610 score, previous repo fell off, and was DENIED,...

roo · ‎09-18-2012

Need a car ASAP - WAS DENIED BY MY CREDIT UNION - Any advice on any of what I have included would change my life in a great way.

How do I get approved? I can pay cash for the car up front, but I am trying to build credit through the credit union who offered me 8% if was approved, but i was denied because of insufficient credit history. I have 3 months veriable income of 3K per month, and 2 years of income earned outside the USA, printed in a different language but absolutley valid.

610 score EXPERIAN 611 TU, 593 EQUIFAX, 6 Inquires in past 2 months,

Positive Score Factors

You have at least 4 open accounts on your credit history.
You are wisely using your credit cards, and have kept the average amount of debt on your cards below 15 percent of the card limit.
You paid all your credit cards on time in the recent past.

Negative Score Factors

You have applied for credit 6 time(s) in the recent past.
You have an unpaid amount on at least one installment account that is in collection and/or " Past Due".
Your credit history shows a large proportion of 'Charge-off" and "Collection" accounts.

Other Debt	Minimum Monthly Payment	Actual Monthly Payment	Balance	Rate	Payoff This Debt? Settle?	Edit	Remove
Totals:		$0.00	$8,653.00
L J ROSS AND ASSOCIATE	$0.00	$0.00	$3,633.00	18.00%
L J ROSS AND ASSOCIATE	$0.00	$0.00	$2,043.00	18.00%	expires next month
Sprint	$0.00	$0.00	$1,857.00	18.00%
J J MARSHALL & ASSOC	$0.00	$0.00	$439.00	18.00%
DTE ENERGY	$0.00	$0.00	$249.00	18.00%
BUREAU OF MED ECONCS	$0.00	$0.00	$218.00	18.00%
CONGRESS COLLECTION CO	$0.00	$0.00	$118.00	18.00%

BANK OF AMERICA 1ST PROGRESS/1ST EQUIT	$35.00	$0.00	$39.00	18.00%	NEVER RECIEVED SO I CLOSED
PREMIUM COLLECTIONS SE	$0.00	$0.00	$7.00	18.00%	PAID BUT STILL SHOWS

Other Debt

Credit Cards/Revolving Accounts

Account NameAccount #BalanceBalance DateMinimum PymtLimit

BANK OF AMERICA	...2595	$0	08/24/2012		$300
CAPITAL BANK	...2669	$50	09/03/2012	$25	$500

Credit Inquiries = 6

CREDIT UNION

Credit Unions

09/19/2012

FCU

Bank Credit Cards

09/19/2012

1STPROGRESS/

Bank Credit Cards

08/26/2012

BANK OF AMERICA

Bank Credit Cards

08/24/2012

NCCINC/FELDMAN KIA 2

Automobile Dealers, New

08/10/2012

Collections Attorney

07/16/2012

LOANS

Mortgage Reporters

01/10/2012

Collections Attorney

04/30/2011

roo · ‎09-18-2012

but I didnt want to do that because I need the credit built. Options? Advice or suggestions?

AZHeather · ‎04-26-2012

Even with a large down they won't?

Starting Score: 634 EQ-FICO (4/20/12) 579 EX-FAKO (4/30/12) 629 TU-FICO (5/6/12)
Current Score: 698 EQ-FICO (11/26/12) 705 EX-(11/21/12) 698 TU-FICO (11/26/12)
Goal Score: 720 (for starters)

Take the FICO Fitness Challenge ~ In the garden until June 2013!

roo · ‎09-18-2012

I have the option of putting all the money for the car into a secured loan with my FCU, where they will give 5% interest and with each payment some money gets given back to me, but i wouuld have to have that entire amount tied up until loan or lease is paid off

roo · ‎09-18-2012

AZHeather · ‎04-26-2012

Ouch! You can try Cap 1 Auto. They are a little bit more credit flexible. Good luck.

Starting Score: 634 EQ-FICO (4/20/12) 579 EX-FAKO (4/30/12) 629 TU-FICO (5/6/12)
Current Score: 698 EQ-FICO (11/26/12) 705 EX-(11/21/12) 698 TU-FICO (11/26/12)
Goal Score: 720 (for starters)

Take the FICO Fitness Challenge ~ In the garden until June 2013!

westo12 · ‎07-20-2008

AZHeather, when you say Cap One is more flexible credit wise, what exactly do you mean?

llecs · ‎08-04-2007

OP, do you have any loans reporting like student loans, mortgages, etc. If so, adding a car loan won't help your FICO any because your installment mix is already satisfied. Even if you didn't have any, any gains would be very, very minimal. IMO, paying thousands in interest isn't worth a few points at best.

What I would do though is focus on repair and buy a beater if needing a car to get your from here to there. Focus on repair and within 2-3 months, you could have most if not all baddies removed. Check out Rebuilding Your Credit for more info.

Creditaddict · ‎10-23-2007

Are all these balances with the collection agencies current? like you have not paid them and still owe them?

If you can pay cash but want to rebuild I don't understand why you say I don't want to tie all the money up until loan is paid off... you just said you could pay cash if you had to!

second, if you are trying to rebuild and you do this secure option, you could technically wait a year or so and apply elsewhere or with them to refinance and move away from the secured?

~Addicts NEW Wallet: (AU)
Navy Flagship Visa, American Express Blue Cash Preferred, American Express Costco, Macy's American Express
~Cards in My name kept Active:
3 Target Cards, Cap1, Best Buy MC, Kays, Von Maur, FNBO Secured
~Cards in Holding AU or Joint: 2 Discover it, Chase Freedom, Bank of America, Navy Federal Cash, Wells Business Credit Card, USAirways Business Card, AA Business Card, Best Buy Store, SAKS, Bloomingdales... I'm sure I'm forgetting something in my car!

610 score, previous repo fell off, and was DENIED, HELP!

I have enough $$$$$ to pay for the car up front and I told them,

Re: 610 score, previous repo fell off, and was DENIED, HELP!

option of putting all the money for the car into a secured loan with my FCU, where they will give 5%

Do you see anything worth paying off to boost the score? (Collections enclosed)

Re: 610 score, previous repo fell off, and was DENIED, HELP!

Re: 610 score, previous repo fell off, and was DENIED, HELP!

Re: 610 score, previous repo fell off, and was DENIED, HELP!

Re: 610 score, previous repo fell off, and was DENIED, HELP!