4 years ago bought a Dodge Journey with a 517 Experian FICO score rate was 8.10 rolling in 2750 neg equity. Fast forward 4 years later, scores currently 604 on Experian 602 Equifax,perfect payment history with Chrysler Capital attempting to roll in 6k negative equity from Journey on a Jeep Cherokee. Rate came back @ 16 %, I declined offer. I know main issue is why are scores still so low, they have been higher and lower at times, life is not linear progression. Cap One keeps declining me, saying cards are over limit when they are at zero and have not been over limit in 6 months. Only thing I can think of is my mortgage reporting is inaccurate and has not reported in a few months. Shows a 30 baddie a few months ago which is not correct, item in dispute currently, and then shows no payment status last few months. I did defer a bunch of payments early on the loan and during when my wife was ill and missed work could also be reason and even though credit report never affected they could be holding that against me . I did not go to dealer where I purchased the car and am left wondering could that really matter that much.
Very simply my wife wants a new car that she likes with safety features as long as monthly note does not go up by more than 150 bucks a month and we don't take out a loan longer than 72mo. I know overly simplistic viewpoint as she has very little financial acumen. I called Chrysler myself this am and spoke to rep who pulled my deal. Main driving factor she thinks is my mortgage is showing up as 2 months past due when it is not. Also payment status reporting with that is very spotty, has not reported in consistently this year. I have sent documentation into mortgage company and have disputes with CRAs. Apparently GM Financial didn't seem to care as they approved me @7.9 for 72 mo My wife told me to try if numbers work great if not wait until issue gets cleared up. Chrysler in my experience is not as score driven as others and they weight payment history on house & cars , LTV heavily. Scores were much lower 4 years ago, had less negative equity, and rate they offered me was half of current offer.
I got a credit monitoring alert today,mortgage is now reporting in as current. Scores only went up 7points or so, is it worthwhile to contact dealer last week I was at since there is a 500 incentive which expires tomorrow. Does anyone think that they would use updated CR and resubmit to Chrysler to see if terms are better? Or is it too soon and do I have to wait a certain number of days to possibly get better terms through Chrysler?