topic Re: Will I get approved? in Understanding FICO® Scoring

Will I get approved?

Anonymous — Thu, 21 Jun 2007 19:02:27 GMT

,Hello,

My wife was just in a car accident the day before her birthday (poor thing). She is fine but the car is totaled, the insurance company is going to be paying the remaining balance on the car, since that is our only car we are going to need a new one asap.Will I get approved for a car loan with a credit score of 626? No late payments or anything like that on my credit report. I know that my interest rate will be high. The other car loan was high too .I think it was 9% or something.. Also how long will it take for the car to show that there is no balance left once the insurance company pays it off? Will it hurt me at all with it still on my credit report when looking for a car from a dealer? Or should I just explain it to them...

Thanks a bunch!!!

Re: Will I get approved?

Anonymous — Thu, 21 Jun 2007 19:19:41 GMT

i dont think you would have a problem getting an auto loan with that score, especially if your current auto loan and previous auto loans look good on your reports. they will pull that thar' auto enhanced score.

my wife had an accident last year and called her auto lender with the info that her truck was kaput. all it took was for the lender to call our insurance company to verify that info and they extended her a loan on the new car even though the old one was still reporting.

Re: Will I get approved?

Anonymous — Thu, 21 Jun 2007 19:27:54 GMT

Thank you so much for your responce!! Ya, my auto loans (had 2 in the last 7 yrs) are all good standing/paid off early. So auto loans go by the Auto Enhanced score right?

Re: Will I get approved?

Anonymous — Thu, 21 Jun 2007 19:33:24 GMT

most of the time i think they do. some lenders just use regular fico's, but your fico is good enough for an auto loan any day of the week.

Re: Will I get approved?

chartley3 — Thu, 21 Jun 2007 19:59:12 GMT

If the accident was not your wifes fault, I would strongly suggest you get the insurance company to give you adaquant down payment money as well as paying off the car. Customary down payment money is usually 30% of the vehicle price,

Re: Will I get approved?

fused — Tue, 03 Jul 2007 18:45:14 GMT

Message Edited by fused111 on 07-03-2007 08:45 AM

Re: Will I get approved?

Anonymous — Thu, 21 Jun 2007 21:11:14 GMT

sorry if i was not clear. no, you dont give the guy your name, ssn, dob, acct #s, etc.

you give him your scores, generic info on tl's, balances, limits, baddies, income, with no identifying information, and he gives you his estimate on whether you would get approved. basically the same stuff people post on these forums, not any personal info that could get you in a mess.

Message Edited by dog on 06-21-2007 05:10 PM

Message Edited by dog on 06-21-2007 05:11 PM