Hope for those with Terrible Credit, Open Tax Liens - APPROVED!

[carmenah]

So, I have been reading these forums for quite some time and I have used several tips from those smarter than I - particularly:

• Lower utilization to 10% or less
• On time payments
• Paying before statement date
• Right/wrong way to dispute errors

These tips, along with others have helped me get an auto loan approval from Capital One - online via Blank Check - before I went to the dealership.

Because of open tax liens - yes, more than one, more than 5 years old - all being paid/included in divorce, etc. Bankruptcy in 2005 - 8 years old.

Since 2009, I have made 100% on-time payments, have paid all charge offs (all are old from 2008/9) and managed my utilitization well.  My income is more than 80K.  My DTI is around 20%. One lien, that I thought was handled was  just put on my report in February 2013 - so that is really impacting my score.  My scores did take a dip and are all down between 630-600 depending on which bureau, all from myFICO.

I was approved online for up to 30K. Interest rate is disgusting, but I have been saving and my State Farm agent has already said I can refi after 6 months of on-time payment.  

I just wanted to offer some "hope" for those in a terrible situation if they NEED a car and can afford it. I know that if I keep up my good payments and as the liens and fall off (IRS will remove the liens after I make a certain amount of payments) and I know my scores will rise. It's my mission to stay on track and I will.  I will post under the approvals thread as well.

[ReaLiLJ]

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@carmenah wrote:

So, I have been reading these forums for quite some time and I have used several tips from those smarter than I - particularly:

• Lower utilization to 10% or less
• On time payments
• Paying before statement date
• Right/wrong way to dispute errors

These tips, along with others have helped me get an auto loan approval from Capital One - online via Blank Check - before I went to the dealership.

Because of open tax liens - yes, more than one, more than 5 years old - all being paid/included in divorce, etc. Bankruptcy in 2005 - 8 years old.

Since 2009, I have made 100% on-time payments, have paid all charge offs (all are old from 2008/9) and managed my utilitization well.  My income is more than 80K.  My DTI is around 20%. One lien, that I thought was handled was  just put on my report in February 2013 - so that is really impacting my score.  My scores did take a dip and are all down between 630-600 depending on which bureau, all from myFICO.

I was approved online for up to 30K. Interest rate is disgusting, but I have been saving and my State Farm agent has already said I can refi after 6 months of on-time payment.  

I just wanted to offer some "hope" for those in a terrible situation if they NEED a car and can afford it. I know that if I keep up my good payments and as the liens and fall off (IRS will remove the liens after I make a certain amount of payments) and I know my scores will rise. It's my mission to stay on track and I will.  I will post under the approvals thread as well.

 
  +1

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I know others will +1 this as well, as it is great encouragement to others, especially my mom, who will currently be going through what your going through! A little less vulgar, but right in the same ball park! Here's the quicklink to save you sometime btw: ( http://ficoforums.myfico.com/t5/Auto-Loans/Auto-Loan-Approvals/td-p/252350 )

[PBAJ]

Congrats! Imagine its hard to get back on track from all of that!