Will I get approved? Honest opinion.

Anonymous · ‎07-13-2016

My current FICO 8 Scores are TU 631 EQ 652 EX 675 up from 570's in Dec 2014.

Things on my credit.

.Average age of credit 6 years.

Only 3 inquires on Experian and none on the other two by the end of 2017.

I had a repo in Oct 2014 paid in full/settled for less amount and reporting with zero balance Date of first delinquency 05/2014.

No collections accounts or judgements

Late payments on 4 credit card accounts 90 days also back in summer of 2014. All accounts stayed open and have been paid on time since and all have increased credit limits.

Open 2 accounts this month (my credit union Visa for $1000 and Kohls for $300) These are the only accounts that will be under 2 years old at the end of 2017.

My credit limits have increased from $2500 in Dec 2014 to $9000 by July 2016.

By the end of the year I'll be reporting just under 10% on one card and keep all others reporting at zero until applying for a loan, Hopefully by Nov 2017 when repo is 3 years old.

I also have $80,000 student loan debt in IBR all current and never late. (6 loans)

My rent is only $500/month student loans are only $130/month so my debt to income is around 25%

By the end of 2017 I will have been at my job for almost 3 years and same residence as well.

My income gross is $2500 a month which will only increase or stay the same and will have saved $11,000 cash for a down payment. I know why not buy used but I want a NEW car not used.

The car I want is a Honda Civic Coupe EX-T 2017 or later year whatever is out with a manual transmission for the turbo at the time of applying. I'm thinking around $23-24,000 out the door price. Really looking for a 4 year term and pay off in less than 2.

Does it look like I'll get approved and maybe get a descent APR? I'm really concerned about the repo but I'm waiting 3 years and beefing up my credit file and payment history...any thoughts

Thanks. Man seems like forever until the end of 2017

Anonymous · ‎07-13-2016

You'll get approved. Most everyone does, especially if you are putting down close to 50%. Obviously the key factor is what APR you'll get. The repo hurts but I still think you can get an APR below 10%. I'd start checking with credit unions well in advance of when you want to buy. Look at PenFed, DCU among others.

Anonymous · ‎07-13-2016

Thanks for the reply. I'm a member of a credit union now and have been with them for 8 years now so I'll def start with them first. Just trying to plan it out and make the correct choices this time around. That's why I've added a Visa credit card with them this month to help build the relationship. Trying to get this car and get it paid off so I can start my journey toward home ownership which is my ultimate purchase goal by 2021 at the lastest. I plan on drving this car for many years to come I really take good of my cars so I'm sure it will last a vey long time.

Thanks again!

Anonymous · ‎07-13-2016

My advice is the same. I had a few baddies, score under 600 and went in and talked to my cu loan dept. Told them my plan and they told me what i would qualify for. Then i was able to go out and shop with confidence. I cannot recommend local cu's enough. I waited a year and then refinanced the loan to drop rate by almost 10%, kept up dame payment and paid loan off on 30 months.

CountryLivin · ‎07-13-2016

@Anonymous wrote:
You'll get approved. Most everyone does, especially if you are putting down close to 50%. Obviously the key factor is what APR you'll get. The repo hurts but I still think you can get an APR below 10%. I'd start checking with credit unions well in advance of when you want to buy. Look at PenFed, DCU among others.

+1