High Income / Lower Credit Score - Expected Interest Rate? .. and some other Qs

[Anonymous]

Awesome. Thank you for your help!! 

[Anonymous]

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@EddieK wrote:

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@Anonymous wrote:

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@EddieK wrote:

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@CH-7-Mission-Accomplished wrote:

I would apply with DCU first.  If they approve you at 1.99% (or 1.49% with direct deposit), stop there.

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Slight change in rates with DCU now...2.24%, 1.74% with DD.

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ahhh well, still a better rate than I would expect! 

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You won't get that rate...it requires a 675+ EQ04 score.  I didn't want to mislead you, I just wanted to correct what their lowest rate is now.  If you apply to DCU, I would wait until your two collections are updated showing closed, if not, you may be declined even for their tier 2 or tier 3 rates.  But since their local to you, drop into one of their branches and see what they recommend.

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Well the good news is that my EQ04 (FICO Auto Score 5) is 686! I really hope I will get the 2.24%/1.74% rate.

Would you still recommend to end my search right there IF I get that rate? Thank you.. 

[EddieK]

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@Anonymous wrote:

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@EddieK wrote:

---

@Anonymous wrote:

---

@EddieK wrote:

---

@CH-7-Mission-Accomplished wrote:

I would apply with DCU first.  If they approve you at 1.99% (or 1.49% with direct deposit), stop there.

---

Slight change in rates with DCU now...2.24%, 1.74% with DD.

---

ahhh well, still a better rate than I would expect! 

---

You won't get that rate...it requires a 675+ EQ04 score.  I didn't want to mislead you, I just wanted to correct what their lowest rate is now.  If you apply to DCU, I would wait until your two collections are updated showing closed, if not, you may be declined even for their tier 2 or tier 3 rates.  But since their local to you, drop into one of their branches and see what they recommend.

---

Well the good news is that my EQ04 (FICO Auto Score 5) is 686! I really hope I will get the 2.24%/1.74% rate.

Would you still recommend to end my search right there IF I get that rate? Thank you.. 

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What is your standard Score 5(stated as the one used most commonly for mortgages)?  That's the EQ04 score.  But yes, if you get an approval for the best rate from DCU, I'd definitely go with them and no one else.

[Anonymous]

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@EddieK wrote:

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@Anonymous wrote:

---

@EddieK wrote:

---

@Anonymous wrote:

---

@EddieK wrote:

---

@CH-7-Mission-Accomplished wrote:

I would apply with DCU first.  If they approve you at 1.99% (or 1.49% with direct deposit), stop there.

---

Slight change in rates with DCU now...2.24%, 1.74% with DD.

---

ahhh well, still a better rate than I would expect! 

---

You won't get that rate...it requires a 675+ EQ04 score.  I didn't want to mislead you, I just wanted to correct what their lowest rate is now.  If you apply to DCU, I would wait until your two collections are updated showing closed, if not, you may be declined even for their tier 2 or tier 3 rates.  But since their local to you, drop into one of their branches and see what they recommend.

---

Well the good news is that my EQ04 (FICO Auto Score 5) is 686! I really hope I will get the 2.24%/1.74% rate.

Would you still recommend to end my search right there IF I get that rate? Thank you.. 

---

What is your standard Score 5(stated as the one used most commonly for mortgages)?  That's the EQ04 score.  But yes, if you get an approval for the best rate from DCU, I'd definitely go with them and no one else.

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Darn it. I spoke to early. That is 660...  

[EddieK]

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@Anonymous wrote:

---

@EddieK wrote:

---

@Anonymous wrote:

---

@EddieK wrote:

---

@Anonymous wrote:

---

@EddieK wrote:

---

@CH-7-Mission-Accomplished wrote:

I would apply with DCU first.  If they approve you at 1.99% (or 1.49% with direct deposit), stop there.

---

Slight change in rates with DCU now...2.24%, 1.74% with DD.

---

ahhh well, still a better rate than I would expect! 

---

You won't get that rate...it requires a 675+ EQ04 score.  I didn't want to mislead you, I just wanted to correct what their lowest rate is now.  If you apply to DCU, I would wait until your two collections are updated showing closed, if not, you may be declined even for their tier 2 or tier 3 rates.  But since their local to you, drop into one of their branches and see what they recommend.

---

Well the good news is that my EQ04 (FICO Auto Score 5) is 686! I really hope I will get the 2.24%/1.74% rate.

Would you still recommend to end my search right there IF I get that rate? Thank you.. 

---

What is your standard Score 5(stated as the one used most commonly for mortgages)?  That's the EQ04 score.  But yes, if you get an approval for the best rate from DCU, I'd definitely go with them and no one else.

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Darn it. I spoke to early. That is 660...  

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That's still closer...at least looks better for an approval, might not be at the best rate, but their 2nd and 3rd tiers are solid rates too.

[Anonymous]

Thank you!  I'm hoping once the two collections that I just paid report that my score will go up.

I'm planning on applying for a loan in a few weeks. You have any idea what the rates are for the T-2/3? 

[jkjklkjkl]

I wouldn't rule out financing from the dealer, if the car you want is offering low apr specials.  I would secure financing first from a credit union, but also see if you can take advantage of a good deal.  I don't know specifics, but from reading enough on this board, one's scores don't have to be perfect to get top/upper tier financing rates.

[EddieK]

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@Anonymous wrote:

Thank you!  I'm hoping once the two collections that I just paid report that my score will go up.

I'm planning on applying for a loan in a few weeks. You have any idea what the rates are for the T-2/3? 

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From what I've seen, 3.99% and 5.49% and you can lower it up to 1% in .25% increments with 3 consecutive on-time payments.  So a year straight of on-time payments will get you the 1% reduction.  I personally can't validate it so hopefully others who have direct experience can chime in.

[Anonymous]

With slightly higher income and scores my dealer got me a 3.99% 60 month rate from Wells Farge on a 2015 Golf R (I paid invoice price of around $38300) with $10000 down. My score was just high enough to qualify for DCU's best rate, however I was a couple months short of 2 years of rebuilding credit after a bankruptcy so they turned me down. I will probably refinance through them in a couple months when I have the full 2 years. 

[Anonymous]

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@Anonymous wrote:

With slightly higher income and scores my dealer got me a 3.99% 60 month rate from Wells Farge on a 2015 Golf R (I paid invoice price of around $38300) with $10000 down. My score was just high enough to qualify for DCU's best rate, however I was a couple months short of 2 years of rebuilding credit after a bankruptcy so they turned me down. I will probably refinance through them in a couple months when I have the full 2 years. 

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Thanks for the response.

Where did you all apply at? You said your score was high enough for DCU's best, isn't that 675? Your scores in your signature are different. Do you mind telling me what your score is?

thanks!