I need a new car

[rob8od]

my credit score (myfico.com) last time I checked (2 weeks ago) had tanked down to 508 (EQ) from 600 (I screwed up on a dispute letter and they updated all my collections which were included in my bankruptcy (discharged June 2004) (not sure about the other Credit agencies, but I'm sure the scores are pretty close). I bought my current car on a loan over a year ago, and haven't been late or missed 1 payment (current payment is $279/mo). I just bought my house 1 week ago ($879/mo). My only other bill besides elect./gas/cable/phone is my student loan which is $58.00 a month (haven't missed one of those payments either).

 

So I have my 1 car which is at a payoff of $2300.00 (it's worth about $5000.00) but my fiance needs a car too because I have my car at work. Now she still has credit issues to work out, and she is not working (she's on disability, $800/mo) she has many open unresolved collections, mostly medical, so we most likely can't use her credit to get a car loan. I get paid about $2200.00 each month, so my debt/income ratio isn't very high, In my opinion.

 

So do you think that I can get an additional car with my current credit/income situation? I know I can afford it, but I'm just wondering if I would get approved, and if you know of any banks that my approve me.

[MarvBear]

IMO, you both would need to tender a joint application for best results.

[rob8od]

aaahh. I see what you mean. This would help in making the combined debt/income ratio more attractive? but wouldn't her credit score and open collections be a big blip on their radar?

Edited June 17, 2005 by rob8od

[MarvBear]

aaahh.  I see what you mean.  This would help in making the combined debt/income ratio more attractive?  but wouldn't her credit score and open collections be a big blip on their radar?

<{POST_SNAPBACK}>

 

NOOOOOOOOOOOOOOOOOOO

 

you would jointly tender an application.

 

YOUR income is YOUR income

HER income is HER income on HER portion of the JOINT application

[mk_378]

Creditors don't like a person with marginal credit having two car loans in their name only. They figure if times get tough, you'll just choose one to drive and let the other one repo. If you do a joint application it gives them a reason why you need the second car. Also of course her income will help. Your DTI on just the house and the first car is over 50%, what some would consider dangerously high. Whoever has better credit (get yours back up to 600 if possible) should put their name first. The score of the first applicant is the major consideration.