31 replies to this topic

[uptomyneck]

I was at 99% utilization with 1 30 day late from July on my report. I applied and called BECU for a $10,000 car loan. They declined and gave a reason that two of my cards were over the limit and that since I just started working for Boeing and didn't have a boeing paystub yet I could not supply the offer letter as supporting income verification. Even though I have paystubs from the job I left for this job. She said otherwise she would have given it to me.

Later that week I get an email from Penfed that states they have closed my rewards card... Which from my knowledge is saying that my utilization will go crazy because it will always report that card at 100% until I pay it. it has yet to report...

As of late I have gotten all my cards below the credit limits, and I have received my first paystub, and will have a second next week...how should I proceed?

With the card being closed, do I have a chance is high water? Or should I wait a few months of snowballing before I apply again...trouble is I need a good reliable car to get to work, and right now I'm borrowing my parents, but that's going to become an issue very soon

The only score I have right now is eq which is a 577 before I made the payments to bring everything under limit.

[burgalistic]

Do you know what your TU score is? Try Express Credit Union in Seattle. They pull TU and are easy to work with. They're a small CU and will work with you. I've had great luck in dealing with them.

Other options include renting a car. I know Hertz does a monthly rental for about $539/mo with a minimum 62 day commitment.

Give an update and let me know how it goes.

[uptomyneck]

Do you know what your TU score is? Try Express Credit Union in Seattle. They pull TU and are easy to work with. They're a small CU and will work with you. I've had great luck in dealing with them.

Other options include renting a car. I know Hertz does a monthly rental for about $539/mo with a minimum 62 day commitment.

Give an update and let me know how it goes.

\
Is the 539 including the insurance? This may be an option for me. not sure what my TU is. I will look up ECU, but I am actually at the PA location.

[hoapres]

Is public transit or car pooling a viable option ?? You can fill out MarvBear's pinned credit application.

[uptomyneck]

Is public transit or car pooling a viable option ?? You can fill out MarvBear's pinned credit application.

No, there's no option for transportation beyond driving for me. No car pool either. They shut down the shuttle from the airport too, that would have been my only viable option. I only have one official credit score, and Marv's application says I need all three correct? if not I will do that then...

Edited by uptomyneck, 03 November 2011 - 12:05 PM.

[uptomyneck]

Previous Link

Your Age? 29

Your Equifax Credit Score? 577
Your Experian Credit Score?
Your TransUnion Credit Score?

How many years have you been on file with Equifax? 12
How many years have you been on file with Experian? 12
How many years have you been on file with TransUnion? 12

YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY

Do you have an open auto loan? No
Will this open auto loan be a trade-in?
How many late pays within the last 12 months on the currently open loan?
How many late pays within the last 13-24 months on the currently open loan?
Your current open auto loan is financed with?
Your current open auto loan payment is?
Estimated amount you may be upside down in this vehicle?
Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best)


YOUR REVOLVING CREDIT HISTORY

Total number of revolving account(s) you have? 8
Total percentage utilized overall? 99
How many of your revolving accounts are store cards? 3
How many of your revolving accounts are major credit cards? 5(i.e. Amex, MC, Visa)
How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier): 2 Orchard

YOUR PERSONAL INFORMATION

How long at your current residence? 8 months
Do you Rent or have a Mortgage, or Live w/Relative or Other? mortgage
Your Monthly Rent or Mortgage payment? $1004.00
How long have you held your current job? 1 month, previous job 1 yr - recent job change
Your total provable monthly gross income is? $4615.38
Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return, or bank statements) computerized paycheck stub
Is there additional monthly income? No What amount monthly?
Describe the source.
Is the additional monthly income provable?
Spousal income is not applicable.

YOUR DOWN PAYMENT
Please tell me your exact down payment in cash? (rebates and trade equity are not considered, please input a dollar value only.) $2000
Does any credit repository contain any Public Record? No.
If yes, please very briefly describe.

Does any credit repository contain any Collection Account(s)? No.
If yes, please very briefly describe.

Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 8
Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 8
Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 7 (only because I had one 30 day late in July in the last 4 years)

New or Used vehicle you are considering: Please very briefly describe.
Used Lexus GS 400 with 72,000 miles. Used Nissan Maxima 2002 GLE 89,000 miles


Thanks in advance

[hoapres]

Fill out MarvBear's app even though you only have one credit score. Can you go back to your original prospective lender with paycheck stubs in hand for reconsideration ?? Can you buy a cheap car for cash ??

[uptomyneck]

Fill out MarvBear's app even though you only have one credit score. Can you go back to your original prospective lender with paycheck stubs in hand for reconsideration ?? Can you buy a cheap car for cash ??

Ok, I filled one out for Marv. I was thinking about going back to BECU, as it was only on Oct 21 when they ran everything. You think they will rerun my reports for me? Cause maybe I will do that next week when hopefully all my new payments and balances have hit the reports and Ill have two paystubs next wed.

[hoapres]

MarvBear will give a more definitive answer. I suspect approval but you should also be careful that you don't pay too much for a used car with high mileage. If you have $2000 in cash then you might be better off looking for buying a used car for cash from a private party.

[hoapres]

Going back to BECU is probably the best approach. It sounds like that they only needed some current paychecks from Boeing to approve the loan.

[MarvBear]

I agree with hoapres!

[uptomyneck]

Thanks you guys! I will give an update on Wes or Thursday when I get my next paystub.

[Jay Bee]

I certainly understand you need a car for work, but why do you need a $10,000 car?

Have a garage sale and scrape up until your able to afford a little used car paid for in cash. There are plenty of $1500 dollar cars out there that will get you too and from work in the mean time. Then, once your more financially stable, upgrade to a nicer car.

[uptomyneck]

What shoudl I get then, cause I need something dependable. I am a single parent, and I need something that gets me to and from the market, school events, sports, all over. On top of that I need something I will be happy with for the next 5 years, but can pay off in the next year. because I have alot of student loans I want to knock off, and i cant see buying something for less than 10k that will last that long, not alot of repairs, and I can pay off fast and still have 5 yrs down the road. What would you suggest?

[hoapres]

Run the numbers. Maybe you can find a private party and buy a reliable used car for about $2500. If you buy a car from a dealer then make sure you don't pay too much for it. Used car prices have gone up in the past year.

[uptomyneck]

Run the numbers. Maybe you can find a private party and buy a reliable used car for about $2500. If you buy a car from a dealer then make sure you don't pay too much for it. Used car prices have gone up in the past year.

What if I said the lexus was going for $13k on kbb? you got me scared over here lol

[54regcab]

I certainly understand you need a car for work, but why do you need a $10,000 car?

Have a garage sale and scrape up until your able to afford a little used car paid for in cash. There are plenty of $1500 dollar cars out there that will get you too and from work in the mean time. Then, once your more financially stable, upgrade to a nicer car.

This is the best plan IMHO. While you're driving hte $1,500 car save up with a better one using the money you would have been making payments with. $1,500 paid for cars also don't require full coverage insurance which should save a few $$.

[hoapres]

I would not assume kbb is the "bible" with regards to used car values. Click on the pinned topic "Calculate a vehicle value" and check the NADA and black book value as well.

[54regcab]

I would not assume kbb is the "bible" with regards to used car values. Click on the pinned topic "Calculate a vehicle value" and check the NADA and black book value as well.

+1,KBB retail and trade values seem to be off quite a bit. Private party seems to be in line with Edmunds and NADA which IMHO is closer to what a vehicle is really worth. Check Craigslist to see what others are asking for similar vehicles.

[uptomyneck]

Thanks! Soon as I get a break today I will hit edmunds! And I did see what you mean, there is a car lot down the street from me and they have $2k cars, I will check them out! I will also check to see if I can catch a chance with the CU, because I did see a few hardship postings on craigslst on some nice steals!

[hoapres]

You will probably get a more reliable vehicle if you purchase from a private party. Make sure that you check out the vehicle carefully whether you purchase it from a dealer or not.

[uptomyneck]

You will probably get a more reliable vehicle if you purchase from a private party. Make sure that you check out the vehicle carefully whether you purchase it from a dealer or not.

+1 will do! I plan to check the car out on a Sat, if I get financing, and if I like hopefully my mechanic will come out with me to look at it before I buy it.

[gamecockcountry]

Thanks! Soon as I get a break today I will hit edmunds! And I did see what you mean, there is a car lot down the street from me and they have $2k cars, I will check them out! I will also check to see if I can catch a chance with the CU, because I did see a few hardship postings on craigslst on some nice steals!

Be really careful with craigslist. If you see a car that is only a few years old for a ridiculously low amount it is a scam. A lot of them will post a gmail address too.

I purchased an Explorer off of a guy from Craigslist last year and it went very well and I got a great deal. You just have to watch out for all of the scammers.

[54regcab]

I just bought a 2006 F150 off Craiglist from a private seller. Much better price than the local dealers.

The low prices on newer models aren't ALL scams (although most of them are), some have rebuilt titles and some are high mileage.
Look at the photos of the vehicle background and see if the picture looks local. If you live in Kansas and see a beach in the photo, somethings off.

[uptomyneck]

Yes, I have seen these and pretty much can tell with them which ones are real and fake. Some keep posting using some sort of generic template thats a picture file, while others post some crazy car for an even crazier price, and then has a gmail addy with it. So I pretty much email the ones that look safe, then wait for them to send me their response. Then I google their response, and usually the fake ones are word for word online on the scam detector sites.

As of right now I am debating on whether to call again tomorrow or to wait till next pay because three of my cards are taking too long to report.