approval?

[nes]

ok guys i have a couple questions and would like to ask the opinions of you all as im looking to make a move end of march. i currently have 4 trade lines (one auto, three credit cards) which at the end of this month the credit cards will all report zero, im interested in purchasing a new ram 1500 crew cab for my everyday use (i work for the dealership so i have some "hook up" on the price you could say). the trucks msrp is around 45k, figure i get it at invoice(right around 40) minus the rebates in march(its hard to tell how much, but id imagine at a minimum 3k). i currently have no other bills other then my current car payment(407) which will be traded in, and should be a wash. my current TU is 618, with EQ being about the same, according to the simulator with my cards reporting zero i should be in the 680 range, and if i wait til june should just exceed 700. what are my chances of approval with all accounts reporting zero with the exception of my car?

credit card 1- limit 1100 balance 800(20 months old)

credit card 2- limit 1000 balance 800(20 months old)

credit card 3- limit 600  balance 500(1 year old)

auto loan- original 18100 balance 13500(16 months old)

current income is just shy of 50,000 a year

[Creditaddict]

if you could get into the 680 score than you would hold a much better chance. my only concern would be the payment you will be taking on compared to your other lower limit credit cards you have been paying so far and your current car loan.  This will be a stretch far beyond what you have shown you can handle in the past

[nes]

ive actually just been paying the minimums on the card to establish some history(making the payments have not been the problem, as 2 of them are military and have 9.99% rates and the other one was 0% for the first year.) but since the best buy one has officially aged one year, im definately interested in paying them all off as i do not wish to throw the excess money away anymore. anyone else? 160+ views and one response

oh and the dealership i work for also contribute to the payment as a demo allowance monthly, it helps offset the difference slightly...

Message Edited by nes on 01-21-2010 09:18 AM

[llecs]

Do you have any baddies reporting and if so, how old? How much is your housing payment? I bet you could find a lender now but the interest rate wouldn't be low and you'd have to put quite a bit down. Your FICO scores probably won't hit 700 if you pay everything down, but you'll be very close.

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nes wrote:

160+ views and one response

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Not everyone who reads has an answer. Some, myself included, know very little about auto financing and tend to shy away from advice. Some are wanting to learn and look to see what others have to say. Yet others see the prev. poster's post and figure that's spot-on. I bet you will hit 680, though. No doubt.