: ‎10-15-2012

Will I be approved or denied?

Ok credit was 737 last month and expect it to be higher this month. I have perfect credit, only two credit cards with no debit or collections and 2 hard inquires. I make 38k a year and was looking for a 25k Or more auto loan. What are my chances?
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007

Re: Will I be approved or denied?

I think the odds are good. It all depends on your score, DTI, housing payment, employment history, etc.

Posts: 13,897
Registered: ‎04-15-2011

Re: Will I be approved or denied?

Score looks good, sounds like you might have a bit of a thin file.  Any paid off car loans on there, or any paid installments?  They might factor into an auto enhanced score.  Anyway as llecs has stated, as long as your DTI will handle it, no problem.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
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New Visitor
Posts: 2
Registered: ‎10-15-2012

Re: Will I be approved or denied?

Ok I've had steady jobs and never been unemployed. I was at my previous job for 6 months and before that two other jobs for 6 and 7 months. I was not with them that long because I got better offers from other company's. I don't know what a DTI is , I have a 700 buck apt payment. I've had no car or loan payments before, no loans or high limit credit cards. I chose to be frugal and save money and build credit that way. Hope this has not doomed me.
Valued Contributor
Posts: 1,228
Registered: ‎05-10-2012

Re: Will I be approved or denied?


Debt to income ratio.  Is a 25k car something you can definitely afford?  Should be a $500 payment, and make sure you include insurance in your estimate.  How much down, how much in savings? I only ask, because the biggest mistake I ever made, and what led me to a 525 score was over buying on a car.  I didn't lose it in a repo, but it did screw me in most every other way.  Make sure it's something you can handle.  Hopefully you keep getting better jobs and money isn't an issue Smiley Happy



  • Current: EQ FICO 706, TU FICO 701, EX FICO 706 | Starting Score: 525 (05/2012)
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