Reply
Member
therealbrandonhall
Posts: 9
Registered: ‎11-11-2012
0

Will I get approved (your best educated guess)

Hello,

 

I wanted to get some opinions based on previous experiences / expertise in this forum

 

my background:

23 year old male

120k a year with proof of iincome

At current job for 2years 

2200 in monthly expenses including car payment, rent, utilities, etc. 

1 secured credit card with 600 limit with capital one

1 unsecured with my credit union for 375

authorized user on cap one card with 500 limit

auto loan through cap one aukiwi with 9 months good payment history 

monthly rent of 1400 reports to experian only for last two years no late payments.

Current experian fico = 652 and increasing monthly

credit score was lower before due to carrying higher balances, since educating myself on improving credit half a year ago I pay my balances I in full on bill date and do not use them until the 0 balance is reported to the bureaus.

 

In April 2013 I will have had 12 on time car payments

 

what I am looking to purchase in April 2012:

used 1-2 year old mercedes e class very low mileage @ 53,000

I will be 4-8k upside down, however, I will pay the trade difference.

I am willing to put down 4-8k in cash

 

I do have a bank account and unsecured credit card with my credit union.

 

in your educated opinion do you think I will be approved?

 

capital one claims they do not do auto loans for used vehicles over 30k but they do through the dealer occasionally .

 

thank you for your input

Moderator Emeritus
webhopper
Posts: 7,225
Registered: ‎09-16-2011
0

Re: Will I get approved (your best educated guess)

[ Edited ]

Hi!  Welcome to MyFico Forums!

 

My best advice would be to apply for the car loan through the credit union or through the dealership.  At this point, your auto enhanced FICO should be fairly high, so you may have better luck at the dealership.

 

 

do you have any negative remarks on your credit report? 


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Member
therealbrandonhall
Posts: 9
Registered: ‎11-11-2012
0

Re: Will I get approved (your best educated guess)

I have one late payment on my 1 year old capital one 600 limit. I have attempted multiple times to have it removed via certified letters. All previous collections have been paid off and completely removed. 

 

 

Valued Contributor
Epcot
Posts: 2,789
Registered: ‎10-10-2012
0

Re: Will I get approved (your best educated guess)

[ Edited ]

With another 6 months of good payment history, and since you will be taking care of any negative equity. You may have a good chance of approval. But as webhopper mentioned, I also suggest trying via your Credit Union first.


Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 816 EX 780 TU 823
App free since 4/11/13
Member
therealbrandonhall
Posts: 9
Registered: ‎11-11-2012
0

Re: Will I get approved (your best educated guess)

thank you for your input, I would not mind a few more opinions.

 

minor correction to my post - my ipad auto- correct feature changed capital one auto (whom I currently have my car financed with) to some strange word.

 

thanks

Member
therealbrandonhall
Posts: 9
Registered: ‎11-11-2012
0

Re: Will I get approved (your best educated guess)

any other input is greatly appreciated,

Valued Contributor
sccredit
Posts: 1,116
Registered: ‎09-14-2012
0

Re: Will I get approved (your best educated guess)

I think the $53,000 purchase may be a stretch for your credit profile.  With such small limits you can't really show the ability to handle such a large amount.  What was the purchase price on your current car?

 

I would be expect/be prepared to put down a pretty large down payment ($10k or so PLUS your negative equity in your trade)

Never take credit personally

Amex BCP $24,900; Chase Sapphire Preferred $24,200; Discover It $12,500; Chase Ink Cash $15,000; Chase Slate $13,500; Citi TYP $12,900; Amex SPG Biz $3,000; DCU Visa $10,000; Logix FCU $15,000; Citi Home Depot $8,800; Lowes $8,000; Care Credit $6,000; Penfed Platinum Sig $16,000; Barclay Arrival Plus WEMC $15,000; US Bank PLOC Overdraft $1,500; US Bank Perks+ Visa Signature $8,600; US Bank Edge Rewards Business $10,000; PenFed PLOC $5,000

Member
therealbrandonhall
Posts: 9
Registered: ‎11-11-2012
0

Re: Will I get approved (your best educated guess)

Thank you for the response,

 

the purchase price on my current vehicle which is financed through cap one was $25k.

 

I had a 30 day late on my credit file on my cap one credit card that was a negative but cap one agreed to remove and should be taken off within 30 days.

Therefore the only bad thing working against me are my credit limits and my length of credit history.

 

Hopefully by April, 2013 when I have made a full year of consecutive on-time payments it will help my auto-enhanced score.

 

Do you think my income will be taken into consideration with what I am trying to achieve?

 

Thank you.


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}