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Advice seeking $50k auto loan w/ PAID auto charge off

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UncleQuacker
New Member

Advice seeking $50k auto loan w/ PAID auto charge off

First off, thank you to ALL of you that support these threads!  It has been invaluable in financially tough times to get back on track!

I'm 45, moving out of state for a fresh start after a break up.  Rent is so high that I decided I should buy a van (Sprinter ideally) to live / work out of to save for a house one day.   

 

Here is my financial situation:

630 FICO (All 3 averaged)

$26k CC debt (90% Utilization)

$18,000 cash (currently selling assets) 

$80k / year (Self employed - marketing consultant) can prove paystubs, not taxes)

History total - 10 years

Have 5 CCs (perfect payments for past 3.5 years - some showing 3 - 90+ day lates prior)

Student loans - (current, no lates).

Only 1 past auto loan in 2018... $32k, perfect history for 12 months, then 30, 60, 90+ day lates for 12 months.  Charged off, then PAID in 2020.

 

Planning to use $12k to pay down CCs to get under 50% Utilization.  Hoping FICO jumps to 660 range.  Want to put $6k down on van.  Obviously no rent so DTI very low but have the only Auto Loan as a PAID charge off.  Do I have a chance?

I have 3.5 years positive CC history w/ Navy Cash Rewards ($15k limit) and Cap1 Venture ($7k limit).  Best to apply w/ them in a month or 2?

 


 

Message 1 of 3
2 REPLIES 2
FireMedic1
Community Leader
Mega Contributor

Re: Advice seeking $50k auto loan w/ PAID auto charge off


@UncleQuacker wrote:

First off, thank you to ALL of you that support these threads!  It has been invaluable in financially tough times to get back on track!

I'm 45, moving out of state for a fresh start after a break up.  Rent is so high that I decided I should buy a van (Sprinter ideally) to live / work out of to save for a house one day.   

 

Here is my financial situation:

630 FICO (All 3 averaged) Need higher scores

$26k CC debt (90% Utilization) Under 28% min

$18,000 cash (currently selling assets) 

$80k / year (Self employed - marketing consultant) can prove paystubs, not taxes)

History total - 10 years

Have 5 CCs (perfect payments for past 3.5 years - some showing 3 - 90+ day lates prior) Depending on when the 90 days ere.They sting for yrs.

Student loans - (current, no lates).

Only 1 past auto loan in 2018... $32k, perfect history for 12 months, then 30, 60, 90+ day lates for 12 months.  Charged off, then PAID in 2020.

 

Planning to use $12k to pay down CCs to get under 50% Utilization.  Hoping FICO jumps to 660 range.  Want to put $6k down on van.  Obviously no rent so DTI very low but have the only Auto Loan as a PAID charge off.  Do I have a chance?

I have 3.5 years positive CC history w/ Navy Cash Rewards ($15k limit) and Cap1 Venture ($7k limit).  Best to apply w/ them in a month or 2?

 


 


Welcome @UncleQuacker 

Its not looking good in your favor for 50,000. The util%'s too high on the cards, number of lates, charge off auto loan 3 yrs ago. Since you kinda want to live off grid per say. Why not find a RV in your cash range of 18k. Then work on all the rest. I dont see any lenders that will approve you right now.


Message 2 of 3
UncleQuacker
New Member

Re: Advice seeking $50k auto loan w/ PAID auto charge off

Thanks for giving your thoughts... That makes sense.  Unfortunately RVs are way too spendy to park and I need the van for work.

 

I can pay about 15k to get under CCs under 50% util, and put 5k down.  Simulator shows 670 - 680 fico 8 after 2 months.  I have 3.5 years good payment history w/ NFCU and Cap1.  Maybe I should try to prequal w/ them or DCU to see if I can get an approval for lower amount.

 

 

 

Message 3 of 3
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