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Do I have a chance at all?

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New Contributor

Do I have a chance at all?

Hey everyone I want to get a car but Im not sure if i'll get approved or not. Can i have some opinions? 

I'm 19, I am working full time right now and make about 35K a year. My FICOs are EQ:712 TU:698 EX:688. Auto FICO 08s are EQ:683 TU:668 and EX 645. Auto FICO 05 for EQ is 721 auto FICO 04 for TU is 668 and auto FICO 02 for EX is 667.

AAoA: about 7 months, oldest account 1.2 years.

No negatives/ lates ever.

I have 3 CCs with total combined limit of $4,485 with less than 10% utilization and i also have a 2nd loan with the same company for $1,800 with a balnce of $1,400 (first loan was payed off last year) this loan is from 4 months ago. 

Inquries: EX:5 TU:6 EQ:3

Do you guys think I'll get approved by any bank?


Starting Score: EQ:623, TU:604, EX:641 7/23/16
Current Score: EQ:705, TU:694, EX:694 09/23/16
Goal Score: 700 on all 3


Take the myFICO Fitness Challenge



Message 1 of 11
10 REPLIES 10
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Valued Contributor

Re: Do I have a chance at all?

I would say your chances are good! I would also establish membership with NFCU (Navy Federal Credit Union). You should be able to get another Credit Card with them if your heart desires. 

Message 2 of 11
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New Contributor

Re: Do I have a chance at all?


@tydawg wrote:

I would say your chances are good! I would also establish membership with NFCU (Navy Federal Credit Union). You should be able to get another Credit Card with them if your heart desires. 


What do I need to be eligible to join NFCU?


Starting Score: EQ:623, TU:604, EX:641 7/23/16
Current Score: EQ:705, TU:694, EX:694 09/23/16
Goal Score: 700 on all 3


Take the myFICO Fitness Challenge



Message 3 of 11
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Super Contributor

Re: Do I have a chance at all?

Can you pay all your cards down to $0, except for one card on which you would leave $10-20?  That will help your score and therefore your chances.

 

You should also reach out to the lender that is handling your current loan.  Find out whether the lender will let you pay off most of the loan in a lump sum and then push your next payment due way back.  Having an open installment loan that is paid down to < 9% will also help you a lot, as long as you can continue to keep it open while you are shopping for a car and buying it. 

Message 4 of 11
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New Contributor

Re: Do I have a chance at all?


@CreditGuyInDixie wrote:

Can you pay all your cards down to $0, except for one card on which you would leave $10-20?  That will help your chances.


That's how my cards are. Only Cap1 is reporting exactly $20. My statement cuts on the 21st again and I'm gonna let it report $15.


Starting Score: EQ:623, TU:604, EX:641 7/23/16
Current Score: EQ:705, TU:694, EX:694 09/23/16
Goal Score: 700 on all 3


Take the myFICO Fitness Challenge



Message 5 of 11
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Super Contributor

Re: Do I have a chance at all?

I added this to my original response, in case you didn't see it:

 

You should also reach out to the lender that is handling your current loan.  Find out whether the lender will let you pay off most of the loan in a lump sum and then push your next payment due way back.  Having an open installment loan that is paid down to < 9% will also help you a lot, as long as you can continue to keep it open while you are shopping for a car and buying it. 

Message 6 of 11
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New Contributor

Re: Do I have a chance at all?


@CreditGuyInDixie wrote:

I added this to my original response, in case you didn't see it:

 

You should also reach out to the lender that is handling your current loan.  Find out whether the lender will let you pay off most of the loan in a lump sum and then push your next payment due way back.  Having an open installment loan that is paid down to < 9% will also help you a lot, as long as you can continue to keep it open while you are shopping for a car and buying it. 


I will give them a call tomorrow and see what they say. Thank you.


Starting Score: EQ:623, TU:604, EX:641 7/23/16
Current Score: EQ:705, TU:694, EX:694 09/23/16
Goal Score: 700 on all 3


Take the myFICO Fitness Challenge



Message 7 of 11
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Moderator Emeritus

Re: Do I have a chance at all?

Car loans are the easiest of all loans to obtain.  Even with a 500 FICO score you can find a lender, you'll be fine.




        
Message 8 of 11
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Super Contributor

Re: Do I have a chance at all?


@RoyalFlush123 wrote:

Hey everyone I want to get a car but Im not sure if i'll get approved or not. Can i have some opinions? 

I'm 19, I am working full time right now and make about 35K a year. My FICOs are EQ:712 TU:698 EX:688. Auto FICO 08s are EQ:683 TU:668 and EX 645. Auto FICO 05 for EQ is 721 auto FICO 04 for TU is 668 and auto FICO 02 for EX is 667.

AAoA: about 7 months, oldest account 1.2 years.

No negatives/ lates ever.

I have 3 CCs with total combined limit of $4,485 with less than 10% utilization and i also have a 2nd loan with the same company for $1,800 with a balnce of $1,400 (first loan was payed off last year) this loan is from 4 months ago. 

Inquries: EX:5 TU:6 EQ:3

Do you guys think I'll get approved by any bank?


Oh you'll get a car loan all right, but probably not at the best rates. Your best bet might be to hook up with a credit union.

 

Meanwhile, if you can pay your loan down below $180 (but not to zero) you'll pick up some points on some scoring models.

 

And be sure not to apply for any new credit for awhile until after you get the car loan.

 

 


Total revolving limits 653000 (575000 reporting)

Message 9 of 11
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Valued Contributor

Re: Do I have a chance at all?


@RoyalFlush123 wrote:

@tydawg wrote:

I would say your chances are good! I would also establish membership with NFCU (Navy Federal Credit Union). You should be able to get another Credit Card with them if your heart desires. 


What do I need to be eligible to join NFCU?


Pay $25 to join the Navy League of San Diego and then email in your application for membership.

Message 10 of 11
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