Approved For Lexus!!!

[Anonymous]

There's different routes to prime. Some faster, some slower. And a lot depends on where you're starting from.

OP asked how to get to prime. OP is getting good suggestions. 

We purposely avoided toys and secured. We still got to prime fairly quickly after a BK. So, given I've no clue what's on OP's CRs (where he's starting from) and why his scores are low, his utilization, or when these inqs were or for what,  I'm suggesting OP could wait. OP could also add to secured card. get added as an AU if inqs are a concern, etc. You suggest having at least two subprime and app'ing now. 

OP is getting the req'd  good advice, , hopefully others will pop in w even more, and will have to filter, weigh, and decide what, if any, they want to take in.

And again, OP, congrats on the new car!

[webhopper]

Congrats... That's a great rate!!

[Watchmann]

That's a good interest rate with Lexus Financial.  But take with a grain of salt the promise that you will be Tier 1 forever if you make payments on time.  No creditor can guarantee future credit terms based on your situation today, you may pay off the loan with no issues and then fall into problems a few years later and those facts will determine the interest rate you'll get in the future.  I would suggest you accelerate repayment of the loan because a six year loan on a four year old vehicle means it will be 10 years old when you finally own it free and clear.  Lexus' will certainly go longer than that but that is a lot to be paying on a monthly basis once the vehicle gets up there in age.  Good luck..

[CS800]

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@silverk123 wrote:

APPROVING BANK: Toyota Financial
BUREAU PULLED: EXP, TRANS, EQUIFAX
CREDIT SCORE: FAKO 734, TRANS 589, EQUIFAX 634
CUSTOMER STATE OF RESIDENCE:MA
NEW/USED: Used
YEAR OF VEHICLE: 2008

MAKE: LEXUS

MODEL:GX470
MILEAGE: 30,000
RETAIL/LEASE: Retail
AMOUNT OF LOAN: 34,000 incl. interest, extra warranty
TERM CONTRACTED: 72 months
APR/LEASE RATE: 5.5%
MONTHLY PAYMENT: $567

ANNUAL INCOME: 80k
MISCELLANEOUS COMMENTARY: I have not been able to get an approval for even a credit card in years.  I went to 3 dealers and they all turned me down.  I traded in my 2003 GMC Envoy and received $6000, it was really work maybe $2000 that car was crap.  Anyhow I purchased a GX470 which has a Lexus certified vehicle warranty (like a new car warranty) up to 100K miles or 3 years.  I added on an additional 3 years for roughly $2000.  If I don't use it they will refund my money.  I also rolled in my sales tax and registration fees into the loan, so I paid NOTHING out of pocket.  I have tried like hell to repair my credit, it started in the low 500's.  I have 1 newly acquired secure credit card, and 1 collateral loan, no other established positive credit to report.   I was informed if I make my payments on time, I will be considered tier 1 credit for life with Toyota financial.  Thanks Fico Forum, although this is my 1st post I am constantly reading them all for support.

Now only if I could qualify for a real credit card (I think the 10 inquiries in the past year are hurting me a bit).  I was recently denied credit from Capitol 1 (3 times), Bloomingdales, QVC, Ally bank, sovereign bank, and I am sure a few others.

Its my understanding Toyota is a bit lenient but it helps to have the right finance manager going to bat for you.

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Nice car !!

[silverk123]

Hello Everyone,

I love this forum!

So here is my update.  I applied for I have counted 6 times in the last 12 months for a capital one card (of course I was persuaded by the capital one sharks), they have denied me every single time so I have decided I am done with them.

But the good news is I also applied for Bloomingdales, Macys, Nordstrom, and US Alliance visa.  Initially I was denied by all 4 but once after receiving the disappointing denial letters I decided I needed to take action.  I called into all of those companies and after speaking with a representative I was approved by all 4.  It took 5 minutes of just schmoozing with the company reps in order to convince them I was credit worthy.  Now my limits are not incredibly high, but I have not been able to qualify for anything for the last 10 years, so I am ecstatic to the fact that I know have Bloomingdales (limit $800), Macys (limit $300), Nordstrom (limit $500), and US Alliance (limit $2000).  As well as a low rate on my new preowned car (5.5%).

I could not have done any of this with out the support of my buds here at myfico community.  Thank you so much for all of your guidance, even if the posts were not meant for me directly.  You have so improved the quality of the lives of me and my daughter.  

Thank You Thank You Thank You!

If I can ever be of any assistance to anyone feel free to message me directly.

Starting CREDIT SCORE: FAKO 734, TRANS 589, EQUIFAX 634

Now CREDIT SCORE: FAKO 721, TRANS 655, EQUIFAX ???

 

[silverk123]

Hi

Yes they did pull auto enhanced.  Shocking because I had a terrible car payment history 6 years ago.