topic Re: Auto loan w/ eq 670 in Auto Loans

Auto loan w/ eq 670

Anonymous — Thu, 10 Jan 2013 10:16:02 GMT

Hi All,

New to the auto loan forum!

I gained some confidence after my equifax fico score! It's not stellar but my score is 670

Never had auto loan... learned that auto enhanced fico should be -+20.

I am looking into certified used by Toyota, Camry - will I be able to get approval for 1.9% (best offer)?

Thank you in advance for your words and wisdom!

Re: Auto loan w/ eq 670

Anonymous — Thu, 10 Jan 2013 04:38:13 GMT

I don't think your score is tier 1. Depending on the bank, tier 1 is 710-720 or above. So I don't think you will get 1.9% but your interest rate shouldn't be too bad. I'm thinking around maybe 4%.

Re: Auto loan w/ eq 670

Anonymous — Thu, 10 Jan 2013 10:18:05 GMT

Hi MovingFoward_2012!

Thank you so much for your words and wisdom, I appreciate it!

I decided to garden a year and apply in Dec or early January '14. Can't wait though!!

Re: Auto loan w/ eq 670

Anonymous — Thu, 10 Jan 2013 12:20:54 GMT

You really want that super low interest rate don't you? You will have no problems whatsoever getting approved and 4% is not bad. The problem lies with auto enhancing...you haven't had an auto loan yet so that will drop your score a little bit. You could always buy now and refi in 6-12 mos. Best of luck to you. You are working really hard.

Re: Auto loan w/ eq 670

Anonymous — Thu, 10 Jan 2013 14:59:01 GMT

Thanks for your reply MovingForward_2012!

I really do though ! Have SLs that are around 6-7% interest rate, it is painful to watch interest grow...

Actually, I just applied 2 AMEX cards and they were approved ! I tried to ask the rep on the phone what my Experian FICO is and she said it is 700+, couldn't give me the exact score due to "security concerns."

I thought it was going to be only 1 pull, but found out that it was 2 pull since I actually applied 2 cards bummer!

If I try to use Experian Fico score, if it is AT 700, would I be able to qualify for Tier 1 pricing?

I currently have four hard pulls (one in (7/11) and one in (10/12), now two in (1/13) ), should I garden these first then wait?

Thank you for your words and wisdom!

Re: Auto loan w/ eq 670

Jutz — Thu, 10 Jan 2013 18:01:33 GMT

Toyota is great to work with! They have had very low APR. I agree with MovingForward, you're probably not tier 1, but I'd think you'd be under 5%. If you can get your EQ FICO to 675, you could qualify for 1.99% with DCU. They don't use auto enhanced, so you shouldn't be penalized for no auto loan history, however I'm not sure if this is something they consider in underwriting.

Re: Auto loan w/ eq 670

Anonymous — Sat, 12 Jan 2013 19:51:36 GMT

Thank you Jutz!

5pts shy for DCU! Will work harder and see what happens, thanks!

Re: Auto loan w/ eq 670

Revelate — Sun, 13 Jan 2013 06:10:54 GMT

Have you had an auto loan in the past in good standing? That will generally be a boost to your Auto Enhanced score. Personal installmentment loans and mortgages may help as well, though student loans typically do not anecdotally.

If you have a negative auto loan tradeline, that likely will result in a lower score than your classic scores found here. The Amex one is likely bankcard-enhanced, which is yet a third version unfortunately. Best barometer is likely the EQ score found here in my estimation.

Re: Auto loan w/ eq 670

Anonymous — Sun, 13 Jan 2013 17:08:51 GMT

OP, have you pulled your TU fico? When I was approved for a lease through Acura financial, they used TU and it was auto enhanced to 724 from 703. If your TU score is above 700 along with Experian, it is possible. Just make sure your utility on your cards is less than 10%. I don't think it is a slam dunk but I also don't think it would be an instant denial either. If you are willing to take a risk, go for it! Congrats on your AMEX cards! I don't even think I am AMEX quality yet because my oldest revolving TL is from 2009. But I have had several auto loans hence the lease approval from Acura. I just got approved for a Chase Freedom this month and I am in underwriting for a home loan so after I close, I plan to garden for awhile and then try for a Discover card. After gardening the Discover card, I will try for an AMEX as that is my ultimate and final goal. Good luck to you OP, you're on your way!

Re: Auto loan w/ eq 670

Anonymous — Sun, 13 Jan 2013 17:11:55 GMT

I should add that if you look at my siggy, my EX fico is only 639 and it is not stopping the approvals so 670 may be the lowest out of the bunch and the rest may be 700+ just like me!

Re: Auto loan w/ eq 670

Anonymous — Mon, 14 Jan 2013 00:10:17 GMT

Thank you all for your reply! I appreciate your words and wisdom!

Rev - I never had auto loan before So I will wait at least my TU Fico is 740 (assuming my auto enhanced score will be around 700). Or, find bank or CU that will go by just EQ Fico (DCU)!

MovingFoward_2012 - My TU Fico is 660, I am so proud of my progress but not in the sweeet spot yet ! I didn't think I would be approved for both Amex.. Although I should've waited because I applied BCE first then should've done SP for PRG, well I learned my lesson!

I am so envious that you got Freedom... I need something Visa and Freedom sounds per-fecto! Rumor says that Chase use Vantage... which mine sucks lol and they actually review revolving credit history which I do not have Just years of SL which Chase does not care (reading many wisdoms from the forum )

At the same time, I am starting to have not so good experience with public transportation and maybe just go with the high APR

Re: Auto loan w/ eq 670

tooleman694 — Mon, 14 Jan 2013 04:22:40 GMT

Iv heard people with lower scores get zero percent with Toyota. Id go to the dealer and find out what they can do.

Re: Auto loan w/ eq 670

Anonymous — Mon, 14 Jan 2013 14:50:04 GMT

Thank you tooleman694 for your words and wisdom!

I decided to wait until next year - just want to be confident with my score so that I don't have to beg to the dealers (kind of worried about them.. that they can from anywhere up to 2.5%, scary )

Thank you!

Re: Auto loan w/ eq 670

Anonymous — Mon, 14 Jan 2013 14:59:25 GMT

I respect your conservatism OP. I would let your AMEX cards age for a year or two and then try for a Freedom. I was barely approved for the Freedom...Chase is tough but their reconsideration process is very forgiving. They didn't like that my highest limit card reported for only 7 months and they were kinda saying my oldest revolver from 2009 barely made the cut. I think I got a really super nice rep when I asked for a reconsideration.

Good luck to you OP, you are on your way and moving forward!

Re: Auto loan w/ eq 670

Anonymous — Mon, 14 Jan 2013 15:40:48 GMT

Thank you MovingForward_2012, as always.

My ultimate goal w/ Chase is for CSP, which for now I will never be approved. So I want to start Chase Freedom then hopefully PC to CSP (not sure if it is even possible, will search around!)

I was even surprised that AMEX approved me, even though it is only $2000 limit, it is very BIG for me since I started from $500 Cap1 secured. I only had Cap1 for couple of months and had SLs but, I am still pleasantly shocked

Thank you for your words and wisdom, I appreciate it!

Re: Auto loan w/ eq 670

Anonymous — Mon, 14 Jan 2013 17:48:43 GMT

I have heard PCing to a CSP is possible. I was declined after recon for the CSP and that is when I tried for the Freedom. I hope to have a CSP one day too! I hope to actually keep the Freedom and get a CSP...you can get both cards.

Re: Auto loan w/ eq 670

Anonymous — Mon, 14 Jan 2013 17:51:38 GMT

Oh and $2000 is not bad at all! I was initially approved for $2000 on the Cap1 cash rewards card and I just got an auto CLI of $500. The min CL on the CSP is $5000, which would be nice for the both of us!