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trying to get a car loan

New Contributor

Re: trying to get a car loan

I only want to have one hard inquiry on my credit report.  What is the best company to make an attempt with.  Like I stated I am with Capital One and they are always sending me letters in the mail saying I'm Pre-qualified for one of their car loans.  Don't quite know what that means.   I can easy manage a $400 car payment if thats what it takes.  I can always refinance two years down the line to get a lower interest rate.

Filed Chapter 13: 9/12/2014, Converted to Chapter 7: 03/25/2015, 341 Meeting: 04/15/2015, Discharged: 07/28/2015
Score from MyFico (08/04//2015): Trans - 507 / Equifax - 554 / Experian - 516
Current Scores: Trans - 611 / Equifax - 562 / Experian - 564
Goal: 650 after 6 months; 700 after 1 year

Current Credit: Kohls - $300, NY&CO - $350, JCrew - $350, Barclay Rewards - $750, Barclay Visa with Apple Rewards - $2000, Credit One - $300, Rally Motor Credit - $14,500, Student Loans - $15000, Ann Taylor - $250, Express - $250, West Elm - $2000.
Message 11 of 20
New Member

Re: trying to get a car loan

plug the finance company if they are doing repo low fico deals

I'm sure many here could apply

 

 

Ghost in Bureau's from 1987 to 2010 (lot's of money no need for credit)
0 2010 in Bureaus
750 average beacon 2012
850 goal
Message 12 of 20
Frequent Contributor

Re: trying to get a car loan

I am not permitted to refrence my employer on social media sites or on forums.

 

I would not be too worried about inquiries for car shopping. Only the intital inquiry will count if they are all coded as auto and submitted witin a 14 day window.

 

WF Home Projects Visa $8500 / Towpath CU Visa $7000 / Chase Freedom Visa $5500 / Cap 1 QS Visa Sig $5000 / Barclaycard Ring MC $5000 / GE Lowes $5000 / Citi Best Buy MC $4250 / Barclaycard Rewards Visa $4000 / BFG CU Visa $3500 / Citi Sears$3000 / WF Visa $2000 / GE Walmart $1900 / GE Care Credit $1900 / GE Amazon $1400 / Cap 1 Kohls $1000 / GE Old Navy $800 / Webbank Fingerhut $700
Message 13 of 20
New Contributor

Re: trying to get a car loan

OK thank you I'll give it a go!

 


Hammer23 wrote:

I am not permitted to refrence my employer on social media sites or on forums.

 

I would not be too worried about inquiries for car shopping. Only the intital inquiry will count if they are all coded as auto and submitted witin a 14 day window.

 


Well shucks! lol OK well can you advise is it better to apply online or at a dealership?

Filed Chapter 13: 9/12/2014, Converted to Chapter 7: 03/25/2015, 341 Meeting: 04/15/2015, Discharged: 07/28/2015
Score from MyFico (08/04//2015): Trans - 507 / Equifax - 554 / Experian - 516
Current Scores: Trans - 611 / Equifax - 562 / Experian - 564
Goal: 650 after 6 months; 700 after 1 year

Current Credit: Kohls - $300, NY&CO - $350, JCrew - $350, Barclay Rewards - $750, Barclay Visa with Apple Rewards - $2000, Credit One - $300, Rally Motor Credit - $14,500, Student Loans - $15000, Ann Taylor - $250, Express - $250, West Elm - $2000.
Message 14 of 20
Highlighted
New Member

Re: trying to get a car loan

there's no coding for auto enquires

there's codes for different pulls that don't count

on my file they all say the same thing

X enquires and most are within days of each other

All these BS banks from two dealers

so my report shows X enquires in 2 years

other than all those BS auto bank pulls

most of the other pulls I got credit with

some of the auto guys I was approved with but the terms were crazy

I know people like to say bunched pulls for a home or car don't hurt

but I don't believe it since my report is clear

DOZENS of hard enquires

once most are wiped I can see the impact

if it's a big bump at EQ then the logic is wrong that closed spaced pulls are not hurting scores

I think in my case they are

until EQ drops some or most I can't say for sure if they hurt much

right now I think they're hurting

so I used the dispute form, I didn't authorize all those pulls

so within 30 or 45 days EQ should clean up the huge amount of pulls

then

I can see what effect the pulls had, all I know is I don't like seeing dozens of pulls I didn't agree to

 

Ghost in Bureau's from 1987 to 2010 (lot's of money no need for credit)
0 2010 in Bureaus
750 average beacon 2012
850 goal
Message 15 of 20
Moderator Emeritus

Re: trying to get a car loan


User592954 wrote:

there's no coding for auto enquires....I know people like to say bunched pulls for a home or car don't hurt but I don't believe it

 

so I used the dispute form, I didn't authorize all those pulls....so within 30 or 45 days EQ should clean up the huge amount of pulls

 


If you pull your reports directly from the CRAs or annualcreditreport you can see a column for "permissible purpose". Auto inquiries should say "auto inquiries". Per FICO scoring, FICO will ignore all mortgage, auto, and SL inquiries if pulled within a specific time frame. That time frame is generally 30-45 days depending on the CRA and FICO version used. So, if you app 100 times within a couple of weeks, FICO will ignore 99 of them provided they are coded as such.

 

Now the above only applies to FICO scoring. If you pull FAKO scores, like pulling from TransUnion.com or Experian.com, every single inquiry will hurt. But lenders generally don't use those scores anyway.

 

It's not uncommon to have a dealer pull multiples of times when you app. I'd ignore. Disputing it is a very bad idea. If you did dispute, look out for the added fraud alert, especially on EQ. They'll usually automatically add one if you dispute as "not mine', because the premise is that you are a victim of ID theft.

Message 16 of 20
New Contributor

Re: trying to get a car loan

I applied with Capital One, a no go.  Applied with USAA and this is the message I got:

 

Thank you, MY NAME for your loan application. This loan will require further manual processing and we are unable to provide an immediate loan decision at this time.

 

Then this morning I received a phone call from USAA but I missed it.  Ill call them on Monday.  Is that a good or bad sign?

Filed Chapter 13: 9/12/2014, Converted to Chapter 7: 03/25/2015, 341 Meeting: 04/15/2015, Discharged: 07/28/2015
Score from MyFico (08/04//2015): Trans - 507 / Equifax - 554 / Experian - 516
Current Scores: Trans - 611 / Equifax - 562 / Experian - 564
Goal: 650 after 6 months; 700 after 1 year

Current Credit: Kohls - $300, NY&CO - $350, JCrew - $350, Barclay Rewards - $750, Barclay Visa with Apple Rewards - $2000, Credit One - $300, Rally Motor Credit - $14,500, Student Loans - $15000, Ann Taylor - $250, Express - $250, West Elm - $2000.
Message 17 of 20
New Contributor

Re: trying to get a car loan

DJ, that should be a good sign from USAA if the called you; most the time if your not even close to approving they just send out a letter in the mail saying why they denied your request.  Also they may want a VIN number to a car (I would suggest shopping around and finding the BEST deal and do NO add-ons keep the price the lowest!).  I have seen people in the high 500's get approved through carmax with under 10% APR, with your 2k down and if you have a good DTI then I suggest going out to carmax and seeing what they are willing to do for you. GL!

Message 18 of 20
New Contributor

Re: trying to get a car loan

Ohh, forgot to add; the reason for a vin number or what car/price is so they can see the value of the car to the loan.  IF the loan is close to or under the market value of that car then your chances shoot up!  Also the reason why adding things  (warranty, misc bs) to the car can drop your approval chance.

Message 19 of 20
New Contributor

Re: trying to get a car loan

Ok question is this legal. I spoke with a dealership on the phone and they said they would look at my credit to see if I had a chance at a loan before even attempting to run it pass banks. I called then three times and no one ever called me back. So I went to a different dealership in person and they told me that the other dealership "shocked" my credit by sending it to over 20 different places. I never gave them permission to run my credit passed places especially since we had not even talked about pricing on vehicles. Is it legal for them to do that?
Filed Chapter 13: 9/12/2014, Converted to Chapter 7: 03/25/2015, 341 Meeting: 04/15/2015, Discharged: 07/28/2015
Score from MyFico (08/04//2015): Trans - 507 / Equifax - 554 / Experian - 516
Current Scores: Trans - 611 / Equifax - 562 / Experian - 564
Goal: 650 after 6 months; 700 after 1 year

Current Credit: Kohls - $300, NY&CO - $350, JCrew - $350, Barclay Rewards - $750, Barclay Visa with Apple Rewards - $2000, Credit One - $300, Rally Motor Credit - $14,500, Student Loans - $15000, Ann Taylor - $250, Express - $250, West Elm - $2000.
Message 20 of 20