topic any help will be greatly appreciated!!! in Understanding FICO® Scoring

Auto Loan

Anonymous — Sat, 24 Mar 2007 17:00:24 GMT

I am looking at purchasing a new vehicle in May. I just signed up for score power, and my credit score is sitting at 674 right now. I have had an established credit line for two and a half years. I just paid off my two credit cards in February (both were at the limits, 2000 total). I was late on two payments in November 2005 (30 days). Haven't missed a payment since, and total debt is about 11500. Just wanting to know if I will qualify for a prime interest rate, or if i should give it more time?

any help will be greatly appreciated!!!

Anonymous — Sat, 24 Mar 2007 18:41:02 GMT

any help will be greatly appreciated!!!

The FICO score you're looking at are probably mortgage ba...

Anonymous — Sat, 24 Mar 2007 20:20:20 GMT

The FICO score you're looking at are probably mortgage based. Try going to several dealers in a one week period of time and seeing what they have to offer. Multiple pulls for auto loans in a short period are treated as one inq to keep from penalizing people for shopping or the best interest rates.

That being said, you should have a whoel lot of problems, it will depend on the dealers criteria. Call em up and ask what interest rate you can get at that score. When you shop, make sure they understand that you are aware of your scores and that they are FICO scores not FAKO scores.

I got may auto loan last October

dlm0820 — Sat, 24 Mar 2007 21:13:22 GMT

and I wound up with a 13.69% interest rate from Chase. Yes, it's high, but my reports aren't that great. I also don't know what my scores were at the time that I applied, but I'm pretty sure that they aren't as high as they are now. Give it a shot and see what happens.