Should I try?

[allstep]

Can anyone give me any input concerning my auto loan chances with an Equifax score of 651 and transunion of 679.  Paid off 30,000 car loan to Chysler financial three years ago with a five year term and never late.  I also have a mortgage with a balance of 210,000.00 started out at 246,000.00, this is eight years old and never late.  I do show multiple credit card lates put they are all paid off and closed.  Currently have two small cards one with a 300.00 limit, the other with a 500.00...these show never late.  I do have a 50.00 collection outstanding but have been afraid to touch it...just thought I'd let it fall off...it dates to 2003.   One other variable to be considered, I just took a 19 point hit to my equifax score and a five point hit to transunion due to settling an account that I was an authorized signer on (the business went out of business leaving me with the debt, so I eventually settled and got whacked), I paid approximately 6000.00 to settle the account.  I have been with my primary employer almost 30 years.  I am trying to reestablish great credit and its time to buy a car with all of this should I try?  I can put 6000-7000 down and was looking at something used in the low to mid 20's?  What do you think?

[Anonymous]

I don't see how a dealer would not let u drive off with a car.. may not be at the rate u want but for sure you'll get the car.

[allstep]

possible guess on what rate to expect?

[mross1080]

I just bought a chevy for 25k and my oldest account is 6 months old and my score was a 671 when I applied and was approved in 10 mins with 0 down at 6 percent so I think your good.

[Jazzzy]

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@allstep wrote:

Can anyone give me any input concerning my auto loan chances with an Equifax score of 651 and transunion of 679.  Paid off 30,000 car loan to Chysler financial three years ago with a five year term and never late.  I also have a mortgage with a balance of 210,000.00 started out at 246,000.00, this is eight years old and never late.  I do show multiple credit card lates put they are all paid off and closed.  Currently have two small cards one with a 300.00 limit, the other with a 500.00...these show never late.  I do have a 50.00 collection outstanding but have been afraid to touch it...just thought I'd let it fall off...it dates to 2003.   One other variable to be considered, I just took a 19 point hit to my equifax score and a five point hit to transunion due to settling an account that I was an authorized signer on (the business went out of business leaving me with the debt, so I eventually settled and got whacked), I paid approximately 6000.00 to settle the account.  I have been with my primary employer almost 30 years.  I am trying to reestablish great credit and its time to buy a car with all of this should I try?  I can put 6000-7000 down and was looking at something used in the low to mid 20's?  What do you think?

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Is this on your personal reports? If so, are you "joint" on the card, or are you an "authorized user"?

I know this is settled now, but normally you are able to get authorized user accounts off of your credit reports. I would check into getting it off your reports.

It looks to me as if you should be able to get a car loan. As much as you can put down helps...but be sure to keep some emergency cash so that you don't have to run the cards up again. Don't repeat history.

[marty56]

You might want to print off a copy of your CRs and take them to a local CU and see what they say.  They may not give you any info unless you apply but it might be worth a drive and it won't cost you an INQ.  It will also help you to shop around for the best rate if you have your CRs with you.