Regular Contributor
Posts: 149
Registered: ‎08-15-2007
Re: Need Serious Advice (honest advice too)
I had a score in the 460-480 range and financed my car through Regional Acceptance about 3 years ago, 18% intrest.  One year later I refied through e-loan for 9.9%.  Through the course of that one year I got a Creditone card, Capital One card, and a Macy's card.  Ran them up (the fun part), paid them off (not so bad) and after one year with e-loan ended up in the 620-680 range.  Now I'm going after the higher CL cards (BoA, Citicard, credit union through work), a few revolving (Home Depot~ Store card, Dell, Sears ~Store card).  My FICO will suffer another hit with the new accounts, but in one more year I expect to be in the 750+ range with 1-2% UTL, paid in full car loan, one paid in full personal loan, past bad accounts will have fallen off CR, and 5 years of good history.
Your income should be able to get you what you need, but also remember Auto Dealers could care less about your history all they want to know is how you pay your car loans, so be persistant and don't give up.  Someone will give you a loan with a low debt to income ratio, trick is finding them....