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640+ FICO but have a Santander charge off. What to expect?

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vertekal
Regular Contributor

640+ FICO but have a Santander charge off. What to expect?

Within the next 6 months, I need to trade in my car. Tenatively looking at a Hyundai Santa Fe. 

 

3 years ago I financed a car thru Santander. A year later, the car was totaled and I still owe $4000. Right after the accident, my g/f and I bought 2 cars, and have had perfect payment history for the past 2 years. Those 2 cars are at 19% and 16% APR, though. I think our FICO scores at the time were in the low 500's. 

 

I have a recent medical collection and unpaid Sprint cancellation that I plan to either PFD or just pay before looing for new financing.

 

Anyway, how much is that Santander charge off going to weigh on my chances of getting a decent APR on a new or used (2013+) car? 

 

I don't have $4000 to give to them, as I'm using every dollar I have to pay down some other debts (that are in good standing).

FICO 8:
EQ: 1/2018: 494 | 4/2021: 652 (+158)
TU: 1/2018: 536 | 4/2021: 657 (+121)
EX: 1/2018: 499 | 4/2021: 641 (+142)

Mortgage Scores:
EQ: 9/2020: 560 | 4/2021: 648 (+88)
TU: 9/2020: 564 | 4/2021: 649 (+85)
EX: 9/2020: 576 | 4/2021: 672 (+96)

Message 1 of 4
3 REPLIES 3
sccredit
Valued Contributor

Re: 640+ FICO but have a Santander charge off. What to expect?

It is going to bring your auto enhanced score down

Message 2 of 4
Anonymous
Not applicable

Re: 640+ FICO but have a Santander charge off. What to expect?

I suggest building a relationship with a good credit union now, I am pretty sure you could get one or both of your current car loans refinanced at a lower interest, the chargeoff will hurt of course but if you build a relationshionship over the next couple of years I don't see it being a deal breaker.  I had some charge offs and scores in the lower 600's when I refinanced my car from 12.5% to 4.29% with NFCU.  The savings in intrest is substantial and since there are no fees for doing so there isnt a reason to not try.  DCU is very popular here if you cannot qualify for NFCU membership.  Perhaps with the cash you save on interest you can work out something with Santander to PFD?? 

Message 3 of 4
vertekal
Regular Contributor

Re: 640+ FICO but have a Santander charge off. What to expect?

I'd love to refinance, but one car is over 100K miles and about $3000 upside down, and the other is nearly $5000 upside. down. 

 

I'll be trading in the car w/ over 100K once I can pay off an extra few grand over the next couple of months.

FICO 8:
EQ: 1/2018: 494 | 4/2021: 652 (+158)
TU: 1/2018: 536 | 4/2021: 657 (+121)
EX: 1/2018: 499 | 4/2021: 641 (+142)

Mortgage Scores:
EQ: 9/2020: 560 | 4/2021: 648 (+88)
TU: 9/2020: 564 | 4/2021: 649 (+85)
EX: 9/2020: 576 | 4/2021: 672 (+96)

Message 4 of 4
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