Do I qualify ?

[Anonymous]

 Credit Score:640 EQ MyFIco -- 648 EQ Auto Score 8 (Myfico)-- 660 EQ Auto Score 5(MyFico)

AAoA: 2 years (oldest credit card is 4 years old)
Income: $6250 mo
Lenght of Employment: 4y
Previous Loan Experience: N/A
Debt-to-Income (DTI): ~%16 (included my rent in this)
Year of Car: New Honda CRV 2015
Miles: 0
Purchase/Refinance: Purchase
Requested loan term (XX Months):60 months 

Amount of laon request: $25K to $28K
Down payment amount: $1500
Co-borrower/Co-Signer: Unavailable

Time at residence: 1 year

Rent: $700
Other: I have a joint paid collection (only negative) from apartment 3 years ago due to my stupidity trusting my roomate.

 I have 6 credit cards (never missed any payments) worth $19000 credit limit, have brought Credit utilization to around 48% but target is around 30% at the time of applying for loan in 2-3 months.

I'm wondering if I will be approved for auto loan from Credit Unions/ bank / dealer.

[Anonymous]

You mentioned you will be buying the car in 2-3 months which would be a good thing with Honda because for some reason their CR-V finance and lease rates are not very competitive.  Current standard buy rates for the "Preferred" tier 660 Experian is 6.24% APR 60 months.  If i remember correctly (i'm not at my work computer this moment) they will be changing the programs Sept 8th.  Hopefully they will have special subvented rates (0.9 or 1.9%) or at worst they will mirror the existing rates for another three months.  If Honda rates don't change for the better, you should qualify for DCU or Penfed at a lower rate.

[Anonymous]

Thanks a lot for quick response. This information helps a lot.

[Anonymous]

I'm hungry for some Kudos!  LOL

[Anonymous]

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@Anonymous wrote:

I'm hungry for some Kudos!  LOL

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That made me cringe and laugh at the same time.  Kudos.