New Member
ccoke04
Posts: 4
Registered: ‎09-22-2012
Do I have a chance?

-Credit Score (FICO): 572

-Price of vehicle: $28.5k

-Downpayment: Approx. $4-5k

-Annual Income: $48k

-No other bills/expenses, although $25k in deferred student loans

-Member of a credit union.

 

Any input would be greatly appreciated. Thanks in advance :smileyhappy:

Valued Contributor
creditnocash
Posts: 2,222
Registered: ‎07-23-2012
Re: Do I have a chance?

do you have any other cards that are effecting util. 

with a 572 its kind of rough. 

what cu are you a part of? 

ask them if you put down 4-5k what rate they would offer you? 

 

Current: Discover Fico 689 8/14 Walmart Fico 697 8/14

Inquiries (24 Months): EQ 6 TU 3 EX 4 | Most Recent: 09/04/2013
2 Inquiries in The Last 12 Months


2014 Goals:
Lower Utility

Amex Zync(Unicorn)
Chase Freedom$1500
Discover IT$2900
Citi Diamond Preferred$6000
Citizens Mastercard$7000
New Member
ccoke04
Posts: 4
Registered: ‎09-22-2012
Re: Do I have a chance?

Thanks for the reply.

 

I'm with Coastal Federal Credit Union here in North Carolina. I also have a secured credit card with them that I've had for 5 months. Should I bring a copy of my credit report with me to a branch and have them look it over before I apply?

 

Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
Re: Do I have a chance?

Have you tried to clean up your credit?  A few points in your score could help a lot.


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
New Member
ccoke04
Posts: 4
Registered: ‎09-22-2012
Re: Do I have a chance?

I have, I paid off three collection accounts in June although they all turned down my GW letters. Are there any lenders that would approve me other than Santander? I wouldn't particulary mind a higher apr as I would eventually refinance. 

Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
Re: Do I have a chance?

I would try your CU first.  They seem to be more lenient.

 


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
New Visitor
duckling5540
Posts: 1
Registered: ‎10-01-2012
Re: Do I have a chance?

I would just go with Santander, thats probably your only shot.

Established Contributor
sccredit
Posts: 815
Registered: ‎09-14-2012
Re: Do I have a chance?

duckling5540 wrote:

I would just go with Santander, thats probably your only shot.


Santander is a last resort, not a first try.

 

There was a time I had scores in the mid to high 500's and had a loan from Wells Fargo Dealer Services at 10% and Ally at 10%.  Only go to Santander if you absolutely have to.

Unsecured Credit: Amex BCP $24,900; Chase Sapphire Preferred $24,200; Discover It $12,500; Chase Ink Cash $15,000; Chase Slate $13,500; Citi TYP $12,900; Amex SPG Biz $3,000; US Bank Platinum $8,600; DCU Visa $10,000; Logix FCU $15,000; Citi Home Depot $8,800; Lowes $5,000; Care Credit $6,000; Penfed Platinum Sig $16,000; Barclay Arrival Plus WEMC $5,000; Bank of America World Points Visa $8,000; US Bank PLOC Overdraft $1,500; PenFed PLOC $5,000