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4.5% for 670 Minimum FICO!!!

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Tons_of_Debt
Established Contributor

4.5% for 670 Minimum FICO!!!

So I just spoke with the local credit union, and they are offering a 4.5% auto loan (48 months; 4.99 for 60) with only a 670 minimum FICO score!!! I'm psyched!!!
 
Do you think it's unrealistic for me to expect my scores to be up to 670 by March of next year? Equifax jumped 42 points in the last two weeks... so it's 514 right now...
08/01/2008 - 472 EQ; 523 TU; 454 EX
03/01/2009 - 574 EQ
08/08/2009 - 648 EQ
01/27/2010 - 671 EQ
07/04/2010 - 713 EQ
01/05/2011 - 730 EQ
05/14/16 - 762 EX
Message 1 of 12
11 REPLIES 11
Anonymous
Not applicable

Re: 4.5% for 670 Minimum FICO!!!

Hi Tons_of_Debt, Smiley Happy
 
March 2009 is 7 months away, so no, it's not unrealistic for your
scores to increase from 514 to 670 during that time. Smiley Happy
 
A suggestion: If you haven't already done so, I'd pull scores again.
But instead of going to myfico.com, try going to myfico.com/12  .
You'll still be able to buy all 3 of your FICO scores and your credit
reports (both sites are the same price), but at the /12 site you'll get
all 12 of your negative reason codes...4 codes for each of the 3
credit reports.
 
You need these codes because they tell you EXACTLY what's wrong
with your scores. The codes are a 2-digit number followed by a brief
written explanation of what's wrong. So by doing the opposite of what
the code/written explanation says, you will boost your scores. For example:
 
16  Lack Of Recent Revolving Account Information
 
This negative code means that you have no recent revolving credit on your
credit reports...like a credit card or a line of credit. So by getting a new credit
card or establishing a new line of credit, this will raise your scores. See how
it works??!!! Smiley Happy
 
Additionally, the 4 codes on each credit report are listed in order of importance.
This means the top code is hurting your credit the most, then the next and so on.
So if code 16 above is at the top of your Equifax report, for example, getting a
new credit card will boost your scores the most. Taking action on the second
negative reason code will boost your scores the 2nd highest and so on.
 
In other words, the negative reason codes give you a customized roadmap to
help boost your scores...and it's personalized just for you. This is why some
folks here in the forum can get a credit card and experience a 50-pt gain, while
others might have only a 10-pt gain..and in some cases, have their scores drop
altogether.
 
So to review, NO, it's not unreasonable for you to raise your scores from 514
to 670 between now and March 2009. But you have to know exactly what's
wrong with your credit so you can put together a plan to get there. Getting those
negative reason codes will help you do that.
 
I hope this helps you. Please keep us posted on your progress. Enjoy the evening!
 
p.s. Make sure you bookmark both sites ( myfico.com and myfico.com/12 ) .
Depending on what browser you use (Internet Explorer or Mozilla Firefox), your computer
might place a cookie on the myfico.com/12 site when you visit it. If you bookmark
both sites, you won't have a problem. But if a problem does arise, just delete your cookies
and everything should be fine...Smiley Happy
 
CanDo
 
"The right attitude is everything"
Message 2 of 12
Tons_of_Debt
Established Contributor

Re: 4.5% for 670 Minimum FICO!!!

I'm confused... myfico.com/12 is the same site, and it redirects to myfico.com. Is it another site perhaps?
08/01/2008 - 472 EQ; 523 TU; 454 EX
03/01/2009 - 574 EQ
08/08/2009 - 648 EQ
01/27/2010 - 671 EQ
07/04/2010 - 713 EQ
01/05/2011 - 730 EQ
05/14/16 - 762 EX
Message 3 of 12
Anonymous
Not applicable

Re: 4.5% for 670 Minimum FICO!!!

Hey CanDo  I spoke to one of the MyFico Administrators about the site you mentioned.  It is specifically for those with bankruptcy. Therefore the information is geared to those consumers and not of true benefit to those who have not filed.
Message 4 of 12
Tons_of_Debt
Established Contributor

Re: 4.5% for 670 Minimum FICO!!!

Ok, well thanks anyway!
08/01/2008 - 472 EQ; 523 TU; 454 EX
03/01/2009 - 574 EQ
08/08/2009 - 648 EQ
01/27/2010 - 671 EQ
07/04/2010 - 713 EQ
01/05/2011 - 730 EQ
05/14/16 - 762 EX
Message 5 of 12
Anonymous
Not applicable

Re: 4.5% for 670 Minimum FICO!!!

Hi PurpleHaze,
 
I appreciate you following up with the MyFico Administrators, but I happen
to disagree with what they told you.
 
myfico.com/12 is geared towards anyone who wants to know exactly what's
wrong with their credit so they can improve their scores. The negative reason
codes provide that information to consumers. So it's not just for folks who have
filed bankruptcy. Anyone with sub-720 FICO scores will find this information
very useful.
 
Edit to Add: Let me rephrase that last statement:
Lending standards are tightening as we speak. So anyone with sub-720 FICO
scores will get the most use from this information. It's less useful if your scores
are 721 or above, but if you notice a pattern in your scores suddenly starting to
drop, this information can help you "course correct" and get back on track.
 
Additionally, if you've ever applied for a mortgage thru a mortgage broker you will
get the exact same information from them (including your negative reason codes).
However, since you gave them permission to pull your scores it will cost you a
hard inquiry.
 
The primary reason myfico.com/12 was created is because consumers don't get
their negative reason codes when they buy their FICO scores at myfico.com.
FICO simulators are OK, but people need information specific to their situation.
This is what the codes provide.
 
Like I said, I appreciate you taking the time to followup on this. But myfico.com/12
is not just for bankrupt people.
 
Thanks for the feedback, PurpleHaze. Smiley Happy
 
p.s. If you get redirected from myfico.com/12 to myfico.com, that means a cookie
was placed on your computer. Just delete your cookies and bookmark each page... 


Message Edited by CanDoAttitude on 08-26-2008 01:36 PM

Message Edited by CanDoAttitude on 08-26-2008 01:38 PM
Message 6 of 12
Tons_of_Debt
Established Contributor

Re: 4.5% for 670 Minimum FICO!!!

Again, thanks! I wish I had known about this site when I purchased my three scores individually... I'll buy this in a few months when I get my scores again, but I just can't afford it right now.
08/01/2008 - 472 EQ; 523 TU; 454 EX
03/01/2009 - 574 EQ
08/08/2009 - 648 EQ
01/27/2010 - 671 EQ
07/04/2010 - 713 EQ
01/05/2011 - 730 EQ
05/14/16 - 762 EX
Message 7 of 12
fishbjc
Senior Contributor

Re: 4.5% for 670 Minimum FICO!!!

Find out which bureau they pull first.  If they pull TU...put your money into pulling TU.
 
Just keep in mind.....they score they pull may not match up to the score you pull.
Message 8 of 12
Tons_of_Debt
Established Contributor

Re: 4.5% for 670 Minimum FICO!!!

Can you explain this please fish?
08/01/2008 - 472 EQ; 523 TU; 454 EX
03/01/2009 - 574 EQ
08/08/2009 - 648 EQ
01/27/2010 - 671 EQ
07/04/2010 - 713 EQ
01/05/2011 - 730 EQ
05/14/16 - 762 EX
Message 9 of 12
Tons_of_Debt
Established Contributor

Re: 4.5% for 670 Minimum FICO!!!

Just to clarify, I am aware of the auto-enhanced scores... but I have never had an auto loan before. How will this affect me?
08/01/2008 - 472 EQ; 523 TU; 454 EX
03/01/2009 - 574 EQ
08/08/2009 - 648 EQ
01/27/2010 - 671 EQ
07/04/2010 - 713 EQ
01/05/2011 - 730 EQ
05/14/16 - 762 EX
Message 10 of 12
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