cancel
Showing results for 
Search instead for 
Did you mean: 

Looking for suggestions prior to getting auto loan

tag
Anonymous
Not applicable

Looking for suggestions prior to getting auto loan

Hello everyone. The lovely folks in the Auto Finance section pointed me this way to see if you may have some suggestions for me. I'm trying to get my report and scores cleaned up a bit prior to applying for a car loan, and I have a few questions.

 

I haven't pulled my actual FICO scores yes, as I'd like to wait to pay until I'm closer to the day I apply for the loan. Right now I'm thinking to do so around the beginning of July. As of now I've pulled a full report from EX, and using CreditKarma to view my EQ and TU scores. According to CreditCarma, my scores are 660 TU and 668 EQ.

 

1. I had a repo in 2008, which I reclaimed the next day. I fell 60 days behind during a layoff, then they attempted to contact me only via mail right after I moved. Needless to say, when I figured out what was going on I cleared it up right away. This is being reported different by different CRAs. TU doesn't show the loan. EX shows it as always paid on time. EQ is a different story. The first time it shows a 30 day late was Sept 2008. If it is so old, is it really hurting me so much? Am I within in the range of asking it to be removed early? I've read differening accounts of success with EQ...

 

2. At the same time as above I had some trouble with a student loan. That one is only reporting on EX. Same questions as above - worth asking to remove?

 

I am planning on applying with DCU, so I guess I'm mostly worried about EQ right now. My plan is to get an auto loan and another credit card (or two - since I only have one) this year, then garden for at least a full year. Until this week I didn't realize that UTL played such a large part in score calculation, so I've paid my open card down to 9%, paid off one closed account that sitll had a balance, and I'm just patiently waiting for those to report - hopefully by the beginning of next month. I'm keeping my fingers crossed that it will boost my score up enough to qualify for DCU's best rate.

 

Thanks in advance for any help you can offer. 

(And as an aside, how accurate are those CreditKarma scores. Do you find that the CK EQ score is close to your actual EQ score?)

Message 5 of 7
6 REPLIES 6
Dj4Money
Established Contributor

Re: Getting ready to apply - a few questions

 Payment History is important but the fact you still have the car gives weight to your credit

 

 CK are FAKO scores, not totally off but could mean 1-2 point or more move in interest rate. The best thing to do is get your scores directly from Transunion, Experian or Here.

 

  Getting your UTL down is key, I paid down one card and it bump my scores up on Experian 13 points. I am waiting for my other card to update so I can into full attack mode, TU will update May 27th.

 

 It could take months to get your late pays removed, which do you need more?

 

 The car or a few points in interest? You can always re-fi the car later if you feel you didn't get the best rate the first time around.

 

 I would do a mini spree...

 

 If your locked in on DCU, then I would wait for your scores to update and if they are over 630 I believe you'll get good rates. When your auto loan is approved they may ask if you want a DCU unsecured credit card as well.

 

 Two birds, one stone.

 

 After that, apply for a Cap One Quicksilver.

 

 

Message 1 of 7
SamsungHDTV
Established Contributor

Re: Getting ready to apply - a few questions

There is a chance those negatives are set to fall off this year, or may have already fallen off. The only way to know is by pulling your credit report on www.annualcreditreport.com.

 

Its a free website, there is no trial period, no reason to input any payment information.

 

Negatives fall off 7-7.5 years after the DOFD. So if these are from 2008, they might fall off soon automatically or you might be able to request the exclusion by reaching out to the credit agencies.

 

Also, I think you should cross post this to the rebuilding credit section. Your concern is more about rebuilding credit than it is about auto loans.

 

Hope this helps.

Message 2 of 7
Anonymous
Not applicable

Re: Getting ready to apply - a few questions

At this point the car is most important. My car, at 10 years old is in good shape, but I'm putting $300 or so into repairs every other month which is just about what a car payment would be. 

 

I know my score is over 630, so I think I'll apply after my UTL reports in the next two weeks.

Message 3 of 7
Anonymous
Not applicable

Re: Getting ready to apply - a few questions

I've pulled my full reports for EX and EQ from freecreditreport.com. I'm just hesitating on paying for the full scores right this moment instead of just before I plan on applying. I'm so new to all of this and it is overwhelming and confusing!

Thanks for the recommendation on posting in the Credit Rebuilding section - I'm off to do so now.

Message 4 of 7
Anonymous
Not applicable

Re: Looking for suggestions prior to getting auto loan

CK scores can be high, low or right on, no way to know until you pull your scores.

 

Doing anything with the Repo is risky. They may delete the entire account and hurt your AAoA.

 

I would suggest getting a second credit card. You generally get a score boost from the first two revolving accounts. Keep one card PIF, and let one report <9%. Another thing that might help out, is if you have no installment loans, get a secured loan from SDFCU.

Message 6 of 7
MarineVietVet
Moderator Emeritus

Re: Looking for suggestions prior to getting auto loan

Merged two threads.

Message 7 of 7
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.