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

[Anonymous]

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?

[Anonymous]

You’ll get a loan, the question is who will be the lender and what will be the terms.

[Remember0]

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.

[Anonymous]

I planned on going through NFCU

[Anonymous]

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?

[Remember0]

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.

[KLEXH25]

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.

[Anonymous]

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?

[800who]

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