Do I have a chance?

[vellmavooper]

CREDIT SCORES:

Equifax: 633

Transunion: 650

Experian: 645

 

YOUR CREDIT:

 

Rate your over all credit on a scale of 1-10: 6

Rate your installment credit (auto, mortgage, ect...) on a scale of 1-10: 10

Rate your credit in the last year on a scale of 1-10: 10

How long have you had credit? 9 years

BK? nope

 

OPEN ACCOUNTS:

 

Open auto's (yes or no)? no

 

if yes:

1. are you trading your open car in (yes or no)?

2. how many open auto's do you have?

3. how did you pay the curent auto (x30 x60 x90)?

4. recent lates?

 

Current credit card balances (its ok): $6k

 

YOUR INFO

 

Total Gross Monthly Income (provable): $3k

Can you prove your income (paystubs or tax returns)? Yes

 

AUTO HISTORY:

 

Have you ever financed an auto before (yes or no)? Yes

if yes:

1. rate your past auto credit history on a scale of 1-10: 10

2. who is your current auto financed with: Paid off. Used to be Ford motor credit.

3. current payment:

4. upside down in your trade (how much $)

 

What You Are Looking For:

 

Are you look into NEW or USED? New

if new:

1. what car or cars? Acura RSX

 

Please leave comments that may matter, that have not been asked:

 

 

 

 

WHAT WOULD YOU LIKE TO KNOW? Do I have a chance at being finanaced? And if so at a decent rate? How much should I have as a downpayment? Any help is greatly appreciated. Thanks. :oops:

[jt]

a chance for what?.............as long as you have some established high credit (ie mortgage, previous auto loan) there should be no problem...................you might not qualify for the lowest rate but you should get financing

[Credit Please]

I would say you have a good chance, but I dont know how the acura financing works, see if you can do a search on this board for acura and see what everyone elses scores were. Are those scores your fako or real fico, Imean if they are fako's your scores could be 700 or 600. if these are Fico scores call up the internet sales dept and ask if they have a lender who uses only Transunion. This would get you the best deal, insist on only TU.

 

 

There is one potential problem I see and that is debt to income ratio, 3k a month is probably not gonna be enough depending on the price of the car, because they are gonna add you mortgage and current debt and misc.

 

I hope this helped Good luck

[jaytee]

all your car loans combined can usually add up to 20% of your income. so you should be able to pay $600 a month. i like to add insurance in the mix though since on new cars it can be pricey. you should be able to get financed. are you rating your credit a 6 because of the 6k debt. you should pay that way down though to get scores up and not have so many monthly payments apart from the car and normal bills.

[vellmavooper]

Is not mine. I am an AU on my mom's credit card. But I see they included it in my debt when i pulled my reports. Sorry for the stupid question but what is the difference between FICO and FAKO scores? I pulled this info from MYFICO.com. Is that the place I should have gotten them from?

[vellmavooper]

I should also mention I have a 2nd job. Just a little part time, nothing major. That probably gives me another $500 a month.

[ajile81]

The part time job probably will not help unless you've been at that same job for 2 years or longer. I just hurt myself slightly by dropping a part-time job that I had held for 6 years and that provided an additional $6K in annual income. Not that big of a deal, but it helped nonetheless.

[vellmavooper]

Yeah, I have had this job for a year and a half. I hope this would help with the income issue.

[Credit Please]

vellmavooper,

 

Here is the possible catch 22, your scores are okay. what you probably need to do is remove yourself from parents CC. here is the catch the age of the CC's may be boosting your score. So before acting ask yourself if you will hurt yourself by removing those CL that arent yours.

 

GL

 

Also i think you got the real scores

[vellmavooper]

Thanks for the help guys. I'm probably going to wait till the spring to purchase this car. Let's see what I can accomplish by then. Any thoughts from the F & I Guy (wherever you are...)???

[MarvBear]

If the situation is as you described, you should anticipate no problem in getting approved for your loan. Just make sure the rate is in single digit range. Most lenders will accept part time income provided you have held that part time job for 1 year.