question

[maciejmm]

Ok Im looking to get a SUV for around $18000 i make around $76000 a year my score is 584 had some lates on my 2nd mortgage...how many points should it go up when it goes to ok on my EXP. report (I just got caught up)...Will I get approved? I have a trade worth $2500 and $2000 down...Should I try my credit union first or a big dealership...Im still not gonna buy for 2-3 months..any help thx.

[MarineVietVet]

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@maciejmm wrote:

Ok Im looking to get a SUV for around $18000 i make around $76000 a year my score is 584 had some lates on my 2nd mortgage...how many points should it go up when it goes to ok on my EXP. report (I just got caught up)...Will I get approved? I have a trade worth $2500 and $2000 down...Should I try my credit union first or a big dealership...Im still not gonna buy for 2-3 months..any help thx.

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Hello and welcome to myFICO.

You say your score is 584 but may I ask where you got that score? Many places will sell you a "credit score" but it's not the score used by most lenders and that's a FICO credit score.

I'm glad you are caught up on your payments but those prior lates will still show on your reports and continue to hurt your score. How old are those lates? Are you talking about 30 days late? 60? 90?

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Anonymous]

if i understand the question, you are asking how much will your score go up once yuo are current on your mortgage?

Honestly it will not go up much at all.

FICO and AUTO ENHANCED are risk predictors.

Going past due on any account KILLS your score and then it slowly recovers.

There are a variety of reasons, from you can be overdue on one account then current as you are going overdue on another to pay it, to if you are overdue a month or two ago you may still be under financial hardship.

Your best bet once made current is to have 25%+ of what transaction you need to put down.

Your scores will be suffering for years. (unless you can good will the lender) 

[maciejmm]

I am gonna wait a few months but...do you think I'll get approved for around 15-18k loan? I know interest will be kinda high.

The heater core is bad and it's not worth fixing...I willing to pay a little higher interest. My score is from free credit report...

[MarineVietVet]

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@maciejmm wrote:

I am gonna wait a few months but...do you think I'll get approved for around 15-18k loan? I know interest will be kinda high.

The heater core is bad and it's not worth fixing...I willing to pay a little higher interest. My score is from free credit report...

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I hate to be the bearer of bad news but none of the scores from FCR are FICO scores. No one has been able to buy their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myFICO. I suggest you do an internet search for "myfico discount codes" to save a little money. You can also purchase your Transunion score at www.transunioncs.com. At www.equifax.com EQ will still sell you an EQ FICO score but they make it very hard to find.

Plus many dealers and lenders use an Auto Enhanced Score that is weighted more toward past car loan history.

From a BK years ago to:
EX - 9/09 pulled by lender 802, EQ - 10/10-813, TU - 10/10-774

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[maciejmm]

I'm just wondering how long I should wait to purchase a car....I mean 3 mos. 6mos. of ontime payments? dont know how long my '99 gmc jimmy will hold on...If I can get it to around a 600 or so will that be ok?

[Creditaddict]

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@maciejmm wrote:

Ok Im looking to get a SUV for around $18000 i make around $76000 a year my score is 584 had some lates on my 2nd mortgage...how many points should it go up when it goes to ok on my EXP. report (I just got caught up)...Will I get approved? I have a trade worth $2500 and $2000 down...Should I try my credit union first or a big dealership...Im still not gonna buy for 2-3 months..any help thx.

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I was able to get approved at Carmax through Santander with a score close to yours, rate 17%.

I had just got my bk dismissed but I had no lates for over 3 years.

Those lates could really hurt your chances for at least a year.