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Posted in Auto Loans
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AlexJm1

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Can I get an auto loan with a new credit karma score of 747?
Thank you for your time, I had previously applied for an auto loan about a month ago with my bank but was denied because of not enough credit history, credit card balances to high and too many inquiries in the past month from a transunion report score of 660. I have now paid down my credit cards and got an increase on one of my cards to where now my credit improved to a credit karma score of 747. I was wondering if I'll be able to get a car loan with my new credit score. What can I do about my not enough credit history and when should I apply again so I won’t have more Inquiries? Thank you!

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The score in itself is good enough, but a couple of factors still remain, so only the lending institution and their scoring system can tell you for sure.

Be careful of amount you make and how much monthly minimums are. It does sound like you paid some on CC and also got increased limits to reduce your usage, but the increased line does not help with minimums, so just keep that in mind.

The history is something only time can help with and if that is their reason for refusual then doing a secured loan might be a path for you.  This not only will increase the history, it diversifies your credi types which they also look at.  This could be a small 1k loan where the money sits in a CD and you make monthly payments over the year. Since it is secured you get decent intrest rates on it, and you earn a touch back from the CD maturing. This was one of the very first steps I took to repair my credit.  So after doing somthing like this then your history and typew of accounts should be good enough if they are not now.

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