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Auto Loan and Credit Cards Post DC

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Anonymous
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Auto Loan and Credit Cards Post DC

Hello all, I’ve been waiting patiently for my discharge which is next week! My FICO scores are sitting between 545-570 with an Auto FICO around 580. I got a Cap 1 unsecured platinum last month with a $300 SL (with the approval of my attorney) and have PIF twice now. The statement just cut with a $50 balance so my UTL on that card should be 15% when it updates. The score estimator shows me at a 634 when that happens. A good friend of mine also added me as an AU on two or her cards...Walmart MC with a limit of 5k and a balance of $200 open for 3 years 100% on time and her Best Buy Citi card with a limit of 6k. The balance on that one is 1k as of today but will be PIF next month along with Walmart. Of course both accounts are more than three years old and she would die before she missed a payment (she has the Gold AMEX and Preferred Amex). Should this be enough to get me a Cap 1 auto approval next month once everything is reporting as I’m at least somewhat in their good graces?

Thank you!
Message 1 of 3
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Anonymous
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Re: Auto Loan and Credit Cards Post DC

I use to sell cars at a dealer that specialized in the credit-challenged market.  Cap one may take you with about 10-20% down on an auto.  If not, there are other sub prime lenders that will.  Your interest might be high... above 10%.  You will need proof of income, proof of residence, and proof of insurance.

Message 2 of 3
Anonymous
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Re: Auto Loan and Credit Cards Post DC

That would be fine. I’m planning on a 20% down payment regardless. Also, my friend has agreed to go joint with me believe it or not. Her FICO’s are in the 740’s and she has a Tier 1 Lease on Platinum Pathfinder. Good news! Lol
Message 3 of 3
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