topic Chances of $28k auto loan with high CC debt? in Auto Loans

Chances of $28k auto loan with high CC debt?

NaaryalHead — Wed, 16 Mar 2022 18:54:31 GMT

I took out about a $25k auto loan and paid it off without issues within a year since I sold my car early due to moving. I now have about $9k worth of CC debt which makes up about 9% of my total credit line over all my credit cards. That $9k is about $5k on one CC with $11k CL and $3k on second CC with $6k CL. Unused credit card CL is over $90k.

my scores are in 720-738 range for fico 8.

what are my odds of getting a good rate on a new $28k auto loan. Old auto loan was paid off early. I have no negs. Income is about $46k.

Re: Chances of $28k auto loan with high CC debt?

RSX — Wed, 16 Mar 2022 19:18:11 GMT

i dont see you having any issue getting that loan, given the DPs you have provided

Re: Chances of $28k auto loan with high CC debt?

increasingmyfico — Wed, 16 Mar 2022 22:43:11 GMT

@NaaryalHead wrote:
I took out about a $25k auto loan and paid it off without issues within a year since I sold my car early due to moving. I now have about $9k worth of CC debt which makes up about 9% of my total credit line over all my credit cards. That $9k is about $5k on one CC with $11k CL and $3k on second CC with $6k CL. Unused credit card CL is over $90k.

my scores are in 720-738 range for fico 8.

what are my odds of getting a good rate on a new $28k auto loan. Old auto loan was paid off early. I have no negs. Income is about $46k.

You should be good to go. Similar auto to your last and you have a good score. That amount of cc debt isn't bad. The minimum payments aren't high enough to kill your dti.

Re: Chances of $28k auto loan with high CC debt?

SouthernCredit — Thu, 17 Mar 2022 01:54:14 GMT

I was approved for a similar loan in an almost identical situation a few years ago. You should have no problem.

If you want to rate shop, use Capital One's prequalification - it's a SP, and you will have a pretty good idea of what kind of rates you're looking at.