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Will I get approved?

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craigmax
Member

Will I get approved?

Credit Score: Fico is 678, Auto enhanced from BOA letter pulled 704

AAoA:12 I think.

# of positive trade lines: 6-home, student loans, 2 credit cards for $300 and $500 with 3-4% utility

# of negative trade lines: 2 collections, one 3 years old for $143-gas utility bill, other 2 years old for $263-shaft exiting old apartment paid on this past friday, 1 public record Capitol one loan For $1039  thats 7 years old. Falls off in January 2015.

Income: $50k

Lenght of Employment: 8 years

Previous Loan Experience: recent motorcycle loan paid off early this year and auto loan long time ago paid on time

Debt-to-Income (DTI): 22%

Year of Car: 2010 Acura MDX

Miles: 84000

Purchase/Refinance: purchase $20000

Requested loan term (XX Months): 60 maybe 72 months

Down payment amount: $2500

Co-borrower/Co-Signer:

Other: Recently applied at BOA and was denied. Their action letter stated number of major derogatory accounts and/or public record. Own my home two years with a mortgage of $626 and student loans currently being consolidated with the payment projected at $297. I may be considering DCU next and a local credit union that said financing was promising should I bring a letter saying the second collection for $263 was paid. I received the receipt via email today. Air conditioning is out in my current Acura TL and I need the utility of an SUV with my 1 year old. Open to any suggestions of other means of financing and willing to look at 2009's for less money. 

 

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3 REPLIES 3
ExplicitElicit
Established Contributor

Re: Will I get approved?

With your scores no you should not have trouble obtaining financing. Are you going to be purchasing this from a dealership or private party. If this vehicle is located at a dealership you would have no trouble being approved through them. If your looking for a private party purchase DCU is a great place to start! 

 

Have you looked up the nada retail value? If not you can do so here: New/Used Car Value

 

What would your LTV (loan to value) be? My mom was in a worse spot than you with scores in the mid 500's and was approved w/ Ally a little over a year ago for 25K so I know you can obtain financing. If possible I would wait until the baddies show paid on your CRA's, if not then it would not hurt to present the letter but usually they follow the CRA's. You'r scores are okay, I would not accept anything over 7.29% but you can always look at refinancing in 12-18 months. How much was the loan on your motorcycle?

Message 2 of 4
craigmax
Member

Re: Will I get approved?

Thanks for the confidence. It's at a dealer. NADA is $23475 clean retail. $21275 clean trade in so I feel I will get instant equity.$19500 rough trade in. My bike loan was for $4700. And while I wont want any new credit for some time after this loan, I'd rather not have too many hard pulls but I will do what i have to. Maybe add another CC.

Message 3 of 4
Remember0
Valued Contributor

Re: Will I get approved?

I think you don't need another credit card. You should be okay with 6 positive tradelines. You can add one if you want -- it's up to you. I'd maybe wait till after the car loan.

 

Have you tried DCU? Given your score they could be a good one to try.

 

If DCU doesn't work, my next advice would be Cap One perhaps. But definitely try DCU first.

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