07-30-2013 07:51 PM
hello all, my name is Rich, first time posting on here.
ok background 10 santander (repo)
febuary 10 new loan with new city funding for 5000 for 2 years 25%, paid in full in late 2011, NEVER LATE, ONLY REPORTED TO TU
july 2011 new loan with regional acceptance (had a cosigner) 19% 4 years, never been late
february 2013 new loan with credit acceptance, had to buy a van, family expanded 18%, been on time for 5 months now
currently paying on two autos in my name and both reported to all three bureaus.
ok i want to trade in cavalier, extended service contract up and has 100000 miles.
i have a ton of inquiries on my bureaus which im disputing most of them.
i have 3.5 years solid car payment history, everything shows up as 1s, never late on all my bureaus.
have been turned down by
and a few others
i dont have a solid co signer any more.
does anyone have any suggestions on where to go who to turn too?
my experian score is 569 tu 589 and equifax is 550s i think.
Please any advice would be greatly appreciated
07-31-2013 08:38 AM
Your score is low, but they will most likely pull an auto-enhanced score, so it might be a little higher with those othe auto loans. However it will not be with a top tier lender or a low rate. Do you belong to a CU or have a good financial relationship with a local bank? They might be a better route.
07-31-2013 10:34 AM
I have read mixed reviews on what credit unions will approve.
What are your thoughts on that?
Plus im confused becausr i do have 3.5 years of excellent car payment history
07-31-2013 11:01 AM
Even though you have some good auto history there must be some large negatives that are holding your score below 600. In addition with the debt obligations you listed there could be a problem with debt to income ratios unless your income is very substantial.
I believe that you can probably secure an auto loan if you really need to but trying on your own with blind applications is not the way to go. I would look around major auto dealerships for the car you want and then find out if they have financing for troubled credit. Depending on what your trade in is worth you will probably have to bring substantial cash to the table to get to a down payment in the 25 -30% range. And the APR is likely to be mid to high teens again. With that in mind you may want to reconsider another vehicle purchase until you straighten out your credit.
The Rebuilding forum on this site has a massive amount of information and help from people who have made solid gains in their credit scores in relatively short time periods. Best of luck to you in whichever direction you take.
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.