Question

[Melanie220]

I financed a 2013 Chevy Cruze in July of 2013. At the time it was the only thing I could be approved. Now I would really like to trade it in for a Chevy Impala (It would work much better for my family of 5) but am unsure if I would be qualified because of my credit profile.  Should I wait it out another year, or Do I have a chance????

Credit Profile

(26-inquires)- All but 6 will be off around the time that I want to apply ( I know 6 is still alot)

2-Sallie Mae Dept of Ed Student  Loan opened 10/2007- open/never late

2-Sallie Mae Dept of Ed Student Loan opened 02/2010- open/never late

2- Sallie Mae Student Loan 10/2007- closed/transferred- never late

2-Sallie Mae Student Loan 02/2010- closed/transferred-never late

2-Citibank Student Loan-10/2007-closed (1) 30 day late 1/2009

Fingerhut Revolving acct- Opened 04/2013-never late

CapOne auto Loan-07/13-Open never late

CapOne Credit card- Opened 07/13- never late

5-Comentity Store Cards- opened (08/13) never late

Target CC open 08/13- never late

Kohls CC opened 08/13-never late

FPB-Opened 08/13-never late

Discover CC-opened 03/14-never late

Walmart CC-opened 03/14 never late

The only negative I have besides the one (30 day) late payment on each Citibank SL in 09' is a University of Phoenix Charge Off/Collection that was paid 1/2010 but doesnt fall off til 03/2015.

I understand that I have a TON of new accounts but I had to open accounts after repairing credit. I successfully removed close to 30 collection accounts- most of them medical from my report and had only my student loans and UofP charge off so I had to establish TL's.

I want to apply for the loan around August when most of my accounts will be a year old, and a lot of the inquiries will fall off, but am not sure if I need to wait longer?

My EX score is 680- my UTI is 18% and will be <9% this week.

[Remember0]

You'll be fine! Wait for the lower util to report, but no need to wait beyond August imo. Also in August you should be able to get a 2015 or a kick-ass deal on a 2014. I recommend applying somewhere like DCU. They pull EQ and if you have a 675+ EQ, you'd get 1.24% for 65 months with direct deposit.

Couple of quick questions:

1) Income PRE-tax?

2) Rent/mortgage?

3) Aggregate monthly minimum payments on all cards (look on their last statement for the amount)? Any other loans (excpet the cruze and mortgage, and cards previously included)?

4) Are you trading the cruze? If so what is NADA good trade-in and the current loan balance? if underwater can you bring a down payment or does it have to be rolled in?

[Creditaddict]

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@Remember0 wrote:

You'll be fine! Wait for the lower util to report, but no need to wait beyond August imo. Also in August you should be able to get a 2015 or a kick-ass deal on a 2014. I recommend applying somewhere like DCU. They pull EQ and if you have a 675+ EQ, you'd get 1.24% for 65 months with direct deposit.

Couple of quick questions:

1) Income PRE-tax?

2) Rent/mortgage?

3) Aggregate monthly minimum payments on all cards (look on their last statement for the amount)? Any other loans (excpet the cruze and mortgage, and cards previously included)?

4) Are you trading the cruze? If so what is NADA good trade-in and the current loan balance? if underwater can you bring a down payment or does it have to be rolled in?

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I agree... APPLY for them first and then go to dealership and if they can't get you 0% which I feel like Chevy has right now on some models use the DCU.

[Melanie220]

Yes, I would be trading in the Cruze. I would be underwater. Nada is 13.9K and I owe 17K. I want to pay down to at least 15k so I won't be totally under water. I only have a balance on 2 cards and they payments total $76 monthly. Ideally I'd like to have those paid off as well. Rent is $800 monthly and annual income is only 30k (student). My EQ score is my lowest score sitting at 638 as of today. I'm waiting on a SW Alert. I've had 6 negative payments removed on two of the closed Sallie Mae accounts as of Friday. EX score increased from 657 to 680 so I'm hoping for a similar boost with EQ. I've also paid cap one from 371/500 to 0/500 and Kohls from 135/300 to 0/300 but they haven't updated either.

[Remember0]

Wait for the updates before doing anything.

Any down payment available?

If you're a student, where's that income coming from?

[Melanie220]

I'm scheduled to have my at refund deposited on 4/1/14 which is close to 7k. So I would use about half of it for down payment.

I work full time at the local hospital as a Pharmacy Tech.

[Remember0]

Awesome. That covers your negative and a little more! So I'm not worried about the upside down. Income given the source is also fine.

August would be good like I said before, heck you could do as soon as everything updates and you get that refund. Make sure you get those baddies off of EQ that came off of EX as much as possible. Also to optimize FICO you want all your cards to report a 0 balance (so pay them off BEFORE the statement cuts), except for 1 card which should report <10% of it's limit. Either way you seem to have a good hang onto it.

Like suggested before, apply to DCU! Right now you maybe looking at 4-6%, but after the update, I'm hoping you'll pull above 675 and it'd be 1.24% for 65 months with direct deposit. Worst case, you'll be at 4-5% at DCU and you can negotiate well with the dealer after that for hopefully the 0% promo if offered, otherwise something <3%.

I'm assuming you'll be buying the new Impala (the old version sucks) but the new ones look awesome! I'm sure you'll like it.

[Melanie220]

For DCU can you become a member online? I don't have any branches in my area. Or should I try a local CU?

[Remember0]

Wait for the baddies to come off before membership since you have time till August imo.

You can apply online for DCU.

What rates are your local CUs offering for cars? If it's less than 3-4%, it won't hurt to try DCU and one other local bank/cu. But, I do recommend that you do one after the other. So finish up either DCU or the local, THEN see what they give you. If not satisfactory THEN apply for membership and a loan at the other.