Regular Contributor
Posts: 123
Registered: ‎11-05-2011
I can't believe they approved me!
[ Edited ]

I'll apologize in advance... this is a bit of a brag post Smiley Wink.  

 

My wife and I had our first child just a little over a week ago.  We had been talking about buying a small SUV/Crossover type vehicle as we both currently drive Honda Civic 2 door coupes.  After a week of trying to lug a carseat in and out, plus fit the stroller and all the baby stuff, I was pretty fed up.  

 

I called my CU and applied for an auto loan.  They called me back and said that they could not approve me because of "excessive obligations" and "recent delinquency."  I explained the baddies on my report and they said to call back when those were cleared up and they would reevaluate.  

 

As for the baddies/credit history - I joined these forums about a year ago.  My credit score was a 560.  I had a handful of collections, medical collection, excessive lates on my SL's, defaulted on a few other student loans.  I did lots of work, got quite a few deletes, did a few PFD, and worked on rehabing my SL's (which I learned about on these forums!  THANK YOU!).  I even opened up to secured CC's and was approved for an unsecured $500 limit.  Things started to go up, then they dropped down to 530 and I've been building back up since.  

 

I spoke to a family member about the denial and she offered to cosign.  We were scheduled to go out the following weekend to "seal the deal."  I decided to go out and look at some cars this past weekend and fell in love with the CR-V.  I found a 2012 Honda CR-V EX and it had the space we needed plus a few extra perks that I wanted.  Since I had already had my CU pull my credit, I knew it wouldn't hurt me to have Honda pull it and see what they could do for me.  I told Honda the payment amount I was looking for and that I didn't want an outrageous APR as I could just come back the next weekend with a highly qualified cosigner and get something better.

 

They ran the numbers, came back, told me the payments, terms, APR, etc., and to my surprise they somehow qualified me for 4.49% with American Honda Finance.  My Equifax score is a 578 and my Auto Enhanced score is a 601.  I'm completely baffled.  I was able to get the car I wanted ( I would have been happy with the lower LX model, but they lowered the price to make it work), a car payment $5 below my max (hahha.. not much, but it's something), and the APR of someone with far better credit.

 

2012 Honda CR-V(not my actual car)

 

 Edit:  Double posted image.

 


Starting Score: EX: 560 on 11/1/11
Current Score: EX: 651 on 1/31/16
Goal Score: 700

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Established Contributor
Posts: 1,837
Registered: ‎08-20-2012
Re: I can't believe they approved me!

Congrats

Established Contributor
Posts: 825
Registered: ‎09-12-2011
Re: I can't believe they approved me!

Congratulations!  That is a very nice ride, and at a great interest rate, too!  When I was car-shopping, the CR-V was on my list to look at.  I used to be partial to Toyotas, but I much prefer the look of the CR-V over the Rav4.

 

 

FICOs: TU08 842 EQ08 817 EX08 825 6/23/16 per MyFICO

My Wallet: Amex Gold NPSL; Amex Optima Platinum $25K; Amex BCE $12K; BofA Visa $10.1K; Cap1 Quicksilver Visa Sig $10K; CSP $28.2K; Chase Freedom $13K; Citi Costco Visa $19.3K; Citi Double Cash $13.5K; Citi Simplicity Visa $23.3K; Discover IT $50K; Fidelity Amex $25K; PenFed Plat Rewards Visa Sig $35.9K; Sallie Mae WMC $17.5K; Sears MC $10.1K; US Bank Cash+ Visa Sig $26K; Walmart Discover $10K; Wells Fargo Rewards Visa Sig $14K
New Member
Posts: 6
Registered: ‎08-19-2012
Re: I can't believe they approved me!

Congrats! I like. So did you actually end up needing to use your co-signor??

Starting Score; (9/2012) EQ 525 \ TU 508 EX 498
Current Score; (10/2012) EQ 627 \ TU 577 EX ?
Goal Score; 700 Club Smiley Wink
Regular Contributor
Posts: 123
Registered: ‎11-05-2011
Re: I can't believe they approved me!
No co-sign required! All on my own. I still can't get over the APR.

Starting Score: EX: 560 on 11/1/11
Current Score: EX: 651 on 1/31/16
Goal Score: 700

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Valued Contributor
Posts: 1,587
Registered: ‎08-30-2012
Re: I can't believe they approved me!
Congrats!!
Scores: about 700 across the board
Total CL: $275k
Moderator
Posts: 14,051
Registered: ‎04-15-2011
Re: I can't believe they approved me!

Nice purchase, great rate.   Congrats!

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+
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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!
Regular Contributor
Posts: 108
Registered: ‎07-26-2012
Re: I can't believe they approved me!

Congrats on the vehicle and the rate.

Contributor
Posts: 84
Registered: ‎02-14-2011
Re: I can't believe they approved me!

Congrats! We're twins cause I just a loan as well and am getting the CRV EX-L! Love the car and can't wait to pick up this friday!

Valued Contributor
Posts: 1,142
Registered: ‎09-01-2011
Re: I can't believe they approved me!

Congratulations!!!   Maybe it was your HUGE down payment, or, your large annual income that sealed the deal? 

 

Whatever made Honda approve you -- you have received a great blessing for you and your family! Smiley Happy



Husband's Current Score: EX 691 CUSC; EQ 694; TU 687; Mine: EX 773 (AMEX); EQ 720; TU 750
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