Im looking to finance a KTM 500 exc-f about $10,000 OTD and I will be putting $2,000 down but have concerns about being approved for the loan.( I believe KTM uses GE Capital Retail Bank)
Im 22 years old, worked for UPS for over 3 years and net about $1,800/month. Credit score is currently in the mid 500's mostly just due to my high credit utilization ($650 of $900 available with 3 cards from WFB, CapOne, and CreditOne) but I also have 2 charge offs from US Bank from 2014 one is $1,200 and the other is $800, ive recently applied for a small personal loan to consolidate these but was instantly denied from WF Bank and One Main because of these charge offs, even with a co-signer with a higher income and perfect credit. I also have a collection from AMEX for $1,800 thats been paid off for 2 years and shows as good standing on my credit.
Its currently Nov 2, 2017 and I will have the collections paid in full by the end of November and CC balances paid down to near 0 by early december (according to credit karma, paying off my CC's should bring my credit up to 650+).
My question is if I will be approved for the loan with these charge offs showing closed and paid on my credit(assuming i cant convince them to do a pay for delete) and paying off my CC to get a 650+ score?
Credit Karma, Trans Union, and Experian websites all show my payment history to be good, deragatory marks 0, at the most Experian shows 6 inquiries, average age of accounts is only 6 months (longest currently open account 1yr), just the utilization amount is whats hurting my score.
Thanks in advance for any advise!
