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Moderator
Revelate
Posts: 9,485
Registered: ‎12-30-2011
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Re: Need opinions, please help

[ Edited ]

mirachi wrote:

jchu2013 wrote:

 

 

About the car loan, I plan to apply for a car loan in about 3-6 months. With the 2 secured cards to build my credit, not sure if I can get approved for a car loan? Let's say I put 30% down.

 

 


I could be wrong (and someone please correct me if I am) but I was under the impression that the car loan approval itself is easy (provided you have a steady source of income)...the credit score is only for determining your interest rates.


Generally speaking if you have a sufficient downpayment that is the case.  Car loans are the easiest type of any loan product as far as underwriting criteria is concerned, and virtually anyone can get an auto loan though admittedly it may not be a pretty interest rate.

 

Edit: Even I got approved with my original report and score with 30% down (Auto EX 551).

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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CreditWorld2013
Posts: 346
Registered: ‎02-01-2012
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Re: Need opinions, please help

[ Edited ]

mirachi wrote:

jchu2013 wrote:

 

 

About the car loan, I plan to apply for a car loan in about 3-6 months. With the 2 secured cards to build my credit, not sure if I can get approved for a car loan? Let's say I put 30% down.

 

 


I could be wrong (and someone please correct me if I am) but I was under the impression that the car loan approval itself is easy (provided you have a steady source of income)...the credit score is only for determining your interest rates.


In many ways it is easier as banks can always repo the car. So an auto loan isn't really as risky. With that being said, if an applicant were to come in with a credit score in the 300-500 range because of all negatives on a report they may not want to even bother having such a risk. The reason is that the bank can repo the car but if/when they auction the car off they would still be out quite a bit of money. So in theory some banks wouldn't risk the default, having to auction, the legal papers of going after the debtor, etc. So the score has a lot to do with the rate but also shows the responsibility of you paying your bills on time. 

Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
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Re: Need opinions, please help

Wait until the 6 month point to get an auto loan. Even then go to a credit union. You will be able to get a fair rate with a good amount down. Way to go on the secured cards. In 1 year you will be in good shape. Congrats! Excellent way to start your credit. I would recommend you get those secured cards up to $5,000 if you can afford it.
Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Valued Member
jchu2013
Posts: 44
Registered: ‎01-12-2013
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Re: Need opinions, please help

 

Thanks for all the information.

 

Im thinking to join PSECU, Im Penn State alumni but currently not PA resident. Just wonder what kind of proof they need ?

 

I just apply for 4000 to each secured credit card and it's approved. Im just waiting for the card to get here. If I add the limit, not sure if any HP involved. I guess I better stay at 4000.

 

Anybody knows when will be the best time to get cards from AMEX, Discovery, Chase or CIti? I'm totally fresh to credit...lol! Been spending cash.

 

And, the store credit from Amazon and Saks? I heard Macy's is pretty easy, people with no credit will get approved too. So, what's the chances for Amazon and Saks?  

 

 

My current situation :
Credit Score : NONE.
BOA secured card (4000), US bank secured card (4000)
4 Inquiries in Dec 2012
0 BAD

Valued Member
jchu2013
Posts: 44
Registered: ‎01-12-2013
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Re: Need opinions, please help


Dustink wrote:
Wait until the 6 month point to get an auto loan. Even then go to a credit union. You will be able to get a fair rate with a good amount down. Way to go on the secured cards. In 1 year you will be in good shape. Congrats! Excellent way to start your credit. I would recommend you get those secured cards up to $5,000 if you can afford it.

From your signature, you just started in Feb 2012. How did u obtain so many card within 11 months? Did you started fresh like me? If so, how did you do it?

My current situation :
Credit Score : NONE.
BOA secured card (4000), US bank secured card (4000)
4 Inquiries in Dec 2012
0 BAD

Valued Member
jchu2013
Posts: 44
Registered: ‎01-12-2013
0

Re: Need opinions, please help


Revelate wrote:

mirachi wrote:

jchu2013 wrote:

 

 

About the car loan, I plan to apply for a car loan in about 3-6 months. With the 2 secured cards to build my credit, not sure if I can get approved for a car loan? Let's say I put 30% down.

 

 


I could be wrong (and someone please correct me if I am) but I was under the impression that the car loan approval itself is easy (provided you have a steady source of income)...the credit score is only for determining your interest rates.


Generally speaking if you have a sufficient downpayment that is the case.  Car loans are the easiest type of any loan product as far as underwriting criteria is concerned, and virtually anyone can get an auto loan though admittedly it may not be a pretty interest rate.

 

Edit: Even I got approved with my original report and score with 30% down (Auto EX 551).


Which bank or CU did you get your auto loan from?

My current situation :
Credit Score : NONE.
BOA secured card (4000), US bank secured card (4000)
4 Inquiries in Dec 2012
0 BAD

Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
0

Re: Need opinions, please help


jchu2013 wrote:

Dustink wrote:
Wait until the 6 month point to get an auto loan. Even then go to a credit union. You will be able to get a fair rate with a good amount down. Way to go on the secured cards. In 1 year you will be in good shape. Congrats! Excellent way to start your credit. I would recommend you get those secured cards up to $5,000 if you can afford it.

From your signature, you just started in Feb 2012. How did u obtain so many card within 11 months? Did you started fresh like me? If so, how did you do it?


I got a credit score in Feb. Before that I had a card with a $300 limit for 6 months.

 

After 6 months, I got the limit on that raised to $2,500. I then went and applied for a couple other cards. The best buy card and the crap1 card. (FEB)

 

After those had been reporting for a bit, I applied for another US Bank card. In June I had that PC'd to the flexperks card in my signature.

 

Towards the end of 2012 I started applying for the other cards in my signature. Having a flexible spend card with a $5,000 limit or higher makes it much easier to get approved for other cards with good limits.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%
Frequent Contributor
astritaho1979
Posts: 451
Registered: ‎10-02-2011
0

Re: Need opinions, please help

Yes you can.Opened a chase credit card.try they might not approve you but is a good bank to build credit with.If not see if they have any secure program.Try first premier credit card and target will approve you as well


COMMERCE BANK PLATINIUM VISA 20K*PAYPAL MC $9.5K*CITI FORWARD $8.5K*PENFED $6,5K*
*LOWES $6K *CMN BANK $5.2K-*PNC $5K*SCLUB DISC. $5K*
WMART DISC.4K*CMN BANK 3.75K*BANK OF AMERICA $3K* MACYS $2.2K*
JCP $1.8*TARGET $0.7K* UTL1%- AAOA 5.5- TOTAL 12 yrs History/
Transunion 718 Equifax 733- Experian 736
Frequent Contributor
astritaho1979
Posts: 451
Registered: ‎10-02-2011
0

Re: Need opinions, please help


jchu2013 wrote:

Been reading this forum for a while now and thanks for all the helpful information.

 

Im now in the very begining stage to build my credit profile, need some opinion and helps. Below is my current situation :

 

- Credit Score : NONE :smileyhappy:

- BOA secured card approved and on its way, 4000 limit

- US bank secured card approved and on its way - 4000 limit

- 4 Inquiries : Beside the 2 above, one denial from Cap one and one denial from Amazon store credit. All 4 of them are in Dec 2012.

- 0 BAD

 

My goal is to get a car loan within 6 months AND to get HIGH unsecured credit ASAP.

 

For the 2 cards, I will PIF and get it graduated. But, while I'm waiting for those to graduate. what are the most efficient steps to take next?

 

Thanks!  

 

 

 

 

 


Remember you need a total of 8 trade lines for optimal credit score and always try to keep the revolving accounts at less then 9%
Now is gonna take time before you see any unsecured accounts getting any high limits.You need to wait around 2 years.So just build for now


COMMERCE BANK PLATINIUM VISA 20K*PAYPAL MC $9.5K*CITI FORWARD $8.5K*PENFED $6,5K*
*LOWES $6K *CMN BANK $5.2K-*PNC $5K*SCLUB DISC. $5K*
WMART DISC.4K*CMN BANK 3.75K*BANK OF AMERICA $3K* MACYS $2.2K*
JCP $1.8*TARGET $0.7K* UTL1%- AAOA 5.5- TOTAL 12 yrs History/
Transunion 718 Equifax 733- Experian 736
Valued Contributor
Dustink
Posts: 2,980
Registered: ‎10-02-2012
0

Re: Need opinions, please help

[ Edited ]

astritaho1979 wrote:

Yes you can.Opened a chase credit card.try they might not approve you but is a good bank to build credit with.If not see if they have any secure program.Try first premier credit card and target will approve you as well


Do not try for a first premier. That is terrible advise.

 

High fee's and a low limit. 

 

Your secured cards are much better.

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:21    


     $14k          $8.5K          $7.5k          $7.5k         $6.5k             $6k             $5k            $5k             $5k              $5k           NPSL       @ 0%

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