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I'm in need of a car due to new job offer that is going to pay me about 20K more annually. The company I'm leaving supplies me with a company car. (I've been there about a 1 1/2)
So.....I check my credit score online to find out an average of 630. I only have a bit over 6K in credit card debt. A few 30 day lates back in 2007. Other than that pretty clean.
My minimum monthly payments are just under $200. My other expenses are rent $950......and I make aprox 40K per year.
My credit union shot me down for a 10K auto loan.
I don't get it
What are your actual FICO scores? An average won't help. Also, what were the specific reasons your CU turned you down? Was it because you are between jobs? That is how it looks from your post. Have you started the new job yet? One more thing, how is your utilization on your accounts? You mention $6000 owed, but $6000 owed out of a credit line of say $7500 is different than $6000 owed out of a credit line of $50,000. It's the percentage of debt that is a big factor in the scoring formula.
No....I'm still employed. In order to take the new job....I'm going to need a car.
I don't have a FICO score.....I used another online credit report that shows the following
TransUnion - 648
Equifax - 628
Experian - 617
I have two credit cards
Capital one -$ 1500
Householdbank - $ 5000
Both are pretty much maxed out. But, I thought it was the debt to income that mattered? I make about 40K.....soon to be 60k with new job
Total monthly debt is $ 1200 per month which is under 40% debt/income
@Anonymous wrote:No....I'm still employed. In order to take the new job....I'm going to need a car.
I don't have a FICO score.....I used another online credit report that shows the following
TransUnion - 648
Equifax - 628
Experian - 617
I have two credit cards
Capital one -$ 1500
Householdbank - $ 5000
Both are pretty much maxed out. But, I thought it was the debt to income that mattered? I make about 40K.....soon to be 60k with new job
Total monthly debt is $ 1200 per month which is under 40% debt/income
Those scores are not FICO scores. The lender is going to look at FICO scores. Do you have anything from your CU listing your reasons for denial? Can you ask your CU if they will give you your scores?
Debt to income matters to the lender, so it is considered in your overall approval, but it is not a part of your FICO score. Utlization percentage on revolving accounts is a large part of your FICO score (30% IIRC). So having only two credit cards that are both near maxed out is really hurting your score. If you were able to pay those cards down, you'd see a considerable score jump.
The guy on the phone said my score was a C rate. (fair)
The thing that sucks the most is I can even get by with a $ 5,000 dollar car and payoff everything with in a years time based on the extra 20g's I'll be making per year.
I just need a car right away....and don't have any free cash lying around.
I also don't want to go all over town applying for loans messing up the decent credit that I have.
I thought Credit Unions gave me my best chance......and if that's the case I'm screwed
Thanks for the help BTW
I just registered on FICO....
670 is my score
I think you will be approved by a lender not credit union they are much harder approval. You can go apply to like americredit, fleet financial, roadloans. Good Luck
@Anonymous wrote:I just registered on FICO....
670 is my score
Would you just go to a local dealer? (I haven't even picked out a car yet)
or
Would you apply online with one of the listings you provided
Thanks again
I would apply on fleet financial what is your limit on amount??
@Anonymous wrote:Would you just go to a local dealer? (I haven't even picked out a car yet)
or
Would you apply online with one of the listings you provided
Thanks again
my brother in law brought a 2008 Mercedes ML350 with Americredit 33,250.00 2500 down fico 548 and income was 98,000.00
That's a nice ride. I won't rule out a Benz once I have all my debt gone.
My plan is to purchase an 5-8K car (Honda civic like) I'm guessing $ 300 per month range for 2 years...and pay it off early....as well as my two cards
By that time I should be able to get something nice