Need Help! Family needs a car.

[wantmycar]

Ok so we (partner and I) sold our car which we still owed on we paid the credit union $7k that was left on the loan over a year early. The payments for the last yr or two have been paid early. Credit score exp 630 eq 600, they pulled the exp and denied us a 20k loan with NO counter offer. We expected to get approved as he had established good history with this bank and now we are WITHOUT a car and are having a hard time getting approved.

 

These school loans is what is hurting us I think

1st School loan 7k deferred until dec 09

2nd School loan 7k did rehab most neg removed

 

Gross income monthly his $3400 with mine too would be 4k

 

I was not on the loan my fiance was, he has more established credit. I just started mine a few months ago with a jewler. Credit score is 598. So I don't think it would be a good idea to apply with him right?

 

We applied at Chase for a pre approval as we were trying to buy from a private seller. Denied.

 

What should we do??? We need a car ASAP but don't want to go applying everywhere. We were looking at two options as well, taking over a lease, or applying at Car Max.

 

What rate can expect with his credit score and in Southern California if we go through a dealership?

 

Please Help Thanks!

[MarvBear]

Well since all your efforts on your own behalf have resulted in a decline, then perhaps your best bet would be to see a qualified Finance manager at a dealership that sells the brand vehicle you want.

[wantmycar]

Credit Application:

 

Your Age? 27

 

Your Equifax Credit Score? 602

Your Experian Credit Score? 631

Your TransUnion Credit Score? ?

 

How many years have you been on file with Equifax? 5.9yrs

How many years have you been on file with Experian? 5.7yrs

How many years have you been on file with TransUnion? ?

 

YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY

 

Do you have an open auto loan? No (paid in full early/no late payments previous auto loan)

Will this open auto loan be a trade-in? No

How many late pays within the last 12 months on the currently open loan? n/a

How many late pays within the last 13-24 months on the currently open loan? n/a

Your current open auto loan is financed with? n/a

Your current open auto loan payment is? n/a

Estimated amount you may be upside down in this vehicle? n/a

Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) 9-10

 

 

YOUR REVOLVING CREDIT HISTORY

 

Total number of revolving account(s) you have? (2) 1open (jewelers $892. available currently paid in full) 1closed balance is $1249 out of $1400 (HSBC sears card)

Total percentage utilized overall? %0 eq report shows %0 for open acct

How many of your revolving accounts are store cards? 2

How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 0

How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) 0

 

YOUR PERSONAL INFORMATION

 

How long at your current residence? 8mo

Do you Rent or have a Mortgage, or Live w/Relative or Other? Rent

Your Monthly Rent or Mortgage payment? pays $636 out of $1236

How long have you held your current job? 4yrs 11mo

Your total provable monthly gross income is? $3400

Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return, or bank statements) pay stub

Is there additional monthly income? What amount monthly?

Describe the source.

Is the additional monthly income provable?

Spousal income is not applicable.

 

YOUR DOWNPAYMENT

Please tell me your exact down payment in cash? (rebates and trade equity are not considered, please input a dollar value only.) $3000.

Does any credit repository contain any Public Record? No

If yes, please very briefly describe.

 

Does any credit repository contain any Collection Account(s)?

If yes, please very briefly describe. NEG- Previously defaulted student loans 4 loans adding up to 7k balance is $0. Refinanced through gov program, neg remarks still stand. Verizon balance $0. chargeoff

2 sprint collections-settlement.

 

Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 6 ?

Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 6 ?

Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 6 ?

 

New or Used vehicle you are considering: Please very briefly describe.

06 Infiniti fx35 through infiniti dealership $22994. plus 3k dp OR 05 Infiniti fx35 $21600 plus 3k dp from carmax

[wantmycar]

I am wondering if I should use 1k of the downpayment to pay down the sears since the debt to credit ratio is high $1249/$1400? That would leave me with a 2k dp.

[MarvBear]

I'm wondering why you left out the TransUnion information from the application?

[wantmycar]

I have not pulled those. Do I need to?

[MarvBear]

For the sake of argument, you can post whatever scores you feel most comfortable posting, or the scores to which you have access. I will interpret all posted scores in this forum as if they were an Auto Enhanced FICO Version.

[wantmycar]

Those are the only scores I have available. Tomorrow morning I have to call Transunion and will get access to that score as well. My plan is if you think I will get approved before paying down sears then go apply for a car.

 

Can you give me an answer based on what you have? Then I will post tomorrow morning TU. Do you think it will make a difference to pay sears off even though its a closed account rather than saving the 1k for the dp?

[MarvBear]

I dont understand what you are asking about the credit card, It appears to be closed from reading the extraneous commentary.

 

All I really need, if you will closely read the pinned credit application, are just answers to the specific questions I ask.

 

I'd project that if you show a PIF auto loan, then you can be approved for another.

[wantmycar]

The Sears account is closed but there is still a balance left on it that we make monthly payments on. I don't know if paying it has a major effect or not? Or if all $ should be saved towards dp.

[wantmycar]

The Sears account is closed but there is still a balance left on it that we make monthly payments on. I don't know if paying it has a major effect or not? Or if all $ should be saved towards dp.

 

 

"paying it off"

[triggerpuller702]

check out credit acceptance. i don't know if they only do certain dealers or what, but i was turned down by my regular bank basically because i don't have credit. i was told my history was too short and i had no history with higher limits - my scores and reports were not an issue. i got 9% from credit acceptance at the dealer i went to. not great for an auto loan, but i only put 1500 down. they would have done 14% with nothing down. might be worth making a call to them.

[builder2500]

Do like Marv said, go to a dealer. They will have a lot better chance of getting you approved.

[MarvBear]

The Sears account is closed but there is still a balance left on it that we make monthly payments on. I don't know if paying it has a major effect or not? Or if all $ should be saved towards dp.

 

 

This forum is not designed for credit repair, nor is it designed to improve your score. It's here just to help you secure financing for an automobile.

 

So

 

With that being said, the larger money you have for a down payment, the better your chances are for an approval, and certainly a more favorable approval.

 

But you're most likely to get that at a dealer now, since you have been unable to secure it own your own behalf.

[hurricanesfans27]

Well since all your efforts on your own behalf have resulted in a decline, then perhaps your best bet would be to see a qualified Finance manager at a dealership that sells the brand vehicle you want.

 

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