cancel
Showing results for 
Search instead for 
Did you mean: 

EXTREMELY NERVOUS....I NEED TO GET APPROVED!!!!

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Highlighted
New Member

EXTREMELY NERVOUS....I NEED TO GET APPROVED!!!!

I recently went throught the process of having my credit cleaned up, however I will be a first time car buyer. Debt to Income Ratio is very low as I dont have any revolving credit except student loans. The only debt that I have is 41K in student loans which is in good standing. Equifax is currnetly 600 I am currently banking with Navy Federal and am looking into purchasing a Q50 Infiniti @ under 18K and under 50k miles.  Do you think I stand a chance of getting the loan at all with no other revolving accounts open?Smiley Frustrated

8 REPLIES 8
Established Contributor

Re: EXTREMELY NERVOUS....I NEED TO GET APPROVED!!!!

You’ll get a loan, the question is who will be the lender and what will be the terms.
Back In the garden June 2019 until TBD
FICO 8 Scores (Inquiries) May 29, 2019

Military Star - $8.7K | FCCU Platinum Signature VISA - $13K | Care Credit - $25K | Barclay AA Red MC - $5K | Best Buy Citi Visa - $3K | Cap1 Savor - $3.1K | USAA Signature VISA - $6K | PFCU Power Cash Rewards Signature VISA - $28.5K | CSR $15K | USAA AMEX - $12K | AMEX BCP - $35K | Chase Freedom Signature Visa- $7.5K | HSBC Rewards MC - $1.75K | CITI DC - $10.3K | Discover It - $16K | NFCU Cash Rewards Signature Visa - $10K | NFCU CLOC - $15K | TD Ameritrade Client Rewards Visa - $1.5K | Chase FU Signature $15K | Citi AA Plat MC $13K
AAoA 6 Yrs 10 Mos AoOA 16 Yrs 2 Mos AoYA 1 Mos
Currently 13/24
4/24 on 1/14/20
1/24 on 3/15/20
0/24 on 3/20/21
Installment Loans
BMW $36.4K of $65.3K @ .99% (44.3% Paid)
Student Loans $32K of $66.65K @ 2.75% (51.93% Paid)
Annual Income ~ $110K
Message 2 of 9
Valued Contributor

Re: EXTREMELY NERVOUS....I NEED TO GET APPROVED!!!!

Do you have any baddies? I'm not sure why your credit would be 600 otherwise frankly.

To answer your question, I agree with poster above. Having some revolving accounts would really help, why not get 2 before the auto loan?

Do you have a down payment? If you do I'd strongly recommend Hughes FCUs first time car buyer program.
Message 3 of 9
New Member

Re: EXTREMELY NERVOUS....I NEED TO GET APPROVED!!!!

I planned on going through NFCU

Message 4 of 9
New Member

Re: EXTREMELY NERVOUS....I NEED TO GET APPROVED!!!!

Score is 600 because items have been removed from credit.  I do not have any baddies.  Anything I did from here on out dealing with my credit, I wanted to use NFCU.  Any other suggestions?

Message 5 of 9
Valued Contributor

Re: EXTREMELY NERVOUS....I NEED TO GET APPROVED!!!!

Well limiting yourself to one financial institution is...limiting.

 

I'd encourage you to start by getting 1 - 2 cards to start off with. Auto loans aren't like mortgages so don't worry about inquiries / new accounts before applying for an auto loan. When I started building my credit, my first two lenders were Capital One and Bank of America. There's other forums here where I'm sure you can get advice. Perhaps you should consider NFCU and then one regular bank such as Capital One?

 

Then for the auto loan you should definitely apply to NFCU and see what they give you. I think you'll be approved albeit at a high rate. If you have a down payment of 15%, I encourage a Hughes FCU app as well since their rate would be much lower. If you don't have a DP (or even if you do), it won't hurt to at least run the Capital One Auto Navigator to see what rate they might offer. The Capital One Auto Navigator will not even cost you a hard pull.

Message 6 of 9
Frequent Contributor

Re: EXTREMELY NERVOUS....I NEED TO GET APPROVED!!!!

What did you need to “clean up” from your credit reports? Have you had any CC in the past? Any closed accounts that are contributing to your age? There are too many unanswered questions to give you any answers.

Have you tried CapitalOne Auto Navigator? If you can get a preapproval there, then you should have a decent chance with NFCU. It’s also a SP so you have nothing to lose, and will see what rates you can get.


July 2019:

Stats:
Message 7 of 9
New Member

Re: EXTREMELY NERVOUS....I NEED TO GET APPROVED!!!!

Currently scores (credit karma) TU 580 and EQ 639. Perhaps I used the wrong term but items that should have fallen off were disputed and removed. I've been with NFCU since 2013. I have a savings and an IRA account. DTI is less than 20%. I have no credit cards but plan on getting secured through NFCU and an auto loan. Student loans have been paid off listed as current. I have no CC or installment loans. Credit history is 4yrs old with 97% payment history. 6 inquiries on TU none on EQ. I do have a BK discharged in 2014. How do n.y odds look for an auto loan with NFCU?
Message 8 of 9
Contributor

Re: EXTREMELY NERVOUS....I NEED TO GET APPROVED!!!!

Sounds like a low to mid teens santander special... might want to want and increase score.

Discover IT $8,700 - 09/16
Amex Cash Magnet $25,000 - 07/17
Synchrony 2% $8,000 - 05/19

Message 9 of 9