can i get approved?

[Anonymous]

I HAD A AUTO LOAN FOR 11,000$ DOLLARS LAST YEAR, PAID IT OFF. BOUGHT A HOUSE , BUT I WAS LATE ON A FEW HOUSE PAYMENTS, BUT I AM GETTING CAUGHT UP. I NEED TO BUY A TRUCK REALLY SOON, I'M HOPING I CAN PUT 1,000$ DOWN AND GET APPROVED FOR AROUND 10-13,000$.MY SCORE'S BEFORE I BOUGHT MY HOUSE AND PAID MY AUTO LOAN OFF WERE AROUND 580, NO REPOSESSION'S, OR FORECLOSURE'S OR BANKRUPTCY OR CREDIT CARDS ON MY CREDIT, I'M JUST NOT SURE HOW MUCH THE LATE MORTGAGE PAYMENTS HURT MY AUTO LOAN OPTIONS.  THANK YOU FOR YOUR HELP.

[SCF]

Hey jb,

I think a good place to start might be pulling your FICO score here and seeing where you stand.  If you have no CCs on your report, you may also be able to get a significant score boost from adding 1 or 2 revolving accounts and using only a small part of your credit limit (<9% each month).

Also, having a 20% down payment will greatly increase your chances of getting a loan with lower scores in today's credit climate.

You should definitely poke around these boards and learn about what affects your scores and how to improve them, the Rebuilding Your Credit and Credit Card boards have stickies that will get you started.  Also, you might try a letter requesting a "good will" adjustment to reporting to your mortgage company to remove one or more of the lates.

Keep the questions coming, and good luck!

[Anonymous]

THANK YOU , I WILL TRY THAT. I THINK MY SCORE IS AT LEAST AS GOOD AS IT WAS WHEN I GOT MY OTHER CAR LOAN. ONLY DIFFERENCE IS IS A FEW LATE HOUSE PAYMENTS, BUT I'M HOPING THEY SEE MY OTHER AUTO AUTO LOAN PAID OFF AS WELL AS PAID OFF EARLY WILL HELP ME. THANKS FOR THE GOOD ADVICE

[SCF]

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@Anonymous wrote:
THANK YOU , I WILL TRY THAT. I THINK MY SCORE IS AT LEAST AS GOOD AS IT WAS WHEN I GOT MY OTHER CAR LOAN. ONLY DIFFERENCE IS IS A FEW LATE HOUSE PAYMENTS, BUT I'M HOPING THEY SEE MY OTHER AUTO AUTO LOAN PAID OFF AS WELL AS PAID OFF EARLY WILL HELP ME. THANKS FOR THE GOOD ADVICE

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You're welcome jb!  I hope things work out for you.  Just a bit of advice, when you type in all caps like that, many people online will see that as "yelling" and it also makes your posts harder to read, so in the future, it's best to turn off the caps lock.

Good luck!

[Anonymous]

Bear in mind the lender may use an altered FICO scoring model, known as the "Auto Enhanced FICO". If you have had good payment history with your previous loan, then you are more inclined to be approved.