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Will I qualify for a loan?

Regular Contributor

Will I qualify for a loan?

Credit Score: Not sure. This will be my 6th month of history so will be purchasing my Fico through here shortly

AAoA 7 months at time of loan ( 3y 5m counting an AU card)

# of positive trade lines: 2 of my own, 1 AU

# of negative trade lines:0

Income:~12k

Lenght of Employment: 10 months

Previous Loan Experience: None

Debt-to-Income (DTI):0%

Year of Car: 2011 or 2012

Miles: 60000

Purchase/Refinance: Purchase

Requested loan term (XX Months):60

Down payment amount:2000-3000

Co-borrower/Co-Signer: Possibly, rather get it on my own

Other: Purchase price ~$10k

 

Have never missed a payment and have always PIF. Current Util is 6%

 

CL's are $400, $401, $5000 (AU)

 

Inq's are as follows

EQ 7

TU 6

EX 4

 

No recent ones though. All were from when I had no idea what credit was. Some will be close to 1 year old or more at time the loan.

 

Thanks in advance for any insight

 

Current FICO Scores EQ 782,TU 755, EX 754

AMEX BCE $24k, Quicksilver $10k, Venture $13k, Sallie Mae Mastercard $8.3K Chase Freedom 5k, Discover IT $3.4k, Kohl's Charge $2.5k, Capital One Secured $801
Message 1 of 5
4 REPLIES
Established Contributor

Re: Will I qualify for a loan?

You will probably get declined based on income alone. Most lenders have a minimum income requirement of around 20k.

 

I suggest a co-signer.

Message 2 of 5
Valued Contributor

Re: Will I qualify for a loan?

Yep, Samsung's comment is spot on. Is that 12k income gross (ie pre-tax) annual income? And if it is pre-tax annual income, you'd need a cosigner at almost all lenders (that I know of).

For an urgent question Monday thru Fridays, feel free to email me directly remembermyfico //at// gmail /dot/ com if you need a response in 24 hours.
Message 3 of 5
Established Contributor

Re: Will I qualify for a loan?


Remember0 wrote:

Yep, Samsung's comment is spot on. Is that 12k income gross (ie pre-tax) annual income? And if it is pre-tax annual income, you'd need a cosigner at almost all lenders (that I know of).


+1

Most lenders will require you make at least $1600/month pre-tax. ($19,200/year). At 12K you will more than likely need a cosigner.

FICO® EQ 717 (3/5/15); TU08 732 (3/5/15); EX: 723 (3/5/15) - Last app 3/15/15; Inquiries: A TON!

CITI ThankYou Preferred - CL: $2,000




Starting Scores: 590s on 12/2013. Hover over card image to view details! *After Amex approvals - [I was supposed to be] Gardening!*
Message 4 of 5
Valued Contributor

Re: Will I qualify for a loan?

I'll note that Santander Consumer's minimum is 1.2k/month (still 14.4k pre-tax) when one applies through a dealer to SCUSA. But that will likely be paired with a high interest rate.

For an urgent question Monday thru Fridays, feel free to email me directly remembermyfico //at// gmail /dot/ com if you need a response in 24 hours.
Message 5 of 5