What can I expect?

[kcoett]

Looking to purchase a '04 - '07 Truck.  Price Range $16500 - $21000.  My scores are TU - 617 EQ - 621 EX - 625.  I will have approximately 5500 to 6000 to put down.  Do I have a chance to get approved, and if so what kind of rates?

Thanks

[kcoett]

Update - Roadloans approved me for $13000 @ 21% for 6 yrs.

OUCH!!!

I think I'll do some more shopping around.

[Anonymous]

Do you have high balances on your revolving accounts right now? If you can pay them down that can drive you into a better credit tier.

[Anonymous]

Yea, 21% for 6 years is nuts, your paying for it twice.

[kcoett]

My utilization is 52% right now.  But, I will be dropping that below 10% next week with part of my bonus!

How much will that help my score?

[marty56]

Could be 30 to 60 points or more.  Remember FICO rounds up so you need to be at 9%

Message Edited by marty56 on 07-03-2008 09:07 AM

[kcoett]

30 to 60 points!!! Are you serious?  That would be awesome.  All 3 of my scores are between 617 - 625 right now.  Plus, I'm only paying about $1300 to drop my util that low.  Does that make a difference?

Thanks

[Anonymous]

It isn't the amount that matters in the scoring it is the percentages. Thus, if 1300 will drop you to 9% utility or less you will likely gain between 30 to 50 points, especially if you have less than half your revolving accounts reporting balances.

That could drive you into a much better APR than your first offer.

[kcoett]

Paid up my credit card yesterday - total util should be about 7% now instead of over 50%.  This CC reports to the CRA's on the 13th of the month.  So, I should see a jump next week then?

[Anonymous]

If your overall utility for all the balances as of that day is 7% then yes you should see a 30+ point increase. If you can wait a few days just to be safe I think that is best.