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I need a plan and quick!

Valued Member

I need a plan and quick!

I went through a horrible dicorve about 6 years back and my credit was ruined because of it. The car I had at the time was so old and kept breaking down. To help, my parents leased a car for me ( only in my Mother's name) so I could get back on my feet. The lease is up in Aug.  and I'm anxious on how I am going to qualify for an auto loan ( their help was strictly for 1 lease term, 3 years). 


Well, I messed up! I've had some late CC payments over the last 6 months and my scores suck right now. This couldn't have happened at the worst time with me needing to get a car in Aug. I was doing so good ( had scores in the high 600's) but took on too much and got in over my head. The late payments were a reality check for me although not before my scores tanked. 

I live in an area where I need a car, no mass transit, etc. 

What can I do to get my scores up by the time I need to get a loan in Aug? I  have already gotten anything that was past due current, and my scores have come up significantly since they are reporting current on my reports, but are still not out of the 500's...


Socres as of today: 


EQ 544



Recommendations on lenders would also be great. 


Thank you!


Senior Contributor

Re: I need a plan and quick!

Quickest way to improve your score is to remove anything negative on your report! There is a whole section on how to Rebuilding Your Credit.


There are many car dealers that finance car with high interest rate! That could be your option till your next car, while you are rebuilding.

Message 2 of 7
Valued Contributor

Re: I need a plan and quick!

^^ agreed with above


another option is to get a beater car, for low $, until your scores support an auto loan


may only need it for 6 months - 1 year - but then you will handling it on your own


also, get AutoPay setup on ALL your accounts for the minumum amount TODAY

and check your accounts regularly


Dec 16/2019. EX. 721. EQ. 723. TU 746
Jan 25/2024 EX. 774 EQ. 751 TU 758
Inq. EX 2 EQ 3 TU 6 - - CC 2x24, 0x12
Amex BCP $35k - Apple GS $21k - BMW/Elan $19k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase Bonvoy Boundless $10k - Chase United Club Infinite $26k - Citi CustomCash $3k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $29.5k - PayBoo - $15.6k - Penfed Gold - $19.3k - USB AltitudeGO -$19k- USBank Cash+ -$25k - PenFed LOC - $20k - USB LOC - $8k
Message 3 of 7
Frequent Contributor

Re: I need a plan and quick!

Sounds like cash is your friend right now. Any loan you will get, even 6 months from now (wihtout improvements), will have a high interest rate and unfavorable terms. You've got a couple of options, though:

  • Take a high rate loan. Save cash between now and then for as much down payment as you can make, and suck up having that high rate on the loan. Finance for the shortest term you can afford, and pay off the loan. 
  • Try to get the baddies good willed off your report - probably a long shot, but you may get a couple and imporve your scores some. This could help with loan and rate.
  • Pay cash for a car. Save every bit of money you can between now and then, and buy the first decent thing you can find on Craigs List, FB Marketplace, etc. Have no payment and continue to bank money, improve scores, etc until you can finance a better car. 
Message 4 of 7
Valued Member

Re: I need a plan and quick!

Thanks everyone for your responses! I will try a GW letter in the interm to see if I can get anywhere as well. 

Message 5 of 7
Valued Contributor

Re: I need a plan and quick!

Before you do anything with the lease, absolutely shop it to other dealerships. You (or your parents) should likely walk away with a sizeable check rather than just turning in the vehicle, even if you opted to do it now, six months early. If your parents allow you to keep the difference (since it was an unexpected windfall), you might be able to parlay that into a downpayment on your next vehicle - again, if your parents are willing. If they are planning to just turn in the lease, they may be walking away from a good chunk of change.


Truthfully, now is not the best time to purchase a car, be it new or used. I'll keep my fingers crossed for you that things improve by August and you're able to goodwill some of the baddies that are impacting your score.

Message 6 of 7
Frequent Contributor

Re: I need a plan and quick!

Go on Capital One Auto Navigator prequal tool and see if you prequalify for an auto loan.  You may or may not, but as your scores improve each month, check back every month and see if you prequalify and for how much.  It doesn't affect your FICO scores to check.  That will continue to give you a barometer over the following months on how you are doing regarding getting a car loan in August.   I had high 500 scores  (570 - 590 across Exp, EQ and TU) and got a loan through them offering something like 6.29 APR for a five-year loan or 6.89 or 6.99 for a six-year loan.  I had baddies on my report.  Collection (paid), but pretty recent (one year), and two charge-offs, one still being paid down, and it was owed to Capital One, and lates on two closed cards.  Also, I didn't have to provide proof of income for the loan.  The loan was in April of 2019.  I was shocked to get that interest rate at that stage of my rebuild.  At the time, I had three fairly new low CL CCs.   (One secured card with a $450 CL under a year old.  A Cap One Platinum with a $500 CL  under a year old.  A Cap One QS1 one month old, $1000 SL).

Open Credit Cards:
Green Dot Primor Secured (5/18) - $450 CL (CLOSED 2/2020)
Capital One Platinum (8/18) PC to Quicksilver (9/19) - $3800 CL
Capital One QuicksilverOne (3/19) - $4800 CL
Merrick Bank DYL VISA - No AF (6/19) - $1400 CL
Discover it Cash Back (9/19) - $2800 CL
Amazon Prime Store Card (4/20) - $10,000 CL
NFCU cashRewards (4/20) - $4500 CL
BB&T Spectrum Cash Rewards (5/20) - $3500 CL
Navy Federal More Rewards American Express® Card (3/21) - $9700 SL - at 9.65 %.
Experian FICO Score - 8/2018: 528

Experian FICO 8 Score - 9/2022 - 720
Equifax FICO 8 score 2/2022- 692
TransUnion FICO 8 score 10/2022 - 728
Experian FICO Mortgage Score - 725
Message 7 of 7
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