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EQ FICO rating 637, what are my chances.....


EQ FICO rating 637, what are my chances.....

of being financed for an 8k auto or personal loan through a bank I've had for 6 years.  My history isn't the best but I've been very stable for the past 2 years.  2 closed/current collections before 2006, 1 closed/current co-signed auto loan with a few 30 day and one 60 day late payments ended late 2007.  2 current revolving accounts 1 almost a year and 1 that is 1 month old...$300-$400 limits, and a credit to debt ratio of 67%.  Thanks for any advice.
Message Edited by revops on 03-10-2009 07:12 PM
Message Edited by revops on 03-10-2009 07:48 PM
Message 1 of 7
Valued Contributor

Re: EQ FICO rating 637, what are my chances.....



"Slim" meet my friend "None."


No, honest.

Just because you bank with someone and meet their standards for holding a checking/savings account (or even a few CDs) does not change their individual lending standards for loans.

Personally I really prefer never to leave my money in an institution that would be happy to make fees off me but never lend me a dime.


But that does not mean there is not an institution out there that would finance you.

issues you have to consider:


1- What is your income? If you do not have at least 2K a month before taxes, its really not going to happen.


2- your credit profile is "weak" to "sparse," see above in regards to being able to get financing.


3 Do you have a down payment. Honest having $1600 to 2,000 down could get you financed where nothing down would not.


I have no knowledge of your personal bank, but believe you could get financed assuming you have income stability in excess of 2K a month and a year on the job with a downpayment of 20%.

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Message 2 of 7
Frequent Contributor

Re: EQ FICO rating 637, what are my chances.....

Pay of your CC's and you should see a nice little bump in your FICO scores, maybe 20 points.

See if you can GW some of those 30 and 60 day lates.


Your short credit history is definitely hurting you. Do you have a parent/relative with a CC that they're had for a long time (and never been late on) who can add you as an AU?

Starting Score: 540 EQ 517 TU on 11/17/08
Current Score: 668 EQ 726 TU
Goal Score: 760 EQ 760 TU

My Credit Repair Journal
Message 3 of 7
Established Member

Re: EQ FICO rating 637, what are my chances.....

you should be able to get a loan from a CU, probably 10-11%+ interest rate tho
Message 4 of 7
Regular Contributor

Re: EQ FICO rating 637, what are my chances.....

It might depend on whether you want/need the $8K for auto or personal loan. I was approved in August 2008 (admittedly, just before the huge changes in credit landscape) for $16K through Wachovia with scores that were just barely over 600. I don't know for a fact, but I assumed I was approved because my auto enhanced FICO scores were higher than the straight FICOs.


The interest rate will be higher, for sure (mine was 11%). But I would think you should get approval from someone.

Message 5 of 7

Re: EQ FICO rating 637, what are my chances.....

With your history and the economy right now? I would say your chances are very slim, to be honest. Even you get a loan, they will incur high interest. Still...I think you chances are very minimal.
FICO pulled by loan officer on 8/3/2009
EQ: 724
EX: 740
TU: 742
Message 6 of 7

Re: EQ FICO rating 637, what are my chances.....

so I got a loan from American General for 4k after I posted this, used 1200 cash and bought a motorcycle.  My interest rate was ridiculous at 24% but I took it and have paid on time for the last 18 months.  I've been on top of my credit and its starting to show, since I posted this all of my scores are now up to 700+.  I sold the bike and made out with more than what I owe on the loan, now I'm going to pay it off early and just work on my credit cards to build my score.  My debt to income is now 98% so all I pay is 35$/mth for a credit card.  For the most part all of you hit the nail on the head about my situation, goodjob and thanks for the info even tho its 18 mths later Smiley Very Happy

Message 7 of 7