Approval Question 650 Score

Anonymous · ‎11-16-2011

Just reaching out for a little insight.

That stats.. 650 score.. Most baddies falling of with-in a year.. Two open trade lines with under 10% utilization no lates ever.. Two vehicles paid off with zero lates.. BADS.. Repo that is scheduled to fall off in year and a half.. and a garnishment that is scheduled to fall off in a year and half. Yes had a rough time 5 1/2 to 7 years ago..

Income is just under 70k.. Trade in lucky to get 10K

Looking at used trucks in the 20k to 30K range. Dodge Ram 2500, Ford F250 etc.

Last vehicle I financed was 4 years ago for 14K with an income of 36K, horrible recent credit, and got a 18 percent interest rate.

I'm sure my interest rate will stink still but will refi in a year and 1/2.

Does anyone with I will be approved for a vehicle in that price range with the older "baddies" still hanging around?

Thanks for the input!

casmith1980 · ‎11-16-2011

If I were in your position, I would go to the dealership with my CR and meet with a Finance director. IMO, they seem to be the best with giving straight answers regarding likelihood of loans (since it's all they do).

I don't feel like my speculation on whether you would get a loan would be beneficial since I'm not a financial institution

Keep us posted (and I look forward to your future update in the Auto Loan Approvals)

Filed BK 12/5/14
341 meeting 1/9/15
Anticipated discharge 3/10/15

Goal: 700 by 3/2017

erika · ‎11-16-2011

I recently asked a similiar question. My EQ score is 651 with several paid off baddies from about 6 years ago, including a repo; as well as a 2 year old judgement. I received 2 immediate approval (my CU - NFCU) and Capital One. I haven't gotten the paperwork from NFCU yet so I am not sure what rate they approved me at, but capital one approved me $30K at 5.77%. Given my history, I am very happy with that rate.

Good Luck!

Starting Score: EQ 434 TU 499 4/29/10
Current Score: EQ 651 11/1/2011
Goal Score: 700

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Anonymous · ‎11-27-2011

Thanks for the information! Unfortunately I have an unpaid repo from 6 and a half years ago as well. It was with Capital One.. funny enough.. as I was rebuilding my credit, a year ago I was offered a Capital One Platinum Secured card... I wonder if Capital One auto checks much with the CC dept!

I'm looking at going after a Toyota in the Spring.. and hopefully they will again be offering a 0% for Tier III. If not, I will look towards Penfed as I plan on joining in a month or two.

Erika.. was your 6 year old repo paid or unpaid?

Thanks again!