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Established Member
Posts: 18
Registered: ‎01-06-2013
0

Will this get approve?

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?

Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Will this get approve?

I think it is possible but you will end up paying a higher interest rate and may need approval through a subprime lender. I would call major dealerships and ask if they have a special financing department.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Community Leader
Super Contributor
Posts: 6,468
Registered: ‎03-06-2010
0

Re: Will this get approve?

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.

Established Member
Posts: 52
Registered: ‎07-10-2007
0

Re: Will this get approve?

Do you use a local bank for your checking and savings account? I ask because through some rough times in my own life I have used my local bank when others wouldn't work with me. I didn't always get te "teaser" rates but never over 6.5% on autos.

Keep in mind my scores were similar to yours. Also I agreed to auto debit payments. Not sure it mattered, but I always keep $1-2k in a savings there and no records of insufficient funds issues on the checking.

I really like the fact I have "human interaction" and its not just all computer generated.

Obviously YMMV but my local bank really had been good to me. Hope it works for you too.

It is only the poor who pay cash, and that not from virtue, but because they are refused credit. - Anatole France

FICO Scores (1/6/13): EX 642 and TU 670
Established Member
Posts: 18
Registered: ‎01-06-2013
0

Re: Will this get approve?

@ Startingover10

 

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.

Established Member
Posts: 18
Registered: ‎01-06-2013
0

Re: Will this get approve?

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.

Established Member
Posts: 18
Registered: ‎01-06-2013
0

Re: Will this get approve?

Anyone else care to give a lil input?

Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
0

Re: Will this get approve?

Try Prestige Financial. They usually don't require a downpayment and it says that on their website. I was approved for $16K with zero down/$400 a month and I had a double BK on my credit report. Go to www.gopfs.com and search for one of their approved dealers.

Warning you now, they have no grace period so put the payment on auto debit otherwise they will blow up your phone day and night from what I heard. I put my payment on auto debit and I never heard from them in the 4 years that I had the loan. They have a rate reduction program too...pay on time, and your rate goes down unlike road loans. I highly recommend them as they helped me rebuild my credit and in Nov, I was approved for tier 1 lease financing through Acura Financial on a brand new Acura! So Prestige has been paid in full as I traded in the car I financed with them and my account with them is closed now. Now I get to do business with Acura Financial thanks to their help. :-)
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Frequent Contributor
Posts: 346
Registered: ‎01-16-2013
0

Re: Will this get approve?

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).


Starting Scores: myFICO EQ: 678, myFICO TU: 676, myFICO EX: 678 (01/2013)
Latest Scores: myFICO EQ: 777, myFICO TU: 789, myFICO EX: 787
My Wallet: Chase Freedom, Discover It, NFCU cashRewards, Capital One Quicksilver, Chase Amazon Rewards
Gardening since 06/08/15
Established Member
Posts: 18
Registered: ‎01-06-2013
0

Re: Will this get approve?

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.

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