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Auto loan Aproval Chances w/ 6 months of credit history?

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Anonymous
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Auto loan Aproval Chances w/ 6 months of credit history?

Hi everyone!

I was a student last year, graduated in May, and landed on my current job now for about 9 months.

My credit info is as followed:

Length of credit history : 6 months
CCs: Cap1 Secured ($200 CL) opened Sep 15 and Discover It Secured ($1000 CL) opened Dec 15.
Income: $55000/year, get paid bi-weekly
FICO score: 709 (as on Discover monthly statement)

My question is: is it possible for me to get an auto loan now? The car I am running is no longer reliable, thus I would need another replacement car asap. I am looking for a new/CPO car that would cost less than $18000. I do have $ money to for a down payment.

I tried the Cap1 pre-qualification tool and was turned down. I believe my credit history plays the key factor here. I would love to know if there are any chances for me to get approved and if so, within what interest rate bracket it should be.

Thanks yall!
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3 REPLIES 3
takeshi74
Senior Contributor

Re: Auto loan Aproval Chances w/ 6 months of credit history?

Don't overlook the Auto subforum.  6 months is very short but it may be possible with unfavorable terms.  That said, AAoA is what really matters and that's less than 6 months if you had a new card in December.  Are those two credit cards the only credit accounts on your reports?  We really can't guarantee things one way or another or tell you the APR you'd qualify for.  We can only provide general info as we don't have the details of the underwriting critieria for auto loans with the various creditors out there.  We can only guess that you'd be with a high rate if you could get approved.

 

An auto loan decision probably won't be based on the TU FICO 8 provided by Discover.  Make sure you always consider the specific scoring model when referencing scores and consider the relevance of a given model/CRA combo to a given creditor/product.  Not all creditors use TU.  If your auto loan creditor uses one of the other CRA's then the report and the score generated based on that CRA's report data is what will matter.

Message 2 of 4
Anonymous
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Re: Auto loan Aproval Chances w/ 6 months of credit history?

Thank you so much for your advice Smiley Happy
Message 3 of 4
Anonymous
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Re: Auto loan Aproval Chances w/ 6 months of credit history?

Hello! Smiley Happy

Just a quick update on my end: I ended up going to a local credit union here in Houston, TX (JSC) and was approved for $12000 at an amazing rate: 2.14% for 63 months. The loan officer asked me if I got my stable income and down payment, I said yes and gave her my pay stubs.10 minutes later, I got my loan approved.
To all of myfico friends with limited credit history, check out your local credit unions first. You never know what they could offer you.
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