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average fico but previous repo; denied by penfed for autoloan

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amay
New Visitor

average fico but previous repo; denied by penfed for autoloan

any advice?  not sure if its worth going to a dealer or not.  credit is exp 680 but have had a previous repo that we did buy back ourselves....it is still on my report and penfed said no due to current or recent deliquencies.  Any deliquencies are 1-3 years old at this point.

 

Thanks!

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Anonymous
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Re: average fico but previous repo; denied by penfed for autoloan

A repo, foreclosure, or BK are always large black marks.  If they are followed by any other lates or derog's it can be an app killer.  They are alot more forgiving if all credit since is fairly clean, but if there has been other negative items since the repo then it is a hard sell.

 

Also, if they are pulling an auto enhanced FICO your score could be much lower.

Message 2 of 3
Anonymous
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Re: average fico but previous repo; denied by penfed for autoloan

Amay,

 

I am speaking less to the manual review process of a bank or CU and more to the FICO formula, but 1 year is considered recent for FICO scoring. Anything under 2 years is recent, anything over 2 is not recent.

 

For a major baddie (repo or long late) you will be considered to have a major baddie for 7 years......for lates of 60 days or less the effect is pretty much gone after 2 years.

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