@Anonymous wrote:
Well I took the advice that I found on these forums and joined a local credit union. While I was doing the application I inadvertantly tried to get a 40,000 car loan, a credit card with a 5000 limit, and a credit line of 5000. My scores are EQ: 605 TU: 600 EX: 618. My auto enhanced scores are higher, but this CU just goes by your Fico scores mainly EQ. After i realized that I had applied for the loans I was thinking that there was no way that I would get approved since I am in the process of cleaning up my credit. I have 3 accounts in collections and utilization rate right now is 65%. Which I will pay my only credit card off next month. $750 CL and $487 bill as of now. Well they called me yesterday wanting my last 4 pay stubs. All the while I'm thinking I may be approved for a cc. Well low and behold they called this morning and I was approved for the 40000 car loan and 12.74% interest for 60 months and a credit line up to 1000. Oddly enough I was denied the cc lol. While talking to the loan rep I asked about apr differences as my score goes and he said, when you get 630 or above the apr goes to 9.45% plus I can go 72 months. When my score goes 660 or above I can get 5.49% for 72 months. So at least my mind is made up. When I get my cc paid off and get maybe 1-2 more cc my score should go above 660 according to the Myfico simulator. So that is what I am going to do. I did ask him if I declined the personal loan could they maybe approve the card for 1000 or so CL and he said that they will check and he will get back with me on Monday. Needless to say I was very happy
So I want to thank all of the people on here and all the advice given especially about joining a credit union cause it is only up from here
@Anonymous wrote:
Well I took the advice that I found on these forums and joined a local credit union. While I was doing the application I inadvertantly tried to get a 40,000 car loan, a credit card with a 5000 limit, and a credit line of 5000. My scores are EQ: 605 TU: 600 EX: 618. My auto enhanced scores are higher, but this CU just goes by your Fico scores mainly EQ. After i realized that I had applied for the loans I was thinking that there was no way that I would get approved since I am in the process of cleaning up my credit. I have 3 accounts in collections and utilization rate right now is 65%. Which I will pay my only credit card off next month. $750 CL and $487 bill as of now. Well they called me yesterday wanting my last 4 pay stubs. All the while I'm thinking I may be approved for a cc. Well low and behold they called this morning and I was approved for the 40000 car loan and 12.74% interest for 60 months and a credit line up to 1000. Oddly enough I was denied the cc lol. While talking to the loan rep I asked about apr differences as my score goes and he said, when you get 630 or above the apr goes to 9.45% plus I can go 72 months. When my score goes 660 or above I can get 5.49% for 72 months. So at least my mind is made up. When I get my cc paid off and get maybe 1-2 more cc my score should go above 660 according to the Myfico simulator. So that is what I am going to do. I did ask him if I declined the personal loan could they maybe approve the card for 1000 or so CL and he said that they will check and he will get back with me on Monday. Needless to say I was very happy
So I want to thank all of the people on here and all the advice given especially about joining a credit union cause it is only up from here
Congratulations!
Your credit union has much higher rates than the best ones like DCU. I am not saying that the rate you got for your credit profile right now is so bad, but once your scores are up to 660, please go to DCU and/or shop other credit unions. You should be in the 2% to 3% interest rate range at that time.
