What do lenders consider a Subprime score?

[Anonymous]

Quick question for the Forum: I'm looking to trade-up from my 2012 acura to a used audi s6. I have at minimum 20% as downpayment but I think my auto scores maybe considered subprime. Here goes: FICO AUTO by EXPERIAN >> 656 V.2/ 609 V.8
EQ.645 V.5
EQ. 656 V.8
TU.670 and TU.682.V.4 /V.8.
I'm looking to trade up in April, so that's 4 months to keep my credit utilization low and pay all bills on time. I'm looking for some constructive responses. Thanks.

[Pikaboo-icu]

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@Anonymous wrote:
Quick question for the Forum: I'm looking to trade-up from my 2012 acura to a used audi s6. I have at minimum 20% as downpayment but I think my auto scores maybe considered subprime. Here goes: FICO AUTO by EXPERIAN >> 656 V.2/ 609 V.8
EQ.645 V.5
EQ. 656 V.8
TU.670 and TU.682.V.4 /V.8.
I'm looking to trade up in April, so that's 4 months to keep my credit utilization low and pay all bills on time. I'm looking for some constructive responses. Thanks.

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Hello & Welcome to My Fico..

I'm going to notify a Mod and ask them to split your post into it's own thread.

It wont get much visibility here in this old one and you'll get more advice with better visibility.

Perhaps to start could you list your current accounts, credit limits & current balances, any derogs & such.

CHEERS  

[Anonymous]

Thanks pikaboo.

[marty56]

I would take a copy of your CR and go to a local CU and see what they could do for you.  You could always refi down the road as scores go up.  Enjoy the S6 if you decide to buy it.

[Anonymous]

Thanks, Marty. I hope they don't ask for my 3rd grade report card.

[Anonymous]

I would have to know a little bit more about your actual history, ie: installment loan history, credit card, mortgage etc.

However, I don't think your scores are "sub-prime" by any means, I would consider scores in the mid-600's "near-prime".

Score's in that range, with my CU would net a rate between 5.73%-6.83% depending on vehicle age/term, which I would consider far from sub-prime rates.

It really comes down to your actual history, if scores are being held down by high utilization or a few late payments in year's past, you could still qualify for decent rates with captive lender's who use scorecards (complex algorithm which bases rates off of score/term/LTV/PTI/DTI/etc).

[Anonymous]

Thanks for your response. So here we go:
Synchrony CO in 2014. This debt was sold to a debt collector who continued reporting it up to December 2018. I just paid it and it was deleted from only two bureaus. I'm waiting on EXPERIAN.
Last mortgage late was Aug. 2017. Clean since.
**Student Loan latest in 2016--120 days**
**Cosigner on car loan with my wife that ended up in repo then charged off--but reporting now as paid in full.
**NO more collections on my credit report EXCEPT for me now waiting for EXPERIAN. to delete the paid tradeline.
**Current on my car loan since Aug. 2015--NEVER LATE**
**HOMEDEPOT CARD -- $2500 LIMIT-- $2.00 BALANCE
CREDIT ONE BANK -- $700 CL-- $0 Balance
CAPITAL ONE CC-- $3500 CL-- $5.00 Balance.
I think I'm on the right track. I will not make any new purchase until trading in my car in May 2019.
Hopefully I'm lucky enough. Thanks for your insight on credit matters. Thanks.