I am looking into getting the mazda cx-9 by this summer or fall and I'm wondering what would I need to do for the time being. I want to finance through Penfed. I already bank with them so where does my score need to be before I proceed with applying. My equifax score is a 587 currently. I have two paid collections and 5 credit card reporting. I have been over utilized my credit cards which puts my balance at a little over 2000 spread out between the cards. I have 5 revolving loans which are 4 student loans and 1 loan from conns all add up to 6800. My AAOA is 9 months and my credit history is 2 years. I had a auto loan with my mom as a cosigner for a little over a year but lost that car in the flood we had and they paid it off fully which really affected my score. So what needs to be fixed and done in order to get a good apr under 10%?
Starting Score: 494 503 521
@Anonymous wrote:My EQ is about 687 and my PenFed Next Gen is about 659.
I got approved for 33K at 7.7% APR from PenFed.
They told me APR could even go down if I don't get to utilize the whole 33K loan.
That's awesome. Congrats and that means I don't have to over shoot it by expecting a extra high credit score in 6-11 months. Also did it require a down payment or did you apply without one?