Chances of approval.

Anonymous · ‎05-02-2020

Hello!

new here, and looking for some advice. I am looking to get a new truck and recently sold my other one.

I used to have a 710 +/- score across the board, but my son was born in 2018 7 weeks early and my fiancée and I ended up staying in the hospital for months racking up bills and getting late on some stuff.

All in all, ended up at a 460 score and been digging my way out. Sitting at 580-600 across the board now (currently working to repair it even more)

Before I go and start getting hard pulls that'll affect my current scores I was hoping for some constructive criticism and or advice if I would be approved and if so any banks y'all recommend?

scores: FICO 580, Ex 593, TU (haven't looked)

looking to purchase a 17+ f250 around $50,000-52,000 tops

down payment available: $16,000 cash (30-32% down)

amount of loan after DP: $34-36k

income: 94k last year, on track to hit 100-105k this year.

DTI: very low, sub 20%. No credit debt, no student loans, no auto loans, just rent.

creidt history Repo of a truck early last year when my old job was having union strikes. Thankfully left that job in FEB2019, and been with the company that I'm currently at since then giving me a year plus with the new excavation company.

also have completed on my record a $9,000 personal loan that was paid off December 2019 100% never missed a payment. And a secured credit card for 200 I only use to buy energy drinks and breakfast with and pay off the moment I get to work. Also 2 things charged off both under $800 total (need to call and make a deal that I'll pay them both off and hope they'll remove all trace of it from the reports they send)

be honest and tell me how it is! rather be told to wait than told lies and I go mess up my progress with hard pulls.

thank you!

ldkcivilservant · ‎05-04-2020

Honestly? Usually I would say you'll get the loan but the interest would be painful.

But trying to finance a $50k truck, which is 50% of your income, with such a low score is going to be challenging even with a good downpayment.

You might want to consider looking for an older HD truck that you could pay cash for with you stated DP. You could be looking at interest rates with Santander in the teens if you do actually get approved and that's.... very painful.

Anonymous · ‎05-04-2020

You're right. I don't NEED new truck... Just being dumb and wanting a new one.

money isn't an issue for a decent payment, as the 100k doesn't include my wife's income also (never asked her to co-sign, and never will ask) but no matter if I'm approved or not a rate in the teens is not my cup of tea.

I think I can hold off until maybe January and reevaluate. By then I could bring my down payment to 50% (25k) and keep increasing my score.

my buddy who does credit repair, has helped me. In the last 3 months with him helping ive gotten two $200 secured cards to work with, he's gotten 3 thing removed from report, helped me getting my rent, utilities and phone all reporting on time payments, and helped get an old CC to agree if I pay 75% of the balance they'll settle that and remove it from my account completely. Guess I'll just keep chugging along and maybe look at a new truck later!

sccredit · ‎05-04-2020

I don't think an approval will be an issue with income and down payment. However, the age of the Repo will hurt your interest rates. I think that one item will put you in the teens for interest rate.