Late Payment Effects of Approval

[Pharoe33]

I want to ask, how long does late payments truly effect your chances for credit approval?

I currently have a total of 9 late payments on two of my now closed NFCU credit cards:

30 Day x 5

60 days x 2

90 days x 2

My last late payment was December 2016. I've applied for an Auto loan since then with NFCU but was denied, one of the reasons was because of recent delinquent payments. I'm curious as to how long should I wait to apply for credit after a late payment? I know for mortgage its 12 months, is it the same rule for auto loans?

[Anonymous]

It's going to vary by lender.

It apears that 30 and 60 day lates are not as bad over time as 90 day lates, but 90 day lates affect your score for a long time.  Have you tried GW letters to NFCU to try to at least get the 90 day lates scrubbed off?

Did you try the Cap1 Auto Nav website?  It's a soft pull for preapproval -- even with bad FICO scores myself (and some 90 day lates showing) I was able to qualify for up to $35,000 at as low as 6.9%.

[Pharoe33]

Thank you, yes I've tried gw NFCU but I plan to just consistently do so every few weeks until something happens. Th last time I tried Cap one I wasnt approved unforunately. My FICO 8 scores are currently EX 617, TU 622, EX 579. When my denial letter came from NFCU it showed a score of EX 507 which is much lower than what I have here on Myfico.

[RobertEG]

I would call the credit union and speak with a loan officer.

I would ask if they have a score threshold that might result in auto loan approval, or will the volume and recency of the lates still be a killer.

Only the CU can give you concrete answers to their own specific approval criteria.