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550 FICO (TU)score - need auto loan

Frequent Contributor

550 FICO (TU)score - need auto loan

Hello all, I need advice. (hopefully on the right message board) I have been reading the message boards for the past 2 days about auto loans (i have a headache). So based on everyone's advice I applied today online with my credit union to see if I get approved. Tonight I decided to check my score and TU has me at 550 which seems to have not moved in a year. I have been paying all my credit cards on time every month and just last month a judgment was paid off. I sent all the credit bureaus copies of the paid off judgment. Could it be that or my large Sallie Mae school loan that is causing my score to be at a stand still? My transmission is slowly dying and I can not afford to put another $1000-4000 in repairs to a car I have had since 1999. Did I mention my car has been to the repair shop twice in one month (few hundred so far in the car before Christmas..OUCH). Any suggestions? I am a single mother of one and in need of a car in about a week or so. (if the car last that long)
FICO Scores 7/15/2008: EQ 600, TU 546, EX 490
9/17/08 - TU 571,12/17/08 649,3/16/09 638, 6/14 642
ScoreWatch 12/17/08 EQ 646, 1/2/ 09 664, 2/2/09 684,2/12/09 673, 2/16/09 688, 2/27 674,3/3 682,4/16 685, 6/28 679
1/2/09 EX 668 2/13/09 669
AS of NOV08 I am Credit card debit free. I AM A MYFICO.COM ADDICTED Smiley Happy ~
Message 1 of 37
36 REPLIES
Senior Contributor

Re: 550 FICO (TU)score - need auto loan

is that a true fico, also which cra does your cu pull from? do you think tu is your best score? if not there are tons of cu's that pull eq and some pull ex. good luck!
Message 2 of 37
Frequent Contributor

Re: 550 FICO (TU)score - need auto loan

Thanks for responding. I got this score of MyFICO, so it is a true score per what i have read on the boards.
FICO Scores 7/15/2008: EQ 600, TU 546, EX 490
9/17/08 - TU 571,12/17/08 649,3/16/09 638, 6/14 642
ScoreWatch 12/17/08 EQ 646, 1/2/ 09 664, 2/2/09 684,2/12/09 673, 2/16/09 688, 2/27 674,3/3 682,4/16 685, 6/28 679
1/2/09 EX 668 2/13/09 669
AS of NOV08 I am Credit card debit free. I AM A MYFICO.COM ADDICTED Smiley Happy ~
Message 3 of 37
Frequent Contributor

Re: 550 FICO (TU)score - need auto loan

I am not sure where my CU (Paragon Federal Credit Union). I live in NJ.
FICO Scores 7/15/2008: EQ 600, TU 546, EX 490
9/17/08 - TU 571,12/17/08 649,3/16/09 638, 6/14 642
ScoreWatch 12/17/08 EQ 646, 1/2/ 09 664, 2/2/09 684,2/12/09 673, 2/16/09 688, 2/27 674,3/3 682,4/16 685, 6/28 679
1/2/09 EX 668 2/13/09 669
AS of NOV08 I am Credit card debit free. I AM A MYFICO.COM ADDICTED Smiley Happy ~
Message 4 of 37
Senior Contributor

Re: 550 FICO (TU)score - need auto loan

the it is a fico then. really hope it works out for you, please let us know how it turns out.
Message 5 of 37
Established Contributor

Re: 550 FICO (TU)score - need auto loan

have you had a previous auto loan? try Capital One (make sure if u have any accts with them they are all in good standing), or try RoadLoans or Wells Fargo Financial. I have heard CarMax being able to get finance companies to finance scores as low as 480. give it a try.
Message 6 of 37
Frequent Contributor

Re: 550 FICO (TU)score - need auto loan

Thanks CreditDrama85, I applied to Wells Fargo before you replied so I am waiting for a response back. One of my Capital one accounts I checked earlier today is overlimit by $20 (Christmas shopping). So I have to wait until I make next months payment. I really not sure about Roadloans.
FICO Scores 7/15/2008: EQ 600, TU 546, EX 490
9/17/08 - TU 571,12/17/08 649,3/16/09 638, 6/14 642
ScoreWatch 12/17/08 EQ 646, 1/2/ 09 664, 2/2/09 684,2/12/09 673, 2/16/09 688, 2/27 674,3/3 682,4/16 685, 6/28 679
1/2/09 EX 668 2/13/09 669
AS of NOV08 I am Credit card debit free. I AM A MYFICO.COM ADDICTED Smiley Happy ~
Message 7 of 37
Established Contributor

Re: 550 FICO (TU)score - need auto loan

if Capital One declines your application it may automatically get sent to RoadLoans. and make sure you applied with Wells Fargo Financial and not Wells Fargo.
Message 8 of 37
Frequent Contributor

Re: 550 FICO (TU)score - need auto loan

I just went back the email. I believe applied to Wells Fargo instead of Financial (I am screwed).
FICO Scores 7/15/2008: EQ 600, TU 546, EX 490
9/17/08 - TU 571,12/17/08 649,3/16/09 638, 6/14 642
ScoreWatch 12/17/08 EQ 646, 1/2/ 09 664, 2/2/09 684,2/12/09 673, 2/16/09 688, 2/27 674,3/3 682,4/16 685, 6/28 679
1/2/09 EX 668 2/13/09 669
AS of NOV08 I am Credit card debit free. I AM A MYFICO.COM ADDICTED Smiley Happy ~
Message 9 of 37
Established Contributor

Re: 550 FICO (TU)score - need auto loan

don't re apply...if the application gets decline it will probably be forwarded to WFF and it will tell you in the letter. dont waste another inquiry.
Message 10 of 37