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Posted in Auto Loans
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ANSintheRockies

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519 trans score in search of new(er) vehicle
So, to start, I currently have a 519 score and desperately need a new(er) vehicle as we have a little one on the way. My score directly reflects medical debt only. I've never used a credit card in my life, I've never asked/received a loan from a bank or credit union and my sole income isn't outstanding but it helps pay the bills. I live in the mountains and need a 4wd vehicle, preferably a newer SUV, and I'm having difficulty finding something affordable. Honestly, I haven't tried getting approved at any big dealerships for fear of taking a larger ding on my credit. I have applied for credit cards in the past with a lower score and never got approved. I have $2000 to put down and a very high mileage vehicle to trade in but I've been told it's better to sell privately. Well, I don't want to sell my vehicle yet if I'm not going to be approved. The hubby makes a much nicer income but has a repo on his credit from 2015 so that has been another challenge for us. Basically, I just need a little guidance in the right direction. I want to rebuild my credit and I NEED a reliable vehicle that can get us through some rough winters and accomodate our growing family (and 100lb dog ).

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It sounds to me that you have no accounts on your credit reports besides collections. Without the collections you would have No Credit which is almost as bad as having bad credit, which you have from the collections. I don't see any way you would ever get financing for an auto loan. You need to build your credit first and put this off for a year or two. The first and most important step is to study credit extensively. Read, read and read. Once you have a decent understanding, get yourself a Secured credit card that is reported to all three credit bureaus, then read more, then build accounts from there. Also read about how to clear up collection accounts with "pay for delete agreements" which can sometimes work.

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