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Trying to get my 6th auto loan in about 3 years and still having trouble getting approved

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Regular Contributor

Trying to get my 6th auto loan in about 3 years and still having trouble getting approved

To make a long story short as possible I have paid off 3 auto loans in the last 2 years. I currently have 2 open ones as well when i was discussing with a dealership a possible new deal. agian my credit came up as a issue although i would be trading one in with postive equity.

 

I have had a clean track record with payments to cc for 3 years 15 total cards  

I owe nothing on my house 

im using about 12-15 % avail credit

I have 8 degor. from about 5 years ago. They total 4,700 they are so old at this point i dont paying them would do much good am i wrong?

and 2 paid of personal loans.

 

I also have been able to save 209K just in cash not counting investment.

 

They are still saying my credit is 606ish area How in the world can that be possible?

Message 1 of 10
9 REPLIES 9
Frequent Contributor

Re: Tryiung to get my 6th auto loan in about 3 years and still having trouble getting approved

1) who is they?  A dealer, a bank, a credit union?  

2) What score did they use?  Was it FICO Auto 542, Auto 8, Auto 9, FICO Mortgage 542?  The differnence between my highest and lowest score is 93 points.  That's TU Mortgage 4 vs Experian Auto 2.

 

Know before you go. 

Get a new full report from MyFICO that lists all of your scores.

See if one of them is 606?


See which scores are stronger and use that knowledge to your benefit.  For example if your Equifax Mortgage 5 score is higher maybe apply at DCU they use that score and only that score.  Some googling will help you learn which score different banks and car financing (Ford, Toyota...) think about applying where your score is strongest.

 

How are the negatives reporting?  Are they showing as negative each month or last delinquent 5 years ago.  If they are reporting negative every month that's pretty bad.

 

Message 2 of 10
Regular Contributor

Re: Tryiung to get my 6th auto loan in about 3 years and still having trouble getting approved

1. They is the dealer 

2. Unsure I wll check 

3. How are the negatives reporting?  Are they showing as negative each month or last delinquent 5 years ago.  If they are reporting negative every month that's pretty bad.  - They are reporting monthly i agree that is pretty bad. but is there not a ability to put enough good in front of it to out run it?  i have tried everthing but paying which i might just break down and do at this point. 

Message 3 of 10
Frequent Contributor

Re: Tryiung to get my 6th auto loan in about 3 years and still having trouble getting approved

Your time since negative is 0 given that even if it was just 1 or 2 accounts I'm not suprised your scores are low.

 

I don't know what state you are in and the statute of limitations on the debt, but I think I would try hard for pay for delete.  

 

If not pay for delete then I don't know because if you haven't paid in 5 years in 7 years it should drop off your report but if you pay doesn't that reset the clock?  I need someone else to chime in here on what's better to let it run out - does that mean it will be off his report in 2 more years (7 years since DOFD) ? If he pays what does it do to the reporting?  I don't think it will still age off in 2 years?

Message 4 of 10
Frequent Contributor

Re: Tryiung to get my 6th auto loan in about 3 years and still having trouble getting approved

You should never be surprised at your credit score.  Being an informed consumer is a really wise thing to do.  You say you have 15 credit cards.  Don't any of them offer a free credit score to you?  Even if you just joined Credit Karma it would be better than nothing and show negatives on your report. 

 

The best thing you can do for yourself right now is to get up to speed on your credit report and FICO scores.




Message 5 of 10
Frequent Contributor

Re: Tryiung to get my 6th auto loan in about 3 years and still having trouble getting approved

Discover will give a free FICO Experian score to anyone member or not.

Message 6 of 10
Regular Contributor

Re: Tryiung to get my 6th auto loan in about 3 years and still having trouble getting approved

Discover has me at 650 

Message 7 of 10
Regular Contributor

Re: Tryiung to get my 6th auto loan in about 3 years and still having trouble getting approved

They do but they are all over the place Wells fargo as me at 600. Discover has me at 650. Credit one has me at 581 CK has me at 616  my CU has 642 BOA 655

Message 8 of 10
Frequent Contributor

Re: Tryiung to get my 6th auto loan in about 3 years and still having trouble getting approved

Credit Karma is not a FICO score.

At times it's been 100 points higher or lower than my FICO 8.

Credit One is Provides Equifax Bankcard 8 FICO score.

Discover provides Experian Fico 8 for non members.

 

So they are providing different scoring models.  

 

Like i said even in the FICO world the difference between my highest and lowest FICO is almost 100 points.

Message 9 of 10
New Contributor

Re: Tryiung to get my 6th auto loan in about 3 years and still having trouble getting approved

I find Wells to always be the lowest, so I use it as a benchmark for worst case scenario

 

If you have that much saved, I would say pay-off the old debt that you incurred and be done with it.  

July 31/2019. EX-712. EQ-704. TU-726
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