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NEED Guidance on Auto Purchase - Based on Current Situation? Please help! Looking at Toyota Finance.

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NEED Guidance on Auto Purchase - Based on Current Situation? Please help! Looking at Toyota Finance.

Hey all!! I am new to the Myfico club. I have been trying to rebuild my credit since a bk 10+ years ago, I am young 32, and trying to re-establish myself. 

 

I opend a Cap1 secured beg, of Jan 2016 was approved for a $200 limit which I increased to $350 with the $49 deposit, and have been making $200 a week payments, and constantly having to pay off and use. 

 

I was just approved last week for a $500 quicksilver one, which I am stoked about...as itll be my first real card in 13 years. 

 

I was just hired this month for a new job, and I am making decent income: 55k, base salary, 500 mo car allowance, and 3 mos. guaranteed ramp up commission ($2000) a month. I just go my first paycheck last month. 

 

My question is, right now, I am driving our IS250 which my fiance just financed 2 mos ago in her name, and I am driving almost 200+ miles a day, and with her mileage already at 140k, I am gonna be in trouble by the end of the year, miles based on what I am currently driving, and length of loan left on that vehicle. 

 

I need to get another car with lower miles to offset her mileage, and still be able to work..

 

Any advice on Toyota Financial Services, (LEXUS) Based on my situation, 

FICO:  609 EQX 

TU: 584 

EXP: 635 

 

1. How many pay stubs do they need,. 

2. Can I even get qualified. 

3. How to improve score quicker to get approved

4. Any advice in general that could help me get a car, and what my next steps should be to get my credit right, and scores up, and still manage to get a car if possible to offest our mileage? 

 

What would be some of your guy's advice in my shoes?? Thanks...need help 

 

12 REPLIES 12
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Regular Contributor

Re: NEED Guidance on Auto Purchase - Based on Current Situation? Please help! Looking at Toyota Fina


@althompson707 wrote:

Hey all!! I am new to the Myfico club. I have been trying to rebuild my credit since a bk 10+ years ago, I am young 32, and trying to re-establish myself. 

 

I opend a Cap1 secured beg, of Jan 2016 was approved for a $200 limit which I increased to $350 with the $49 deposit, and have been making $200 a week payments, and constantly having to pay off and use. 

 

I was just approved last week for a $500 quicksilver one, which I am stoked about...as itll be my first real card in 13 years. 

 

I was just hired this month for a new job, and I am making decent income: 55k, base salary, 500 mo car allowance, and 3 mos. guaranteed ramp up commission ($2000) a month. I just go my first paycheck last month. 

 

My question is, right now, I am driving our IS250 which my fiance just financed 2 mos ago in her name, and I am driving almost 200+ miles a day, and with her mileage already at 140k, I am gonna be in trouble by the end of the year, miles based on what I am currently driving, and length of loan left on that vehicle. 

 

I need to get another car with lower miles to offset her mileage, and still be able to work..

 

Any advice on Toyota Financial Services, (LEXUS) Based on my situation, 

FICO:  609 EQX 

TU: 584 

EXP: 635 

 

1. How many pay stubs do they need,. 

2. Can I even get qualified. 

3. How to improve score quicker to get approved

4. Any advice in general that could help me get a car, and what my next steps should be to get my credit right, and scores up, and still manage to get a car if possible to offest our mileage? 

 

What would be some of your guy's advice in my shoes?? Thanks...need help

 


SCREAMS-n-FAINTS!!! A BK at 22 o.O LAWD!!!! First I would ask Cap1 if that secured card can be turned into an unsecured one. If not then pay the secured card off and garden it as it is your oldest account I would assume. I would use the $500 QS card as my daily driver and PIF every month. Also what is your Debt-to-Income ratio (DTI) and what is your timeframe for purchasing a new car? Also SAVE UP for a down payment simply for the fact to pay for Tags, Title, and License (TTL), Doc Fees, and extended warranty outside of the loan. I would save up $5k and whatever is left over use that for the downpayment maybe $1k. Also join a Credit Union if you haven't already done so and DCU is a great option. If you have anymore questions please feel free to ask away Smiley Happy


EX08 801 EQ08 812 TU08 805 Total Credit Line: $100K+
Message 2 of 13
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Super Contributor

Re: NEED Guidance on Auto Purchase - Based on Current Situation? Please help! Looking at Toyota Fina

Welcome to the board.  You will likely be able to get a car but it is going to be very expensive based on your credit profile.  Can you get a cheaper car for now, improve your credit file and then go for the Lexus?  Is that something you will be willing to consider?

Message 3 of 13
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Re: NEED Guidance on Auto Purchase - Based on Current Situation? Please help! Looking at Toyota Fina

Wow. Yes...thank you so much for the great advice. 

 

I will immediately start working on your recommendations. Ya, I know BK at 22, how awful. I was married and believe it or not, I had bought our first house, and while separated we listed it for sale. Finally had a buyer, but to close we would both need to bring $1500 to the table to get out without any issues. So her lawyer advised her to file bk 2 hours before closing, AWFUL! and I was left with no choice but to file also, bc I couldn't legally sell the house without her signature. Poor buyers...they had money in escrow. 

 

Anyways, so question the Secured Cap1 MC, what is the value of asking them to convert it to an unsecured? It doesn't report on my 3 bureaus as unsecured? 

 

My debt to in come ratio should be pretty low. I have a balance of $164 on my Cap1 MC ($350) limit, and now only $70 on my ($500) Quicksilver One. 

My rent is $550. 

 

MY salary is $55,000 plus a $500 car allowance a month. Other then that I have no other debt. 

 

I will pay off the high interest Cap1 master card, and use the Quicksilver 1, for all purchases as it's a 0% APR till NOV. 16. What should my next steps be, I am with Wells Fargo as far as banking, so I guess I can switch to a CU asap. Like you mentioned. 

 

But as far as the car goes, A good friend of mine said that he thinks the Subprime Auto Lending bubble is gonna burst here soon, and thinks that I should try to get any subprime loan I can asap, for like a $25k loan, bc he thinks it'll be harder to get approved for a loan soon?

 

And the only other advice I would like, is how I can get a better credit card portfolio, with better limits, and how to get higher limits, and what cards should I get in my wallet and what steps would you take to get to have a portfolio like yours? Smiley Happy 

 

Thanks, 

AT 

Message 4 of 13
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Re: NEED Guidance on Auto Purchase - Based on Current Situation? Please help! Looking at Toyota Fina

Yes..absolutely! I actually wouldn't mind buying a good cheap used car for now. Do you think that would be better? Or do you think that I should finance to help my credit? 

Thanks for the advice...yes I am totally fine with a used cheap car! 

 

Message 5 of 13
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Established Contributor

Re: NEED Guidance on Auto Purchase - Based on Current Situation? Please help! Looking at Toyota Fina


@althompson707 wrote:

Wow. Yes...thank you so much for the great advice. 

 

I will immediately start working on your recommendations. Ya, I know BK at 22, how awful. I was married and believe it or not, I had bought our first house, and while separated we listed it for sale. Finally had a buyer, but to close we would both need to bring $1500 to the table to get out without any issues. So her lawyer advised her to file bk 2 hours before closing, AWFUL! and I was left with no choice but to file also, bc I couldn't legally sell the house without her signature. Poor buyers...they had money in escrow. 

 

Anyways, so question the Secured Cap1 MC, what is the value of asking them to convert it to an unsecured? It doesn't report on my 3 bureaus as unsecured? 

 

My debt to in come ratio should be pretty low. I have a balance of $164 on my Cap1 MC ($350) limit, and now only $70 on my ($500) Quicksilver One. 

My rent is $550. 

 

MY salary is $55,000 plus a $500 car allowance a month. Other then that I have no other debt. 

 

I will pay off the high interest Cap1 master card, and use the Quicksilver 1, for all purchases as it's a 0% APR till NOV. 16. What should my next steps be, I am with Wells Fargo as far as banking, so I guess I can switch to a CU asap. Like you mentioned. 

 

But as far as the car goes, A good friend of mine said that he thinks the Subprime Auto Lending bubble is gonna burst here soon, and thinks that I should try to get any subprime loan I can asap, for like a $25k loan, bc he thinks it'll be harder to get approved for a loan soon?

 

And the only other advice I would like, is how I can get a better credit card portfolio, with better limits, and how to get higher limits, and what cards should I get in my wallet and what steps would you take to get to have a portfolio like yours? Smiley Happy 

 

Thanks, 

AT 


Your BK should be falling off your reports soon correct?  I would get something cheap for now and once the BK falls off you will be in a better position to get a nice ride at a low interest rate. 

Message 6 of 13
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New Contributor

Re: NEED Guidance on Auto Purchase - Based on Current Situation? Please help! Looking at Toyota Fina

Buy used for now and be good with your Cap 1 accounts. If you can make it a year with no 30 day lates or any other negs on your account Cap 1 may pre-qualify you. I am on a fixed income (disability) and my Fico (EX) was 605 but I was able to get a 1.99% with Cap 1. I have been a long time Cap 1 customer so I think that played in my favor.

Message 7 of 13
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Re: NEED Guidance on Auto Purchase - Based on Current Situation? Please help! Looking at Toyota Fina

Thx so much for the great advice. I have decided to take everyone's advice. Yes my bk is gone and bit showing at all. I will do as the posters above said. I am gonna do good with my cap1 accounts for at least
1 year and see how my scores develop. Also will wait and see what cap1 can do for any pre-approvals in the future.

The only thing I have left to ask is there a,good,strategy for asking for increases on my CC limits. I have been making 150 to 250 a WEEK payments on my platinum card and I'm sure soon in the QS one. The 500 limit and the 350 limit seem a lil inadequate and I'm always maxing and then making weekly payments to free up credit, and making sure I have a 30% util. Statement balance for credit score purposes.
Message 8 of 13
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Re: NEED Guidance on Auto Purchase - Based on Current Situation? Please help! Looking at Toyota Fina

Bk is NOT showing any longer.
Message 9 of 13
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Established Contributor

Re: NEED Guidance on Auto Purchase - Based on Current Situation? Please help! Looking at Toyota Fina

To maximize scoring keep utilization under 10%
Message 10 of 13
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