Working the Numbers for USAA Loan

[Anonymous]

Hello everyone, I will be applying for a car loan in September when I get back to the states, Im currently in S. Korea on duty. My TU score is 591 and my EX is 600. I was looking for a car loan for around 10000 with a down payment of 7,000 for a total price of around 17,000 for the vehicle.( Is this resonable?)I was wondering if I have a good chance to get approved with USAA. Thier car buying circle has some of the best prices for new and used vehicles I can find anywhere. My credit profile is:

Capital One- 0% Util on 300 limit-Never Late

Military Star-0% util on 500 limit-never late

Federal Student loan- 50/month 3500 balance-never late

Student Loan-50/month 1700 balance-was 90 days late over 1 year ago

2 personal loans PIF- total 7000 never late

Capital one- Closed 300 limit-was 120 days late

All accounts are less than 4 years old.

Other than my student loans i have no debt or monthly payments, or collection accounts.

Any chances I can get approved with USAA? If anyone has been in a similar situation as me some guidance on lenders that would approve my profile would be great help. Thanks

Forgot to mention my NET income is around 4,000/ month right now but when I return to the states it will drop sharply to 1200/month with all my expenses accounted for.

[Anonymous]

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@Anonymous wrote:

Hello everyone, I will be applying for a car loan in September when I get back to the states, Im currently in S. Korea on duty. My TU score is 591 and my EX is 600. I was looking for a car loan for around 10000 with a down payment of 7,000 for a total price of around 17,000 for the vehicle.( Is this resonable?)I was wondering if I have a good chance to get approved with USAA. Thier car buying circle has some of the best prices for new and used vehicles I can find anywhere. My credit profile is:

Capital One- 0% Util on 300 limit-Never Late

Military Star-0% util on 500 limit-never late

Federal Student loan- 50/month 3500 balance-never late

Student Loan-50/month 1700 balance-was 90 days late over 1 year ago

2 personal loans PIF- total 7000 never late

Capital one- Closed 300 limit-was 120 days late

All accounts are less than 4 years old.

Other than my student loans i have no debt or monthly payments, or collection accounts.

Any chances I can get approved with USAA? If anyone has been in a similar situation as me some guidance on lenders that would approve my profile would be great help. Thanks

Forgot to mention my NET income is around 4,000/ month right now but when I return to the states it will drop sharply to 1200/month with all my expenses accounted for.

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1- USAA was originally created for Officers only. It has a somewhat stricter lending standard then other banks. (that being said carrying  a car insurance product from them can be a long term investment in yout future.)

2-Navy Federal Credit Union was originally created with the needs of officers and enlisted in mind and they traditionally have much more lenient lending standards then many banks or credit unions. Membership is open to all branches of the military.

You have a good monthly income but a low/bad score and a very thin good credit file.

Will USAA finance you since you are paying so much of the value of the car in money down? No idea, try for it when you come back. I kinda doubt it.

I Highly recommend though:

Open a Navy Federal Credit Union account, start an allotment into it (few hundred a month).

When you come back to the States you have them to fall back on for financing.  NFCU will probably finance you.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Hello everyone, I will be applying for a car loan in September when I get back to the states, Im currently in S. Korea on duty. My TU score is 591 and my EX is 600. I was looking for a car loan for around 10000 with a down payment of 7,000 for a total price of around 17,000 for the vehicle.( Is this resonable?)I was wondering if I have a good chance to get approved with USAA. Thier car buying circle has some of the best prices for new and used vehicles I can find anywhere. My credit profile is:

Capital One- 0% Util on 300 limit-Never Late

Military Star-0% util on 500 limit-never late

Federal Student loan- 50/month 3500 balance-never late

Student Loan-50/month 1700 balance-was 90 days late over 1 year ago

2 personal loans PIF- total 7000 never late

Capital one- Closed 300 limit-was 120 days late

All accounts are less than 4 years old.

Other than my student loans i have no debt or monthly payments, or collection accounts.

Any chances I can get approved with USAA? If anyone has been in a similar situation as me some guidance on lenders that would approve my profile would be great help. Thanks

Forgot to mention my NET income is around 4,000/ month right now but when I return to the states it will drop sharply to 1200/month with all my expenses accounted for.

---

1- USAA was originally created for Officers only. It has a somewhat stricter lending standard then other banks. (that being said carrying  a car insurance product from them can be a long term investment in yout future.)

2-Navy Federal Credit Union was originally created with the needs of officers and enlisted in mind and they traditionally have much more lenient lending standards then many banks or credit unions. Membership is open to all branches of the military.

You have a good monthly income but a low/bad score and a very thin good credit file.

Will USAA finance you since you are paying so much of the value of the car in money down? No idea, try for it when you come back. I kinda doubt it.

I Highly recommend though:

Open a Navy Federal Credit Union account, start an allotment into it (few hundred a month).

When you come back to the States you have them to fall back on for financing.  NFCU will probably finance you.

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I was thinking about opening an acount with NFCU. Will they perform a hard inquiry if I open an account with them? I dont want to have another inquiry ( i have 2 in the last 6 months) right before I apply for an auto loan.

[Anonymous]

I was thinking about opening an acount with NFCU. Will they perform a hard inquiry if I open an account with them? I dont want to have another inquiry ( i have 2 in the last 6 months) right before I apply for an auto loan.

[JagerBombs89]

They pulled a hard inquiry on my TU when I applied for membership.  I live in Texas.

[Anonymous]

I see, still debating if the inquiry is going to be worth it. I already have BofA and USAA. Maybe I will close my BofA checking account...

[Anonymous]

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@Anonymous wrote:

I see, still debating if the inquiry is going to be worth it. I already have BofA and USAA. Maybe I will close my BofA checking account...

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It is very rare for any bank or credit union not to pull a hard inquiry.

I truly believe NFCU will be your best option for re-establishing credit and getting the loans you want.

[Anonymous]

Checked my Credit

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@Anonymous wrote:

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@Anonymous wrote:

I see, still debating if the inquiry is going to be worth it. I already have BofA and USAA. Maybe I will close my BofA checking account...

---

It is very rare for any bank or credit union not to pull a hard inquiry.

I truly believe NFCU will be your best option for re-establishing credit and getting the loans you want.

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Checked my credit score today and it jumped up to 639 this month from 600 EQ  Hopefully I can get it to 650 by September. Any suggestions how? It seems I have 4 credit inquiries in the last year though not 2, like I thought. I also applied to NFCU and am awaiting thier response for an account. Hopefully they will approve my loan in September!

[Anonymous]

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@Anonymous wrote:

Checked my Credit

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@Anonymous wrote:

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@Anonymous wrote:

I see, still debating if the inquiry is going to be worth it. I already have BofA and USAA. Maybe I will close my BofA checking account...

---

It is very rare for any bank or credit union not to pull a hard inquiry.

I truly believe NFCU will be your best option for re-establishing credit and getting the loans you want.

---

Checked my credit score today and it jumped up to 639 this month from 600 EQ  Hopefully I can get it to 650 by September. Any suggestions how? It seems I have 4 credit inquiries in the last year though not 2, like I thought. I also applied to NFCU and am awaiting thier response for an account. Hopefully they will approve my loan in September!

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@Anonymous wrote:

Checked my Credit

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@Anonymous wrote:

---

@Anonymous wrote:

I see, still debating if the inquiry is going to be worth it. I already have BofA and USAA. Maybe I will close my BofA checking account...

---

It is very rare for any bank or credit union not to pull a hard inquiry.

I truly believe NFCU will be your best option for re-establishing credit and getting the loans you want.

---

Checked my credit score today and it jumped up to 639 this month from 600 EQ  Hopefully I can get it to 650 by September. Any suggestions how? It seems I have 4 credit inquiries in the last year though not 2, like I thought. I also applied to NFCU and am awaiting thier response for an account. Hopefully they will approve my loan in September!

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1- To clarify: Most banks and credit unions use hard pulls to open an account as a quick way to be PATRIOT ACT compliant. They offset the cost by offering credit and loan products.

2.Just remember to use NFCU. Set up an allotment at least. It will help.

[Anonymous]

DO you think it would be a good idea to open 1 or 2 credit card accounts before I apply for this loan to pad my credit profile or will the recent request for credit look like I might over extend myself to NFCU?

[gpeach]

As people already posted. Open a bank account with NFCU with direct deposit. Suggest that you do not add any inquiries until time to get a car loan except opening the account. Then apply for a credit card same time as thecar loan.  

Some reasons are that new accounts will bring down your average age of accounts. And new accounts will bring down your score. And the inquries too. Having a checking account with direct deposit managed well would help your chances with NFCU.

My husband applied for a car loan and credit card same time in person. Instant approval at the bank for the car loan 32K. They turned him down for a credit card. Said because we are can't afford it. I am sure it is because the loan officer would not count our rental income that pays our mortgage, taxes and insurance. Said we had to have it for 2 years before they count it.