So happy!

[2GreenThumbs]

I am 6 days out from Ch. 13 DC and I just got pre-approved for 2 auto loans!  I tried Cap1 prequalifier and got pre-qualed for $40,000 at rates between 2.49% to 5.39%.  My credit union also preapproved me for $32,000 at 5.49% for a longer term and with 3 months deferred payments!  My CU said my EQ Auto 8 score was 668.  Yay!

[2GreenThumbs]

Sorry...my message posted twice and I don't know how to delete it!

[Anonymous]

A mod might be able to do it for you. And congrats!

[jarmll]

Congrats, but how does this happen? What exactly is a FICO Auto 8?

[Anonymous]

What is your income like?

[Anonymous]

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@jarmll wrote:

Congrats, but how does this happen? What exactly is a FICO Auto 8?

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It's what auto dealerships run to see if you qualify for an auto loan. Credit cards use Fico 8 scores while banks use Fico 8 Auto Scores.

[Anonymous]

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@Anonymous wrote:

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@jarmll wrote:

Congrats, but how does this happen? What exactly is a FICO Auto 8?

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It's what auto dealerships run to see if you qualify for an auto loan. Credit cards use Fico 8 scores while banks use Fico 8 Auto Scores.

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Well not exactly correct.  Most auto dealerships/auto loan companies do use the Auto enhanced version of the Fico model, but a lot use an older version like FICO 04 instead of FICO 08.

[2GreenThumbs]

In the end, the dealership offered me an even lower interest rate at 2.99%!  Needless to say, I'm ecstatic.  I bought my car last night, exactly a week from my discharge.  

[2GreenThumbs]

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@Anonymous wrote:

What is your income like?

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My Fico was 669 and my income is about $90,000.

[surferchris]

Congrats !