Should I try getting approved?

[I-Eat-Cookies]

So I have a vehicle that is schedule to come in next week.  I got pre-approved through Capital One for $60k @ 6.6%.  But that pre-approval expired, so I have to do it again. 

Currently my FICO scores are at (only listing TU since the captive lender (Chase) pulls TU per the dealer):

• FICO 8: 633
• FICO 8 Auto: 646
• FICO 9 Auto: 621
• FICO 5,4,2: 689

At the time of checking (last week), I pretty much had CC utilization near 100% ($7.5k).  Being dumb, I saved money, but ended up just paying minimum payments every month.  Since then my total CC debt is now at $2,700 which im waiting to pay more of before the statement closes, which should get me to around $600-700.

Couple notes that will be helpful:

• I had two collections on my report, which I paid recently and are going to be deleted from my report in the beginning of October (have two letters verifying this).  Another baddie is 2 30-day late CC payments from last year;
• I took out a car loan before back in 2013.  I had one 30 day late payment in the beginning, but on time ever since.  I fully paid the car off a year before it was supposed to end.  For some reason though, I don't see this loan on my credit report.
• Car is around $40k total including all taxes + fees, I'm putting $5k down and paying the tax and all that nonsense up front.  I guess you can say I'm putting $7k down.
• I make $80k a year.

What are my chances of getting approved now?  Should I just wait for the next CR update to apply?

If all else fails, my dad is willing to co-sign for me.  But I really don't want to have him involved in this.

Thanks!

[Chazzay12]

I'm sure some other more informed members will chime in but I'd definitely wait for the next CR report to update the changes in utilization and reflect the collections being paid. Try and maximize scores being going for the loan. I think either way you'll be approved but you want the best interest rate possible. 

Even so, with your scores 6.6% is a really solid interest rate though; all imo

[RobynJ]

As a ex F and I manager for a dealership I would say yes 100% wait. Not only will your chances be better but also your rate will. Your rate is determined primarly off of your Score and then term and then LTV (loan to value). No sense paying more for your loan when if you just wait 30 days or so your terms will be much better. This is of course if everything updates like you said. Try to get your utilization below 9% and watch those score jump! Good luck

[Traveler101]

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@I-Eat-Cookies wrote:

So I have a vehicle that is schedule to come in next week.  I got pre-approved through Capital One for $60k @ 6.6%.  But that pre-approval expired, so I have to do it again. 

Currently my FICO scores are at (only listing TU since the captive lender (Chase) pulls TU per the dealer):

• FICO 8: 633
• FICO 8 Auto: 646
• FICO 9 Auto: 621
• FICO 5,4,2: 689

At the time of checking (last week), I pretty much had CC utilization near 100% ($7.5k).  Being dumb, I saved money, but ended up just paying minimum payments every month.  Since then my total CC debt is now at $2,700 which im waiting to pay more of before the statement closes, which should get me to around $600-700.

Couple notes that will be helpful:

• I had two collections on my report, which I paid recently and are going to be deleted from my report in the beginning of October (have two letters verifying this).  Another baddie is 2 30-day late CC payments from last year;
• I took out a car loan before back in 2013.  I had one 30 day late payment in the beginning, but on time ever since.  I fully paid the car off a year before it was supposed to end.  For some reason though, I don't see this loan on my credit report.
• Car is around $40k total including all taxes + fees, I'm putting $5k down and paying the tax and all that nonsense up front.  I guess you can say I'm putting $7k down.
• I make $80k a year.

What are my chances of getting approved now?  Should I just wait for the next CR update to apply?

If all else fails, my dad is willing to co-sign for me.  But I really don't want to have him involved in this.

Thanks!

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Here is a suggestion. Interior  fcu is publishing rates as low as 3.25 for up to 66 months I believe. That rate vs cap1 is a big savings in your pocket. It might be in your best interest to pick up the phone and talk over finances with them and see if possible sp you and get an idea of rate? It never hurts to ask. And that could mean a huge savings to you.

[Mdowning30]

I would jump on a Cap1 loan on those terms with your scores. That is a good APR rate right now, most are 9-12%. I got in with a CU with similar auto scores and secured a 5-6% rate. I re financed from Capital One but i would go back in a heart beat because they are flexible on payment schedule and i love their app.