Chances for approval..

MindKntrl · ‎08-09-2013

FICO Score is right around the 662 mark.. Income is around 50K, with an additional 12K from a side job...

I'm attempting to get a USED car loan in the 30K range (for the car I really want)..

I paid off (w/ no lates) a car for 18K last summer.

What would be some of the stumbling blocks or holdups?

I'm going to try to go thorugh my credit union first.. They've approved me before when I was thinking about getting another car, but this was when I still had a year and a half left on my current car.. So it was essentially going to be a trade-in.. The approval back then was only for $18K @ 12.4% (which I thought was high, but my FICO Score was only 550sumthin back then)...

Starting Score: EQ - 639, TU - 647, EXP - 656 -- 1/14/14
Current Score: EQ - 722, TU - 754, EXP - 757
Goal Score: 800

Take the myFICO Fitness Challenge

MindKntrl · ‎08-09-2013

I should also add that I have a down-payment of about 5-7K..

Starting Score: EQ - 639, TU - 647, EXP - 656 -- 1/14/14
Current Score: EQ - 722, TU - 754, EXP - 757
Goal Score: 800

Take the myFICO Fitness Challenge

blondy250 · ‎08-09-2013

Of course you'd get approved (assuming no baddies), on the other hand buying a car that's 50% of your yearly income maybe not the brightest idea. What's your DTI? Credit debt, mortgage etc.

Fico 8 12/9/17
Equifax 850, TransUnion 842 10/30/17 , Experian 842 12/11/17 . AAOA 12 years Oldest 20
No inquires since 2014
All credit reports frozen
Fico 8 Equifax Bankcard 866 12/27/16

MindKntrl · ‎08-09-2013

DTI is only like 14%.. Rent (currently) is only $650 per month, but mortgage will be around $700 per month. Going to close on a house and then go get the car the same weekend, before the mortgage actually hits the credit so that I won't be dinged for the higher DTI.

I have 2 credit cards for a total of $4700.. $0 balance on both.. I don't use them except in EXTREME emergencies, and I pay whichever I use off IN FULL within a few days/weeks of use.. never letting a balance rollover..

Starting Score: EQ - 639, TU - 647, EXP - 656 -- 1/14/14
Current Score: EQ - 722, TU - 754, EXP - 757
Goal Score: 800

Take the myFICO Fitness Challenge

Anonymous · ‎08-09-2013

Your chances of approval are probably pretty good assuming there are no delinquencies you didn't mention. And just FYI if you let a small balance report on one of your two credit cards you may actually gain a few FICO points. FICO does not like to see zero on all revolving credit. You don't need to pay interest, just let a small balance remain on the statement date and then pay it in full before the due date.