Will I get approval

[Anonymous]

I’m not really a credit card type person but of course we all have to have it. I have 2 capital one accounts with under 30% utilization and I have a Capital one account which I had issues with because of error in their system. I have never had a late payment at all. My capital one cards are under 30 and I have a discover card hat was closed out of error but I paid the whole balance but it’s still reporting at 800 limit with a 1200 balance. I have a car loan that I paid off on a 72 learn in 3 Years through BMW for 55k never missed a payment and I want to sign for a car that the cost after DP is 60k. My score is 602 becasie for some random reason my capital one cars aren’t reporting to TU???? Nor is my BMW history reporting as well. I want to close on car on 2 weeks. I make over 200k a year. No mortgage or loans of any kind. My credit cards have been open for over 2-3 Years. My BMW payment was from 2013 paid for satisfactory till December 2017. Will I get approved - what should I do? First time forum and need some insight? The credit union I plan on using pills only TU.

[Anonymous]

Unless someone can think of something that I am missing, there's nothing much you can do, since you have decided that you want to buy this car in two weeks.  You'll just have to hope for the best, and if you do get approved for this loan you will certainly pay a much higher interest rate than you would if your reports were in better shape.

If. on the other hand, you are willing to take a couple months to get your reports into much better shape, then folks here can give you a lot of advice and help.

[Anonymous]

I have already got Capital One to say they’ll report the accounts and BMW and should be handled within the week. Do I have any more problems if they’re able to report correctly in the time?

[Anonymous]

I’m assuming if my BMW loans report in time and also my CC reports on time I’m
In the clear or no?

[Anonymous]

Depends on what you want.  If you would like the best rate on your loan, then there's a lot more you should do.

Bear in mind that even if your creditors report your accounts, it might take a while for them to show up on your reports.

[Anonymous]

What else do you consider? - Also they sent an expedited mail to the CRAs and also sent me information via mail which I can upload myself directly

[Anonymous]

Here are some of the things you can do to improve your scores:

(1)  Pull your three reports.  Also pull your three FICO 8 scores.

(2)  Make a list of all the negatives that appear on the reports.  Negatives or derogs are lates, collections, chargeoffs, public records, liens, judgments, bankruptcies. 

(3)  Your credit card balances are too high.  You need exactly one card reporting with a small positive balance (e.g. $20) and all other cards reporting $0.  30% on all cards damages your score in several ways.

After you have talked with some people here about the specific derogs and get your card balances reporting as recommended then you can figure out whether your scores are high enough for best rates.  You'll also be able at that point be able to assess whether it makes sense to go with a different lender (depends on whether EQ or EX are better for you than TU).

A good scoring tool given your particular needs would be the $1 trial offer at Credit Check Total.

[Anonymous]

Okay sounds good. I have never had any collections or any negative remarks on anything . I believe after the accounts report 100% it should raise my score to already over 700 for TU all my other accounts are about the same. So should I lower my utilization to 0 for Capital one?

[Anonymous]

I guess my main question if this update is able to drive my CS over 700 do you think I’ll have any other issues?

[Anonymous]

I guess the main question if CS is reported over 700 do you think anything else could possibly stop me from getting a loan of the amount?