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Question about manual review and fico score?

AerosmithCat
Established Member

Question about manual review and fico score?

Hey everyone! Like many here, i'm in the process of repairing my credit. My scores starting out were high 400's and in the past few weeks with disputes, I'm in the high 500's with a good chance of being in the low to mid 600's when all the disputes are done. (My old auto account is reporting every month as 30 days late...ugh... so that will be changed to about 10 lates over a 60 month period and i'll have my revolving debt down from 50% to 1-5%) Here's my concern... i know a score in the 600's should qualify for financing and i plan on putting about $3000 down on a $10,000 vehicle. I do still have a few collections on my report that are accurate and i'm concerned those paid collections will look bad in a manual review. Do i stand a chance at financing or should i wait and try to come up with 50% or more down on a vehicle? The car i have now can be used as part of the $3000 as a trade in but i don't want to lose the car as equity if i have to wait awhile til i apply for a newer car. It's starting to have some mechanical issues and I've already dumped $1500 in it in the past 6 months.
4/24/08 - EQ. 480 TU. 516 EX. 523
5/13/08 - EQ. 511 TU. 592 EX. 597
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