Is it true?

[Anonymous]

Went to see about getting a car. I officially have 3 baddies. A car (listed as a co) a credit card and cell phone.

I was told that because of the car alone no one would approve me.

I believe the finance guy was just trying to sell a car and get me in one I don't want.

I made him aware that I will be paying off the credit card and cell phone by the end of June if not before then. But he still said that even with that no one would approve me.

Is that true? The remaining in the car is $3500 which I can get paid off in a few months.

My credit union said the only thing holding my back is my score.

I really need a car loan. What should I do? And is it true no one will loan to me?

[Anonymous]

listed as a co ? what do you mean by that? 

[jacksont1981]

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@Anonymous wrote:

listed as a co ? what do you mean by that? 

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Charge Off I think he means. Also have you tried capital one? Do you know what your scores are right now? You will get approved by someone but your interest rate will be sky high.

[Anonymous]

A little clarification on my part. The dealerships finance guy told me that no one would approve me, but also said only one bank (one I never heard of) would approve me if I put more money down, took an older car, and a car with almost 100k miles. That's why I said I believe he was just trying to sell a car.

[Anonymous]

Hi...(I'm a she...lol) but yes sorry CO means charge off.

I have not tried there. My scores are low. I wasn't too worried about the rate.

But the finance guy was trying to give me a used car with almost 100k miles on it. With payments pushing $500 a month. And the loan being 45months.

[StartingOver10]

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@Anonymous wrote:
Hi...(I'm a she...lol) but yes sorry CO means charge off.

I have not tried there. My scores are low. I wasn't too worried about the rate.

But the finance guy was trying to give me a used car with almost 100k miles on it. With payments pushing $500 a month. And the loan being 45months.

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Yes, your gut instincts are right. The finance person was trying to push a old vehicle onto you with bad financing. I hope you walked away from this "deal".

How old is the Charge Off? Was it for another vehicle?

What are your scores, income and debt?

[Anonymous]

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@StartingOver10 wrote:

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@Anonymous wrote:
Hi...(I'm a she...lol) but yes sorry CO means charge off.

I have not tried there. My scores are low. I wasn't too worried about the rate.

But the finance guy was trying to give me a used car with almost 100k miles on it. With payments pushing $500 a month. And the loan being 45months.

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Yes, your gut instincts are right. The finance person was trying to push a old vehicle onto you with bad financing. I hope you walked away from this "deal".

How old is the Charge Off? Was it for another vehicle?

What are your scores, income and debt?

I did walk away from it!

I don't know my current scores. Last I check low 5s. I make 34k annually. Current debt $883 Credit Card, $919 old cell phone (i know CRAZY, it was mine and my younger sisters), and $3500 Car. I also have student loans that are in good standing. Never late. 

The Charge off on the car is almost a year old. I will have the $3500 in November to pay it off.

[SamsungHDTV]

To answer your question directly, the answer is no. What he is saying is not true. Its not possible for him to know if any lenders will approve you or not.

Sadly, he really was just trying to push you on a junk car. Most likely one that the dealer was trying to get rid of and would have been a nice commission for him.

[Anonymous]

Thanks. I figured. He was arguing with me when I said I wanted to just go through my credit union when I get the required points. He just kept telling me that I wouldn't be approved. I think that car he was pushing on me was one with the highest miles on it. Shame!

[StartingOver10]

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@Anonymous wrote:

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@StartingOver10 wrote:

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@Anonymous wrote:
Hi...(I'm a she...lol) but yes sorry CO means charge off.

I have not tried there. My scores are low. I wasn't too worried about the rate.

But the finance guy was trying to give me a used car with almost 100k miles on it. With payments pushing $500 a month. And the loan being 45months.

---

Yes, your gut instincts are right. The finance person was trying to push a old vehicle onto you with bad financing. I hope you walked away from this "deal".

How old is the Charge Off? Was it for another vehicle?

What are your scores, income and debt?

I did walk away from it!

I don't know my current scores. Last I check low 5s. I make 34k annually. Current debt $883 Credit Card, $919 old cell phone (i know CRAZY, it was mine and my younger sisters), and $3500 Car. I also have student loans that are in good standing. Never late. 

The Charge off on the car is almost a year old. I will have the $3500 in November to pay it off.

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Why don't you pull your scores here first under the 3B report so you can see what your auto enhanced scores are right now and your other scores (bankcard, mortgage and FICO 08).

Then you will have real information.

Also since you have student loans in good standing your auto enhanced scores might not be as bad as you might think. Won't know until you pull your scores - it is a SP and not a HP.  Try this link http://www.myfico.com/Products/FICO-Score-3-Report-View/

Do you have only one cc? Its balance is $883 out of how big a credit limit? Sometimes just reducing the balance goes a long way toward increasing your scores.