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CreditNewbie19

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740/728 Score can I qualify for an auto loan?
Hi I have 740 Transunion score and a 728 Equifax score. A little about my credit is;

I have a 5/3 Secured Card ($300 CL) which I've had for 1 year and 4 months, PNC Points Card which I've had for 1 year ($500 CL), Amex for 8 months ($2,500 CL) and a CitiBank DoubleCash card ($2000 CL). I had the Amex card's limit increased from $1000 to $2500 5 months ago. Also I just closed my Secured Card down 2 weeks ago (the same week I got approved for the Citibank card). So both the Citibank card and the closed secured card aren't showing up on my credit report yet. I do not carry balances on my cards totaling over $200.

I do have 7 credit inquires on both my Transunion and Equifax reports, and those are from inquires I did last December/January, when I tried to get auto loan(s) but was declined. At the time I only had my 5/3 Secured Card which was 5 months old and my PNC card which was 1 month old with my annual income being $15,000. If I want an auto loan for about $5000-$8000 and I make around $20,000 a year, do you think I have a good chance of being approved?

I want to apply for one sometime around June/July, and will put a down payment of $1000 for a loan. My average credit age was 1 year before I closed the secured card down, so I know that will decrease by the time my credit report updates. Thanks if anyone could give me a general idea. I don't want to repeat last January. I know I have a lot going on with the credit cards, but I at least wanted 3 non-secured credit cards with decent balances, as I am 20 and am trying to build/maintain credit.

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The scores are high enough to get a car loan without too much hassle (though the interest rates will be a touch high). I would suggest getting a loan through your bank or credit union (I prefer using a credit union, but that's me). It will guarantee decent rates, and will give you some leverage on the car lot. 
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A *big* source of income for auto sellers (especially used car lots) is to get you ti finance through their F&I department, where the interest rates are higher, and the terms aren't exactly in your favor. Best to get that squared away at your bank, where you can control the purchasing experience better.

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