No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
Edit: Updates in red.
Hi all!
My first time posting but long time reader. I'm a recent college grad and I'm in need of a new car. I want to purchase a $19,000 Nissan Altima with NMAC through the college grad program 12/2018. I went through a rough (as most do) time financially during college. I was late a lot on CCs and previous auto $14k loan through Santander (see below) because I only worked part time and only made about $6k a year. I have now started a new job that makes $50k and I will get a raise to $55k in December. Obvisiouly, I would like to purchase the car after my promotion and raise. My local dealer finance manager said NMAC pulls FICO auto scores EX but can pull TU if needed. I need advise on what to do to quickly raise my scores and my chances of getting approved for an auto loan 12/2018 through NMAC. I listed my credit profile below.
Creditor-Loan Type-CL-Balance-Status
Capital One Platinum-CC-600-776.23-making 190 payment 7/2018
New Balance $622 103% UTL
Capital One Quicksilver One-CC-500-635 making 124 payment 7/2018
New Balance $551 1110% UTL(I made a payment to bring under CL but made a charge right at the end of billing statement. I will use this card daily for cash back but will make payments daily.)
Capital One Maurices-CC-300-173-will be making monthly payments starting 50 137 40 40
New Balance $38 12%UTL
Centerpoint Energy-Utility--303-Charged Off but closed 8/1/16
Comenity Bank Express-CC-657-250-Charged Off but Closed on 5/1/18
Express now at Portfolio----hasn't started reporting but I saw soft pulls
Comenity Bank Jcrew-CC-500 to 110-170-
New Balance $162 147%UTL
Comenity Bank VS-CC-830-1080-Charged Off 8/2016 will be making these monthly payments starting 6/2018 100 300 200 225
New Balance $430 waiting for reporting (2 payments left and will PIF)
Direct Loan SVC-Student Loan--2045 to 0-closed but 7 90/120 day lates in 2012 consolidated in 2013
Direct Loan SVC-Student Loan--3920 to 0-closed but 7 90/120 day lates in 2012 consolidated in 2013
Entergy-Utilty--53-Charged off and PIF 2/3/15
First Premier Bank-CC-300-439-Charged Off 8/2013 last reported 5/2015
NFCU-CC-4000-4288-Charged Off 11/2016 and still reporting monthly…want to PIF to keep relationship
Under payment plan starts 8/2018
Santander Consumer-Auto Loan--4031-Charged off (not repo) 7/2016 and still reporting monthly is 349. Should I PIF?
USAA Savings Bank-Secured CC-250-0-Charged off 10/2013 but still reporting monthly. Paid in Full 2/10/15
USAA Savings Bank-Secured CC-550-0-Closed by creditor on 2/2017 but still reporting positive monthly. PIF
CMI Collection-Utility--995 to 333-
Enhanced Recovery Collection-Utility--98-Started reporting 5/2018 will PIF on 6/29/18
PIF on 7/28/18...removed from TU but now on EX working on dispute
National Credit Systems Collection-Rental--2142 to 0-Settled and paid 2/3/16
Pioneer Capital Collection-Credit Repair--770-Placed for collection 11/2018 but still updates monthly
FINALLY removed!
Comenity Bank Brylane Home-CC-550-0-Closed never used
Comenity Bank Full Beauty--250-0-Closed 4/2018 stopped using
Comenity Bank Romans--250-0-Closed 4/2018 stopped using
Comenity Bank WomanWithin--250-0-Closed 4/2018 stopped using
Student Loan---1633 to 0 -Transferred on 4/2015
Student Loan---3750 to 0-Consolidated 12/2011
Student Loan---39510-deferred
Credit Union-Loan--0-closed 6/2015
Credit Union-Loan--0-closed 1/2015
FingerHut-CC-300-0-Opened 5/2018
FingerHut-CC-1000-0-Closed 12/2017 stopped using
Current Apt-Rental---reports monthly rent amount positive and started 8/2017…I didn't know that happened
No longer reporting
-
1 Hard Inquiry
@Harmony12 wrote:Hi all!
My first time posting but long time reader. I'm a recent college grad and I'm in need of a new car. I want to purchase a $19,000 Nissan Altima with NMAC through the college grad program 12/2018. I went through a rough (as most do) time financially during college. I was late a lot CCs and previous auto $14k through Santander (see below) because I only worked part time and only made about $6k a year. I have now started a new job that makes $50k and I will get a raise to $55k in December. Obvisiouly, I would like to purchase the car after my promotion and raise. My local dealer finance manger said NMAC pulls FICO auto scores EX but can pull TU if needed. I need advise on what to do to quickly raise my score and my chances of getting approved for an auto loan 12/2018 through NMAC. I listed my credit profile below.
Creditor-Loan Type-CL-Balance-Status
Capital One Platinum-CC-600-776.23-making 190 payment 7/2018
Capital One Quicksilver One-CC-500-623.3-making 124 payment 7/2018
Capital One Maurices-CC-100-300-will be making monthly payments starting 50 137 40 40
Centerpoint Energy-Utility--303-Charged Off but closed 8/1/16
Comenity Bank Express-CC-657-250-Charged Off but Closed on 5/1/18
Express now at Portfolio----hasn't started reporting but I saw soft pulls
Comenity Bank Jcrew-CC-500 to 110-170-
Comenity Bank VS-CC-830-1080-Charged Off 8/2016 will be making these monthly payments starting 6/2018 100 300 200 225
Direct Loan SVC-Student Loan--2045 to 0-closed but 7 90/120 day lates in 2012 consolidated in 2013
Direct Loan SVC-Student Loan--3920 to 0-closed but 7 90/120 day lates in 2012 consolidated in 2013
Entergy-Utilty--53-Charged off and PIF 2/3/15
First Premier Bank-CC-300-439-Charged Off 8/2013 last reported 5/2015
NFCU-CC-4000-4288-Charged Off 11/2016 and still reporting monthly…want to PIF to keep relationship
Santander Consumer-Auto Loan--4031-Charged off (not repo) 7/2016 and still reporting monthly is 349. Should I PIF?
USAA Savings Bank-Secured CC-250-0-Charged off 10/2013 but still reporting monthly. Paid in Full 2/10/15
USAA Savings Bank-Secured CC-550-0-Closed by creditor on 2/2017 but still reporting positive monthly. PIF
CMI Collection-Utility--995 to 333-
Enhanced Recovery Collection-Utility--98-Started reporting 5/2018 will PIF on 6/29/18
National Credit Systems Collection-Rental--2142 to 0-Settled and paid 2/3/16
Pioneer Capital Collection-Credit Repair--770-Placed for collection 11/2018 but still updates monthly
Comenity Bank Brylane Home-CC-550-0-Closed never used
Comenity Bank Full Beauty--250-0-Closed 4/2018 stopped using
Comenity Bank Romans--250-0-Closed 4/2018 stopped using
Comenity Bank WomanWithin--250-0-Closed 4/2018 stopped using
Student Loan---1633 to 0 -Transferred on 4/2015
Student Loan---3750 to 0-Consolidated 12/2011
Student Loan---39510-deferred
Credit Union-Loan--0-closed 6/2015
Credit Union-Loan--0-closed 1/2015
FingerHut-CC-300-0-Opened 5/2018
FingerHut-CC-1000-0-Closed 12/2017 stopped using
Current Apt-Rental---reports monthly rent amount positive and started 8/2017…I didn't know that happened
-
3 Hard Inquires on EX which are 2 for apartment and 1 for Fingerhut.-
0 Inquiries on TU and EQ----
Whew! You said alot! Well let's see. I was just approved for NMAC for a 2018 370z, no money down, interest rate at 6.2%, 56% UTI on all my cards and they pulled all 3 bureaus to get me the best deal. I litterally went to 4 dealers because the first 3 couldn't get the deal done, but the 4th did. Now you are talking to someone who had a repo myslef back in 2008 when we had that really bad recession. I lost my house, my job, my car, and I was pinching penny's, so repo's, whether charged off or voluntarily surrendered will kill you for 7 years. Also I had 12 CC's at the time, and the charge-offs took my scores to the 440's. And due to no one giving me an auto loan, I drove "several" beaters till I got my credit back in the credit gods good graces in order to rebuild my credit.
Now, to NMAC, they are sticklers on charge-offs. They are also sticklers on the amount of time you have been working for an employer. They are sticklers on repo's. Question, the other auto loan that you said was charged off, did they collect the car at all, or do you still have it? If you voluntarily handed it over, it is still a repo, and it will ding your auto score, and NMAC may well not give you a pass on that.
But first things first, For the Santander, even though it is reporting at $349 a month, are you paying them $349 a month? If it is reporting a default of $349 a month, because your not paying, I would contact them and see if they still own the account, or if they tossed it to a collection agency. If they still have it, you may be able to ask for a "pay for delete" on the loan, and ask them to update your account as "paid as agreed" and that may help you out there. Don't just agree to knock it out unless you get something in writing from them as compensation for being responsable and taking care of the default owed.
For the other charge-offs, those are going to keep your scores on lock down it looks like till 2023, when they start to fall off. It looks like 10 charged off accounts right?
The best values to be found are on 3-4 year old vehicles that have 30-40k miles. The reason is that many of them have just come off of 3 year leases, which likely means that they were treated well because the prior owner did not want to get penalized when the lease was up. Also, the prior owner has already paid for most of the depreciation, which occurs in the first few years, but at 30-40k miles, the vehicle should still have many trouble-free years ahead, and could even have the balance of the factory warranty. But also follow the 20/4/10 rule. Put at least 20% down, finance for at most for 4 years, and make sure payments + insurance + fuel are no more than 10% of your income. Find a used car that fits those parameters and you will be fine! The dealers have lots of great Altima's on their lots.
Alot of dealers have many other banks they work with, and with the student program, it looks like you get a lower APR of 1.2% if your credit file is clean and only $1,000 bucks incentive. If I was you, I would investigate the Capital One Auto navigator site first, linky below. This will help you gauge at what a bank may approve you for with the charge-offs and credit score that you currently have. Also, when I fell down the well, I disputed everything on my report. Some of the chargeoffs look like they are from 2013, it wouldn't hurt for you to contact the credit bureaus to see if those line items could be removed. There is alot of great information on these boards to point you in the right direction.
Good LUCK!
Hi Envisous,
Thanks for the information. I wanted to make sure I painted a clear picture of my situation. lol
Congrats, on your auto loan approval! What were your scores at the time of approval and denial? Your repo was 10 years ago so I'm assuming it didn't hurt you at the time of auto loan app.
Santander auto is a CO only and not a repo. I would like to make a $500 payment in July, a $2500 payment in August, and more $500 payments to get it paid by October/November. I have 8COs and 4CAs. As you noticed, some have been PIF. I also plan to PIF a few more over the next 4-5 months. That's almost $7k of my total debt. This should also help with my utilization. I disputed several items today that I noticed were old so I'm hoping they will get deleted and I'll see a jump in my score.
I'm really trying to stay away from 3-4 year old car because I would like to keep my next car for about 10 years. We have a lot Altima's in my family and they all last 10+ years when purchased new. I am also trying to stay around the 20/4/10 area for my payments. I got a pre-approval from Capital One for $35k a few months ago but I wasn't able to purchase at the time. Do you know of other prime lenders that will finance someone in my situation once I clean up a bit and get 650 score range?
@Harmony12 wrote:Hi Envisous,
Thanks for the information. I wanted to make sure I painted a clear picture of my situation. lol
Congrats, on your auto loan approval! What were your scores at the time of approval and denial? Your repo was 10 years ago so I'm assuming it didn't hurt you at the time of auto loan app.
Santander auto is a CO only and not a repo. I would like to make a $500 payment in July, a $2500 payment in August, and more $500 payments to get it paid by October/November. I have 8COs and 4CAs. As you noticed, some have been PIF. I also plan to PIF a few more over the next 4-5 months. That's almost $7k of my total debt. This should also help with my utilization. I disputed several items today that I noticed were old so I'm hoping they will get deleted and I'll see a jump in my score.
I'm really trying to stay away from 3-4 year old car because I would like to keep my next car for about 10 years. We have a lot Altima's in my family and they all last 10+ years when purchased new. I am also trying to stay around the 20/4/10 area for my payments. I got a pre-approval from Capital One for $35k a few months ago but I wasn't able to purchase at the time. Do you know of other prime lenders that will finance someone in my situation once I clean up a bit and get 650 score range?
Gotcha! Well my score was 643 experian, 665 equifax and 675 transunion. Why they are all over the place, no clue! It was my second loan through NMAC, the first running it's course for about 18 months, and I went from a 2013 Infiniti G37 to the newer Z (just needed to get the speed itch out), becuase NMAC has a program were if you make 12 months of consecitive payments, they will roll you up into a better car and approve you for more car and less Interest. The G37 was at I think 11.3%, and $23,000, then they rolled me down to the 6.2% in the 2018 at $37,000 after tax. I have had over 60 months of zero lates, and check systems has a very clean slate.
That's great you have a plan. Just do the pay for delete for all of your accounts before you drop all that money on them. I love snail mail, just because you get proof of everything, and all the CCRA get back to you within a 2 week window anyways. But even if you re-applied with CapOne, you would have something solid to negotiate with at the dealers. Just call CapOne after you submit your paperwork, and they can tell you over the phone what your APR would be. Then get the car now and then refinance with a credit union in like 5 months when your scores are better and your gravy!
Also don't get sucked into the Grad discount thing. I got like $6000 off my Z on the last day of the month, the only one they had on the lot, and it was the sport version! :0) You can hustle like $4000 off if you wanted to. The competition is fierce between the dealers on those Altimas. Don't let them make you pay for that stupid body protection add ons, and alarm system, every dealership had that on the Z's, and I hated it. Just a scam. Also don't let them rush you through F&I, the delaership I went to did everything by a big digital writing pad that took up his entire desk, and he put everything on a harddrive for me. I was trying to read everything, and they slipped in a $1000 warranty in there, and I had to fight them for me to re-go over everything on that giant TV, so he got a little agitated and removed it.
I live in SoCal, so the delaerships are plentiful here, one every 4 miles, so like I said before, if the first, second or third one can figure out your situation to get you finances, the forth always will get their hustle on to make that deal happen.
I have recently been approved for COAF through Auto Navigator at 12.02% for $32k. I have brought my utilization down a lot and I have gotten caught up on all but 2 cards. One of those cards is with NFCU and I'm hoping to have at least half of it paid by September. With a rate of 12.02% its still a little higher than I want but a lot lower than my previous loan. My loan with Santander was almost 22% WOW!
My timeline to purchase is end of Novemeber/first of December. I'm hoping I can get under 10% with COAF by then. Also, I still plan to get a settle with Santander in the next few months.
Update I did Capital One Auto Navigator again and got 9.31% for 48-72 months and 7.45% for 36 months or less. I was going to wait another month to get my score up more but I didn't want to pass up on the current deal. I took the 9.31% for 0 down for a Buick Encore.