I have posted here before, got some good answers and not so good (ego talking). But here is my dilemma - few years ago (almost 7) I was just starting out establishing credit, had pretty good credit as it went at the time, maybe 2 or so years in I lost my job in 2008 and I had everything charged off but my auto loan which resulted in many, many lates (8 times 30 and 10x 60, all stopped when I found stable employment in 2010). I have recovered with great CC limits (NFCU nRewards Visa 5000 and NFCU Visa 1000, Cap1 300, Cap1 400 [secured] and Target 200) which my UTI is about 30% (planning on paying the rest of the cards off by early summer with a bonus) and I currently have a co-signed auto loan with my mother which was purchased a year ago; My auto history since I brought it current my old loan current (and since paid off as agreed) and nothing negative since March 2010
So here is my question - with my auto loan history, credit card UTI (even if I do pay it off by summer), and my current score of 557 - which I assume that will raise once I get my debt down, do you think its possible to be approved just by myself. I anticipate that with all my baddies that all charged off March 2008 will disappear in about 2 years or less and hopefully wont weigh me down longer, What do you think my possibility is to be financed/lease with BMW? If you think that isn't possible who/what lender is more forgiven to finance to someone like me who is honest? I hope by summer that I will be above a 620+ (not trying to be greedy now )
I just want to have options again without co-signers and the "hey mom, can you help me". I am much too old for this - I feel I have more than paid my dues (literally).
Any thoughts, feedback, and opinions are VERY welcomed. Any advice on getting scores up are welcomed too. I've been trying hard and so far not many resolves.
I think with that score you would most likely not be able to get a lease. The good news is that if your goal is to try for a loan in the summer you've got a few months to try to improve your score. Getting your utilization down will help obviously. Have you tried GW-ing the lates on the auto loan? What are your other baddies? Sounds like some CO and collections? Have you tried doing PFD's or GW letters for any of those?
More good news is that you have NFCU and they are VERY generous with credit even for those with lower scores. Have you thought about just getting a loan through them instead of leasing?