Collections and auto loans help

Anonymous · ‎02-10-2018

I’m trying to get an auto loan right now for about $40,000 and I have 2 collections that’s going to hurt my approval odds. I few months ago I got denied when my score was 590. One is for student loans for $8,000 and one is for a credit card I had when I was 19 for $600. My score is around 630, the last 2 years of my history are perfect with my current auto loan and 3 months perfect with a credit card(not a secured card). 5% card utilization and $17000 auto loan that’s going to be traded in. . What I could do is pay off all of my collections debt and try to get the auto loan but then I wouldn’t have any money to put down on the car and it’ll hurt my score. The other option is wait till I get the car, get a co-signer, or pay a higher apr and pay the collections off gradually. Yes I do need to get this car. Sorry if this is confusing

Ardecko · ‎02-10-2018

Yesterday you said you were about to pay off your 17k auto loan. Is that still happening? If not, how much do you owe on it?

2017-09-09 FICO 08: EQ 677, TU 640, EX 705
2020-02-07 FICO 08: TU 789
2020-02-10 FICO 08: EX 752

Gardening, mostly, again until... soon(I need to replace my car)

Anonymous · ‎02-11-2018

I can see where I’m getting confusing so Yes I am selling it to the dealer this week and paying the negative on it so it’ll be paid off. So 17k off my credit. What will still be on there is my student loans and my garbage credit score. I can pay off my collections which will hurt my score and won’t allow me to get loan for anything for a while or I can get the loan and then whatever I don’t put down on the car I’ll pay on collections then make payments from there.