@AKO17 wrote:
Looking to see what you all think. I'll be paying off my 2008 Lexus in August 2016. Paying off this loan leaves me with only 3 credit cards and I'd like to keep a good credit mix as I continue to rebuild. Would like to sell my car or trade in as the car still has less than 90k miles, is in excellent condition and still has some value left (about $12-15k):
Credit Score: EQ: 666, TU: 652, EX: 642 (all scores should update soon as I've lowered my util to under 4% and EE'd all remaining baddies). Hoping to get above 650-660 across the board.
AAoA: 3.25 yrs months, oldest tradeline is 20 years
# of positive trade lines: 6 (3 open, 1 open but inactive, 2 closed for inactivity, all in good standing)
# of negative trade lines: 2 (1 card closed by grantor for 60 day late, 1 open card in good standing with 60 day late - It has been 1 year since most recent late pmt) Edited to add that both of these tradelines are up to date and paid.
Income: $116,000/yr + bonus (bumps income to approx 128,000/yr)
Length of Employment: 7 months
Previous Loan Experience: 1 co-signed bank loan for my current car (30k, never late, will be paid off Aug 2016)
Debt-to-Income (DTI): 6%
Year of Car: 2015 (ideally)
Miles: Under 5k
Purchase/Refinance: Purchase
Requested loan term (XX Months): 60
Down payment amount: $5-10k (depending on vehicle)
Co-borrower/Co-Signer: No
Purchase price of desired car: $35-55k, looking at another Lexus IS 350 or a BMW 435i
Income is ecellent.
High Instalment credit is excellent
Auto History appears excellent
Trade equity "should" be there
Down payment is excellent
Collateral appears to be very good
Scores are lower but still prime
Revolving credit is fair (at the moment from utility and history)
Job is 7 months.. was the previous job in the same field?
How long between your current job and last job?
How long at your residence?
Were the two 60 day lates related to job loss?
Wait until your utility reports below 4%. Get you Auto Enhanced Fico 08's. Those scores should be different from your regular scores as they weigh other aspects more heavily.
@AKO17 wrote:Thank you for your input!
Job is 7 months.. was the previous job in the same field? Previous job was within the same field. I have a 15 year history in my field.
How long between your current job and last job? 1 month
How long at your residence? 2 years
Were the two 60 day lates related to job loss? Yes. Lay off and death of my significant other. Very bad times (but much better now). Could 60 day lates keep me from being approved on their own? Thank you again.
Job is excellent then
The 60 day lates are forgivable under the circumstances
They impact your score more than your chances of approval.
You should be in pretty decent shape to app when your scores update with the lower utility.
Are you a member of any local Credit Unions or possibly one with a relationship to your employer?
@AKO17 wrote:Update: Well, I was approved at BMW for a 5.25% APR on a 2016 435i M sport package with only $2k down. This is better than I expected but still too high of an APR for me to justify at this time (my current co-signed loan is at 1.5%-I know I have it good). I think I'm going to wait for my scores to climb and revisit this early next year. Luckily, they only pulled EX and the HP cost me zero points. So, I'm totally okay with it. No real need for a new car or new credit at this time, but happy to know I can drive away in a new BMW if I really wanted to.
That's good to hear. I think you are making an informed decision which is always a good decision..
For the record, what lender is your source for your current 1.5% APR? Is that lender still available for your new loan? Just a thought.
