@Anonymous wrote:
So back in August 2016 I tried to get an auto loan to get rid of my 2002 Ford Taurus that was rusting out.
At the time I was only 18 and had one credit card for 4 months didn't even generate a FICO score at that point. I had to go to a buy here pay here auto place to get approved for a car.
Fast forward to Janurary 2017 FINALLY generated a FICO score so I was looking to back my credit and make it deeper so I got 3 more credit cards
Cap1, Amazon, and Discover.
Now it's Almost May 2017 and i'm looking to get out of my bad loan so i heard good things about Cap1 auto credit so i went there to try and apply for just a New or used car loan and was instantly denied reasoning being "Limited Credit History."
What should i do to prepare for getting approved for a Auto loan looking at August 2017.
PS. I have no co-signer and down payment would be around 3k
If you want a good loan you should join and apply with one of the credit unions like DCU, Penfed, Alliant or NFCU. Capone has been good to folks in general but they almost always get beat fairly significantly. They gave me a loan at 8.5% and literally 4 days later I refinaced it with NFCU for 4.29% half the interest same number of payments with the exact same scores.
To prep resolve any outstanding collections, reduce your utlization on credit cards to 5% each or less and make all of your payments on time. I would not add any new accounts because it will impact your average age of accounts and give you recent inquiries. 3 positive credit cards and a postive installment loan should be plenty to get you in good shape.
