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Need a car ASAP - WAS DENIED BY MY CREDIT UNION - Any advice on any of what I have included would change my life in a great way.
How do I get approved? I can pay cash for the car up front, but I am trying to build credit through the credit union who offered me 8% if was approved, but i was denied because of insufficient credit history. I have 3 months veriable income of 3K per month, and 2 years of income earned outside the USA, printed in a different language but absolutley valid.
610 score EXPERIAN 611 TU, 593 EQUIFAX, 6 Inquires in past 2 months,
Other Debt | Minimum Monthly Payment | Actual Monthly Payment | Balance | Rate | Payoff This Debt? Settle? | Edit | Remove |
Totals: |
| $0.00 | $8,653.00 |
|
|
| |
L J ROSS AND ASSOCIATE | $0.00 | $0.00 | $3,633.00 | 18.00% |
| ||
L J ROSS AND ASSOCIATE | $0.00 | $0.00 | $2,043.00 | 18.00% | expires next month | ||
Sprint | $0.00 | $0.00 | $1,857.00 | 18.00% |
| ||
J J MARSHALL & ASSOC | $0.00 | $0.00 | $439.00 | 18.00% |
| ||
DTE ENERGY | $0.00 | $0.00 | $249.00 | 18.00% |
| ||
BUREAU OF MED ECONCS | $0.00 | $0.00 | $218.00 | 18.00% |
| ||
CONGRESS COLLECTION CO | $0.00 | $0.00 | $118.00 | 18.00% |
| ||
| |||||||
BANK OF AMERICA 1ST PROGRESS/1ST EQUIT | $35.00 | $0.00 | $39.00 | 18.00% | NEVER RECIEVED SO I CLOSED | ||
PREMIUM COLLECTIONS SE | $0.00 | $0.00 | $7.00 | 18.00% | PAID BUT STILL SHOWS |
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Other Debt
Credit Cards/Revolving Accounts
Account NameAccount #BalanceBalance DateMinimum PymtLimit
BANK OF AMERICA | ...2595 | $0 | 08/24/2012 | $300 | |
CAPITAL BANK | ...2669 | $50 | 09/03/2012 | $25 | $500 |
Credit Inquiries = 6
CREDIT UNION
Credit Unions
09/19/2012
FCU
Bank Credit Cards
09/19/2012
1STPROGRESS/
Bank Credit Cards
08/26/2012
BANK OF AMERICA
Bank Credit Cards
08/24/2012
NCCINC/FELDMAN KIA 2
Automobile Dealers, New
08/10/2012
Collections Attorney
07/16/2012
LOANS
Mortgage Reporters
01/10/2012
Collections Attorney
04/30/2011
but I didnt want to do that because I need the credit built. Options? Advice or suggestions?
Even with a large down they won't?
I have the option of putting all the money for the car into a secured loan with my FCU, where they will give 5% interest and with each payment some money gets given back to me, but i wouuld have to have that entire amount tied up until loan or lease is paid off
Ouch! You can try Cap 1 Auto. They are a little bit more credit flexible. Good luck.
AZHeather, when you say Cap One is more flexible credit wise, what exactly do you mean?
OP, do you have any loans reporting like student loans, mortgages, etc. If so, adding a car loan won't help your FICO any because your installment mix is already satisfied. Even if you didn't have any, any gains would be very, very minimal. IMO, paying thousands in interest isn't worth a few points at best.
What I would do though is focus on repair and buy a beater if needing a car to get your from here to there. Focus on repair and within 2-3 months, you could have most if not all baddies removed. Check out Rebuilding Your Credit for more info.
Are all these balances with the collection agencies current? like you have not paid them and still owe them?
If you can pay cash but want to rebuild I don't understand why you say I don't want to tie all the money up until loan is paid off... you just said you could pay cash if you had to!
second, if you are trying to rebuild and you do this secure option, you could technically wait a year or so and apply elsewhere or with them to refinance and move away from the secured?