topic Not getting approved anywhere (640 credit score) in Auto Loans

Not getting approved anywhere (640 credit score)

tifacola — Tue, 16 Jul 2013 03:21:36 GMT

My Chase Platinum card finally got a boost from a $300-500 credit limit so I was feeling pretty alright about my credit score. I have a 640 Equifax FAKO and 660 Experian FAKO. I'm waiting on my Trans Score to update. I financed a truck about a year ago with my husband as a co-signer and he brought our combined credit scores down to the high 500's so I thought for sure I could get a car loan on my own.

I make 46K (more like 55K with OT) as a Web Designer (the most secure profession right now) and only have that one car loan for a monthly payment.

I applied for a car loan at BECU and was denied!

I put my info in Lendingtree.com and they couldnt connect me with anyone!

What in the world is going on? It's so strange. It's like I've been blacklisted.

I havent heard back from a huge car lot either. Nothing, it's dead out there. I thought I had decent enough credit.

I owe 11K/20K on my truck. Never any lates on that. I have an accidental late on a student loan about 9 months ago though, and student loan is on it's last leg of defferment.

I have disputed a 400 debt from midland funding and it reads "Consumer dispute" or whatever.

Could it be my deffered student loan or the consumer dispute. I NEED a fuel efficient car. BAD!

Re: Not getting approved anywhere (640 credit score)

tonyjones — Tue, 16 Jul 2013 04:07:51 GMT

those are FAKO scores, what are your FICO scores?

Re: Not getting approved anywhere (640 credit score)

tifacola — Tue, 16 Jul 2013 04:16:04 GMT

I don't know, I have no way of knowing right? The FICO scores even on this site is FAKO too right?

640 is the Equifax score on myFico.

660 is what I have on Experian.com

I'm trying to borrow 8-15K

Re: Not getting approved anywhere (640 credit score)

tifacola — Tue, 16 Jul 2013 05:38:43 GMT

Ok, I just got a preapproval for RoadLoans.com for 37K 12.39% APR. My Experian Fico is 639FICO/660FAKO according to them. Problem is, they require only one car loan per borrower. That will not work.

37K is redonkulous!

Re: Not getting approved anywhere (640 credit score)

SemperGumby — Tue, 16 Jul 2013 12:06:45 GMT

Have you tried Capital One?

Re: Not getting approved anywhere (640 credit score)

Walt_K — Tue, 16 Jul 2013 13:50:20 GMT

@tifacola wrote:
I don't know, I have no way of knowing right? The FICO scores even on this site is FAKO too right?

640 is the Equifax score on myFico.

660 is what I have on Experian.com

I'm trying to borrow 8-15K

No, the scores you get here are FICO scores. Your EQ score of 640 is your EQ FICO score. It may not match what an auto lender pulls because they used an auto enhanced version which weights your history a little differently, e.g., giving more weight to past hisotry for paying your auto loans on time. You can't get that version from anyone but a lender, but you're still better off knowing your FICO score than a FAKO score.

Re: Not getting approved anywhere (640 credit score)

Creditaddict — Tue, 16 Jul 2013 15:50:11 GMT

@tifacola wrote:
Ok, I just got a preapproval for RoadLoans.com for 37K 12.39% APR. My Experian Fico is 639FICO/660FAKO according to them. Problem is, they require only one car loan per borrower. That will not work.

37K is redonkulous!

You want to keep the truck that you and your husband are signed on together and buy a new car on your own?

Do you have a Car Max where you live?

Nissan, Toyota, Ford will also most likely finance... surprisingly though sometimes the older/cheaper you go on the car the harder the financing will be... What kind/type of car would you like?

Re: Not getting approved anywhere (640 credit score)

SamsungHDTV — Tue, 16 Jul 2013 17:00:19 GMT

what are the decline reasons you are getting?

Good scores does not always get approvals

Re: Not getting approved anywhere (640 credit score)

amiramag — Tue, 01 Apr 2014 22:56:33 GMT

Having student loans in deferment doesn't look as good as actually paying them. You will see a difference probably once you start repaying your loans. The FICO doesn't know how to handle a deferment which is basically an agreement where you don't have to pay your loans for a time period.

Re: Not getting approved anywhere (640 credit score)

Anonymous — Wed, 02 Apr 2014 01:34:12 GMT

I have been selling cars in the auto industry for the last 3 years. When it comes to your banks they pull your auto enhanced score so we consumers cant see what the lenders are seeing. With that being said, your credit score is not bad. You also have car history but your car history is limited. When I have customers in this situation the bank wants the to have another cosigner. Although you have a open auto right now, if you are looking to keep one open and apply for a second the bank looks at it like (why does this person need two cars?)

While nothing is promised, if you apply again with your husband as a cosigner you will have an approval. Hope this helps.

Re: Not getting approved anywhere (640 credit score)

Remember0 — Thu, 03 Apr 2014 05:55:54 GMT

I'd recommend trying DCU and CapOne personally.

Re: Not getting approved anywhere (640 credit score)

Anonymous — Sat, 26 Apr 2014 12:59:44 GMT

All of the inquires for credit so recently cause you to be denied. You may have to wait for those to fall off.

Re: Not getting approved anywhere (640 credit score)

Remember0 — Sun, 27 Apr 2014 01:36:18 GMT

I disagree that INQs are the problem. Auto lending doesn't tend to be very inquiry sensitive. I think the OP would get approved at a place like CapOne. I defintiely think a dealer would get the OP approved, but I highly recommend shopping around first.