Getting financed while rebuilding

[jaf4776]

so my fico scores are experian 576, equifax 632 and transunion 622.  I am in the process of rebuilding credit after some serious fiancial mistakes.  At this point I have one paid judgement from 2006.  1 paid credit card c/o that will fall off next month. and one other student loan collection that has fallen off two bureaus and should be off transunion next month.  I have 2 very new credit cards from capital one ($300 c/l and $500 c/l).  i have made 2 ontime payments for both.  I am looking to purchase a new (used) vehicle very soon and hoping to buy a house in the immediate future.  What are my odds of getting any financing.  I currently make about $67K a year.. i have a student loan of $28k that has always been on time and paid as agreed.  I have no other debt at this time.

[llecs]

How soon do you want to buy a car?

How soon do you want to buy a home?

Exactly which month in 2006 was that judgment?

[jaf4776]

the car is an immediate need.. the house, ideally in about 6 months.  The judgement was actually 2008.. so that is on there for another two years..

[StartingOver10]

---

@jaf4776 wrote:

the car is an immediate need.. the house, ideally in about 6 months.  The judgment was actually 2008.. so that is on there for another two years..

---

By your post above, I assume that means you paid the judgment, right?

Because if the judgment is unpaid, then you will need to either get it paid (Satisfaction) or vacated due to X reason in order to purchase a home. A judgment stays on the public records for much longer than 7 years. Depends upon your state's statutes. For example, here in Fl, a judgment lasts 10 years plus can be renewed for another 10 yrs. Check your state's statutes on judgments. Look up the SOL for judgments. Look up the reasons that permit you to get the judgment vacated.

[Seb1010]

Im not expert but I would think if you COULD get financing for a car it will be at a place like Westlake Financial & their interest rate is 25%

Good luck!

[llecs]

I think you could get financing at much a lower rate but I wouldn't finance the car. I'd pay cash for it even if it meant buying a temporary vehicle. Adding a new loan will lower your DTI (unrelated to FICO scoring) and potentially lower your FICO score as the new account appears. That ding can last up to a year. Also, lenders sometimes frown on new accounts. If the home is a bigger goal, I'd buy the home first even if it meant buying a temporary beater. You can always finance the car post-mortgage closing.

[rebuildingmission2013]

We are in similar credit situations and I just got approved at 11.15% through Toyota Financial Services.  They are switching to a pure credit score model which the score itself is what matters not necessarily the reasons behind what makes the score what it is (such as baddies).  I'd say you have a good shot through them. 

[Lasardo]

Very, very similiar credit situation and I am buying my first house. I started with several collections and 2 judgments from 2006, I worked them, disputed, paid settlements etc. I opened 2 cap1 cards one with a $300 one with $550, I paid on-time for 6 months and removed all my bad debt, including the judgment just by disputing it, I went from 554-737 in 1 year at about 6 months I was at 650 so I think 6 months to buy a house is very reasonable and an installment loan (auto loan) should only HELP your credit. You are on your way! Try to get that judgment off and make sure to always pay on-time.