Hello i recently have tried to start rebuilding my credit. Talked to a credit specialist (free of charge from the VA). I have paid off government student loans 5k worth, military star card 1.1k, and a Gi Bill overpayment 685.00 that were all in collections! I also have another 5k in 2 old auto loans from the same lender that went into collections in DEC 2006 and are coming off in late 2013. Never had a late payment on those loans till my wife unexpectly lost her job d/t mismanagment and me getting out of the military so our income went to crap as well as our credit! I was told buy the specialist to let it charge off if i couldn't pay it off in time since it's so old.
I have been at my new job nearly a year as a LPN (nurse) making about 32k (2600.00/mo) before any overtime wife income seasonal part-time is only 10k, no open CC accounts, no other auto loans reportable to Credit Agency's (got one but is buy here pay here) that are being paid off this week. The car im looking at is a 04-08 Nissan Armada from 10-17k and with 2-3k in downpayment. I have 1 other good vehicle a 2002 altima but my 99 Montero Sport has seen its better days she has did well by me 275k miles (most of these miles were driving home for vacation in the military Cali to GA). It's time for a new affordable vehicle!
My scores are as follows EQ 585, EX 640, TU 580. I tried purchasing my FICO scores but for some reason it says it cannot retrieve my EQ scores. Only one inquiry within the last year for a small unsecured loan ( 2012 march denied) from my bank Wells Fargo.
will this get approval? Have any suggestions?
For the scores you posted, did you get them from somewhere else? If so, what are they (Credit Karma, etc)?
Do you have any current open credit cards?
What do you have in the way of down payment?
Have you been to the rebuilding section here?
If you don't have any open credit card accounts, and everything has been charged off, it would explain your not being able to get a score from MyFico. Scores from other sources don't really give us an idea of your credit as they have no releationship to the FICO scores. From your post it was difficult to tell if you have any current active open credit card accounts.
1. I don't have any open CC but will get an secured CC for about 800.00 in the up comming weeks.
2. Have about 3k so far in savings. I atleast want to keep atleast 1k in savings so lookin @ 2k for a downpayment.
3. Haven't been to the rebuilding section, just went to my local VA office for finacial guidance and credit rebuilding.
Got the scores from Experian.com and measured them from Credit Karma. My Experian.com scores were actually higher.
I bank with Wells Fargo (formerly Wachovia) the clostest branch is 35 miles from me. I tried about early last year or 2011 to join my local CU but was not allowed to join due to the auto loans that were on my account, mind you I had about 5k in savings i wanted to transfer over to them.
Try Navy Federal if you are still in the service. They are outstanding when it comes to loans/credit cards (look around this forum for plenty of examples of NFCU helping people out).
I'm no longer in the military been out since 2006. I recently just opened a Secure CC from CapitalOne 200.00 dollar limit with a 49usd deposit that will get reported and my limit will raise with either another deposit or ontime payment.