I Need Everyone Advice Please

[Anonymous]

Im looking to purchase a $33,000 SUV within 6 months. TU score 666, 3 CC ( 500,750,750 cls) all paid as agreed with no baddies about them, DTI 30%. Income 45k,, 2 prior paid auto loans with no baddies about me. I have 7 collection accts with 4 of them falling off 11/2012 and leaving a 5400 remaining in collections. I currently have 35 inqs but 25 fall off between now and 02/2013

1.) What are my changes of getting approved?

2.) What types of rates am I looking at?

3.) Who should I apply through when I get ready to pull the tigger?

4.) What else do I know or do to help me out?

Please reply and help me out. Please

[keny01998]

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@icu2_stl wrote:

Im looking to purchase a $33,000 SUV within 6 months. TU score 666, 3 CC ( 500,750,750 cls) all paid as agreed with no baddies about them, DTI 30%. Income 45k,, 2 prior paid auto loans with no baddies about me. I have 7 collection accts with 4 of them falling off 11/2012 and leaving a 5400 remaining in collections. I currently have 35 inqs but 25 fall off between now and 02/2013

1.) What are my changes of getting approved?

2.) What types of rates am I looking at?

3.) Who should I apply through when I get ready to pull the tigger?

4.) What else do I know or do to help me out?

Please reply and help me out. Please

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I just applied for a loan recently and I know my credit union is very sensitive on collections and inquiries

1. Slim - baddieds and income ratio

2. If you are getting approved, you rate will be in double digit, may be 15%

3. Try credit union first and ask dealer to match the rate

4. Wait for collections and inquiries to fall off. Try to settle the $5400 balance. You need a co-signer with your income. Nobody will approve $33k loan with $45k salary unless you put in a huge down payment - 10k to 20k.

[Anonymous]

I will be putting 10k down. Also shouldnt my score go up once the baddies and inqs fall off?

[llecs]

You won't see a FICO gain when the inquiries drop (FICO stopped scoring them months ago...FICO ignores them after 12 months old). You might see a small gain as they drop. It depends how recent or how new your other baddies are.

[Poorboi]

I don't gree. I know plent of people that have gotten car loans of that amount with just $1500  down

[Anonymous]

So my score wont go up even after the baddies accts fall off in 11/2012?

[StartingOver10]

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@Poorboi wrote:

I don't gree. I know plent of people that have gotten car loans of that amount with just $1500  down

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It's the combination of the credit profile and the income.

I agree with the responder above a couple of posts, the OP will have to put down a large chunk (+20%) in order to get the DTI to anything reasonable. The more he puts down, the better his chances of getting a loan.

[llecs]

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@icu2_stl wrote:

So my score wont go up even after the baddies accts fall off in 11/2012?

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I think it could.

[Shogun]

Once the baddies fall off you should see an increase.  But as always...  YMMV

[Anonymous]

I have some good news to report. I had 3 of the 7 collections accounts fall off as of 9/6/12 and the other 4 will fall off 11/2012. Also I had 18 inqs removed on 9/6/2012. My fako score has went up 18 pts but not sure what my new real score is of yet