will i be aproved

[morgan320i]

lowest score 649 highest 655

i make 65k a year, i have been at my job 11 years

i am 29

have had 2 car loans paid off, currently have a car loan @485 a month iv had for 30 months i had one 30 day late 2 years ago... accedent thought i paid it.

low balances on just 2 credit cards, 0 inqires on my report,

min payments are 20 on 1 cc and 25 on another owning about 2k between the 2,

currently have 8k saved toward a house and 35k in a 401k for all those who think i should be spending my money elsewhere,

i owe 14k on my current truck trade in is almost 19 or i might sell it ,

looking to buy a brand new f250 truck at 42k before tax and licence, and put 4k down,

what are my chances

[morgan320i]

i just moved into my mother inlaws while we look for a house to buy, where we were renting landlords decided to sell after 2 years, so my rent is 0

[morgan320i]

my wife makes almost as much as me so i am not the soul provider

[Creditaddict]

I don't think you will have a problem getting approved but if you are literally house shopping now I would hold off on the truck as your current loan payment is probably much smaller then the new one and that payment is what will be used for your DTI to get mortgage... if that is not going to swing your DTI up very much then go for it now but make sure they are not selling the loan around... tell them you are interested in Ford Credit ONLY and if Ford will not take it and offer the special APR you are not interested in buying.

last thing you need is 10 credit pulls for the car while searching for a house and mortgage.

[CreditDrama85]

since you are planning on getting a mortgage if you want the car now you could consider leasing it. leasing might help keep your DTI low and allow you to save the down payment money to show as reserves while you go through the underwriting process. there also could be certain tax advantages to leasing. good luck with whatever route you go!

[morgan320i]

We are not gonna buy till early next year as we're not sure where we wanna live, also we are looking at houses in the 170k or less range, my current loan is through ford credit I though about calling them first, I calculated at even at 8-10% my payment should be only 150-200$ more max at 72 months my truck now was 60 months and a horrible rate because my scores were in the low 500's

[Creditaddict]

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@morgan320i wrote:
We are not gonna buy till early next year as we're not sure where we wanna live, also we are looking at houses in the 170k or less range, my current loan is through ford credit I though about calling them first, I calculated at even at 8-10% my payment should be only 150-200$ more max at 72 months my truck now was 60 months and a horrible rate because my scores were in the low 500's

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oh if your current loan with no lates? is with ford and you are looking to go into a new ford, I would be shocked if they didn't gvie you a pretty decent rate even if your other credit is just mid blah... it's all about that returning relationship and getting these cars moved and on the road!

[Remember0]

After you trade it in and that first loan with the 30 day late gets paid off, try a goodwill with Ford's executive contacts...if they agree to it, it'll really help your scores and the mortgage process will be easier.

[morgan320i]

I have one late a Almost two years ago and nothing else within a few years, I had a couple small collections from a. Few years ago, but are paid in full and reflect this on my report

[Remember0]

Ideally before paying those collections you would have done a written PFD, but at this point they're obviously already paid. I'd say try and see if you can find a MINOR error in reporting and dispute them, they may very well fall off. Could also try and send the original creditor a dispute saying please remove within 30 days due to this discrepancy in reporting...they may very well fall off.

For that late (assuming it's the one on your current auto loan), my vote is good will letter after you get your new car.