Approval odds?

[Anonymous]

I've been looking at how to fix my credit in the last couple months, like everyone else I was much too young with a cc. I'm 24 now with a well paying job and very stable for the next couple years. I paid off all collection accounts recently a grand total of 5 with a total of $1,200 paid off. I opened an unsecure cc at my local credit union 2 months ago. $500 made both payment on time and have kept utilization ratio to 8% and 3% both times. The latest statement for my cc was the 22nd of this month, I'm waiting for it to update. When my credit score was pulled it showed a 590. Rough but I have no one to blame but my self. I am looking at a new car, it time. I would prefer to lease a new vehicle but as I understand it might be harder ( I understand people's personal opinions on buy vs lease however leasing fits my life better) I have considered buying if I have to. I'm not very optimistic on my approval odds to get a new vehicle. MyFico shows the following:
Equifax: 588
Tranunion: 553
Experian: 571

 Currently been at the same position for 1yr and 8 months and hold a very stable job.

My monthly pay varies since I'm in sales but yearly I was started off at 44k, currently up for a pay raise as well wish me luck.

It averages out to 3.5k gross a month.

i have no bills but my cc and phone.

I am looking at a Ford Focus priced out at 26k

I have 4k that I am willing to put down if I have to but rather put down as little as possible.

based on this info what would be the odds of being able to lease this vehicle. If the odds are not in favor of a lease what are the odds of a loan?

[Anonymous]

Not good dude,

You gotta take care of whatever negative factors are involved in your score. Whatever they are. I have been in the same position as you are. Just focus on whats on the report not the score for now. Do what you gotta do to get the negatives completely of your report. (there is good info everywhere...esp creditboards) You gotta get into the 600's to get an ok loan. 

[TRC_WA]

Agreed.  ^

You have a MUCH better chance of a loan than a lease... AFTER you fix your reports.

All you'd get right now at 600 FICO is a horrible 20% interest rate loan... 0% chance of a lease.

[Anonymous]

What else can be done beside waiting? As I understand the can't remove them from my credit report beside waiting the 7 years. 2 fall off soon, one later this year and one early next year. I have disputed all of the incorrect info or thing that I don't agree with ( waiting on responses) beside opening new lines of credit what else can be done to improve my odds?

[Anonymous]

Is there any one report better than others? {Mod cut. That tactic is not allowed to be discussed}

[Anonymous]

Two years at your job would be better.  Try getting your score up to 600.  I know it's hard to do.  Use the cc's you currently have as much as possible and PIF.  I don't know of another way to do it.  It sucks.  But when you do the right thing, all the doors will open.    I have a life long friend that's been in the business for over 30 yrs.  Be careful of those fast talkers.

[Anonymous]

Do you guys think they will pull an enhanced score? My enhanced scores are from 605-641 according to my fico? Is that better? And what do you think on the chances for that with 3k down on a 20k vehicle?

[Anonymous]

I don't worry about car sales men I'm in sales myself so it's easy to get what I want lol.

[Anonymous]

If you want this loan that badly and you cannot get it. Your already in a bad spot. Your at risk to yourself financialy as much as a bank. 

You have to study ways to get the negatives of your report. Its that simple. There is almost always a way to do this. It takes time, relentlessness, and sometimes money.

Your secured cards need time to mature also. Don't worry, these set the foundation for your credit when the baddies fall off. And let's say ,hoping there are no more of them When they do fall off, you would be into the 700's.

"Do you guys think they will pull an enhanced score? My enhanced scores are from 605-641 according to my fico? Is that better? And what do you think on the chances for that with 3k down on a 20k vehicle?"

See, you have to do much more research on who pulls what and who you are buying from. They all do different things. Then you can put yourself in prime position then. 

ALso, keep in mind. You are buying a Ford Focus @26K

Your LTV is gonna be screwed up badly just driving off the lot you will be deep in the red. 

I am looking for a car as well to buy on credit. It scares the hell out of me. Although I am focusing in a used car that will have strong a value no matter what mistake I could possibly make. (If I were to get hurt or lose my job.) I would be able to sell the car and not owe thousands of dollars.

At your interest rate and amount down it will be almost two years before you could sell that car. So if something happens your credit is screwed again....

Just saying, there is a bigger reason it is difficult for you to buy a car right now. I am not trying to be condescending because I have been in your shoes. 

[jbsea]

If you can wait that would be the best.  In November of last year is when I really started working on my credit.  I was around 540's accross all.  It took me till last week to get a car.  If you belong to a credit union that would help, they are a little more friendly.  If not establish a relationship with them.  It will seem like it is taking forever but you will see your scores go up and looking back you will think that happened pretty fast.  I still have a long ways to go but a little time shows that you can get to where you want to be.  While your waiting, start sending out gw letters on the collections that you have already paid.  Dont take no for a answer.  Send them out every month. It well worth the time and effort that you put into it.