Yet another do I qualify thread

Genkeim · ‎02-10-2014

Ok, looking to get a 2014 Ford Focus Titanium, price should end up between $20k and $25k (Possibility of getting Z-Plan pricing is why the large range).

Credit file is pretty thin, filed BK in '07, its due to drop off reports next month. In fact I think it's already off of Experian. Finished cleaning up credit and began to re-establish credit last year in order to buy a house. House closed in Aug, it's been reporting since Oct. AAoA is just under a year. Over all I have 5 CC accounts, student loans (in deferment), and a mortgage reporting. All payements have been on time, no lates. There is one baddie left on my report that was paid off last year but so far I haven't been able to get it removed. My scores SHOULD be in the 680-700 range. I've paid off all the CCs except a small balance on one and am waiting for them to report so I don't have an exact score

I have a full time job making $33k, been at this job for 1yr 3mo. Also have a part-time job bringing in $7.2k been there 2 months. So total income is just over $40k

Mortgage is a little tricky. It's a joint mortgage with my GF, we split the payment ($980) so $490 per person. Will lenders use the full 980 in figuring DTI?

To summarize:

Wanting to buy '14 Ford Focus price of $20k - $25k

Income: $33k (full time) & $7.2k (Part time) = $40.2k

AAoA: <1 year. (I believe it's at 10 or 11 months)

Baddie: 1 oldie, paid off last year

TLs: 5 CCs, 1 Mortgage, 1 Student Loan. No lates, Util % is under 5%

Monthly Debt Payments: $20 for CC, $490 mortgage. (Payment split with GF, her name is on mortgage also)

Prev Auto Loans: No previous car loans in over 7 years. No idea how far back they can see, but it's not pretty (repos, lates, etc..)

My plan is to make sure the new CC balances have reported, then start with NFCU and see if I can get approved before going to the dealership. Any opinions on if I'll be approved by NFCU or through the dealer?

Creditaddict · ‎02-10-2014

@Genkeim wrote:
Ok, looking to get a 2014 Ford Focus Titanium, price should end up between $20k and $25k (Possibility of getting Z-Plan pricing is why the large range).

Credit file is pretty thin, filed BK in '07, its due to drop off reports next month. In fact I think it's already off of Experian. Finished cleaning up credit and began to re-establish credit last year in order to buy a house. House closed in Aug, it's been reporting since Oct. AAoA is just under a year. Over all I have 5 CC accounts, student loans (in deferment), and a mortgage reporting. All payements have been on time, no lates. There is one baddie left on my report that was paid off last year but so far I haven't been able to get it removed. My scores SHOULD be in the 680-700 range. I've paid off all the CCs except a small balance on one and am waiting for them to report so I don't have an exact score

I have a full time job making $33k, been at this job for 1yr 3mo. Also have a part-time job bringing in $7.2k been there 2 months. So total income is just over $40k

Mortgage is a little tricky. It's a joint mortgage with my GF, we split the payment ($980) so $490 per person. Will lenders use the full 980 in figuring DTI?

To summarize:
Wanting to buy '14 Ford Focus price of $20k - $25k
Income: $33k (full time) & $7.2k (Part time) = $40.2k
AAoA: <1 year. (I believe it's at 10 or 11 months)
Baddie: 1 oldie, paid off last year
TLs: 5 CCs, 1 Mortgage, 1 Student Loan. No lates, Util % is under 5%
Monthly Debt Payments: $20 for CC, $490 mortgage. (Payment split with GF, her name is on mortgage also)
Prev Auto Loans: No previous car loans in over 7 years. No idea how far back they can see, but it's not pretty (repos, lates, etc..)

My plan is to make sure the new CC balances have reported, then start with NFCU and see if I can get approved before going to the dealership. Any opinions on if I'll be approved by NFCU or through the dealer?

Have you opened a credit card with navy?

Genkeim · ‎02-11-2014

Yes, I have a nRewards CC with them. Also opened a checking and savings acct and using them as my primary account, payroll direct deposited there.

Creditaddict · ‎02-11-2014

@Genkeim wrote:
Yes, I have a nRewards CC with them. Also opened a checking and savings acct and using them as my primary account, payroll direct deposited there.

I think you would be fine.

I would consider a overdraft credit line for $15k but if you are getting ready to apply for the car, do it after that.