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Odds of auto loan with 1.25 years credit history?

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Frequent Contributor

Re: Odds of auto loan with 1.25 years credit history?

I would steer clear of Auto Credit Express. It is a lead generating company for dealerships. They do not pre-approve you, they simply sell your credit information to a dealership and the dealership will then pull your credit and have authorization to submit your credit to any lender they have, often generating ton's of inquiries.

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Message 11 of 14
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Regular Contributor

Re: Odds of auto loan with 1.25 years credit history?

Thanks for the wonderful info guys.

Yes i pay the full 1400 rent.
I live comfortably as is. Are you saying its hard for them to approve me with 44% going to rent? I do have plans to switch careers or move to a cheaper area but my wife loves it here.
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Message 12 of 14
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Valued Contributor

Re: Odds of auto loan with 1.25 years credit history?


@NaaryalHead wrote:
Thanks for the wonderful info guys.

Yes i pay the full 1400 rent.
I live comfortably as is. Are you saying its hard for them to approve me with 44% going to rent? I do have plans to switch careers or move to a cheaper area but my wife loves it here.

My understanding is that yes, that could be one of the reasons you're being passed up. Ideally, lenders want to see a Debt to Income ratio of 36% or less. Your scores are pretty good, and you have several cards with a high CL. But the low income combined with your higher rent obligation is a negative in their eyes. My rent is $1600, but I split it with my fiance, so my obligation is $800. With my income, that means my DTI was only 15% when I applied, which I think helped greatly in my case because I only have EXP reporting and 2 credit cards with low limits (which I PIF every month) at the time I applied . I think you said you are a member of two credit unions? Maybe you can talk to them about your case to see what they say and if they'll work with you...especially since you're an existing customer.

 

*Edit - I'm assuming the income you posted is before taxes. DTI is calculated on your gross income.





Message 13 of 14
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Regular Contributor

Re: Odds of auto loan with 1.25 years credit history?

Thank you. Yes the income is before taxes.
BofA Cash Rew: 16k+
Citi Premier: 7k+
Citi DC: 7k+
Chase Amazon: 4k+
Cap1 QS1: 2k+
Barclays Uber: 8k+






Next App in: Late Oct 2019

Torch bearer of the Bucketeers' Society. Shamefully carrying a bucketed Cap One QS1 with AF & zero chance of a PC.

Message 14 of 14
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