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MikeyPannette

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Chances of being approved?
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Chances of being approved?
tbonejr1127 tbonejr1127 Member
Jul 6
I will be going on vacation next month and also will start saving for a down payment on a car. (used)

I bank with a credit union and I know they pull Experian as i have a personal secured loan with them. Only $45 left to be paid for August/September.

Little background about me.

Age: 21
Credit score: 679 Experian (as of 7/5/16) Now 681 (7/14/16)
Income: 18500/year
AAoA: 1.3 years
Negatives: 2 closed Accounts i had when i turned 18. They are both paid off. My last late was over 1 year ago.
Accounts: 3
-Cap one: credit card limit $500
- Discover: credit card limit $500
-personal secured loan: only have $45 left

I have kept my balances below 20% for the past 6 months.

I know my income is low... Im in school just working in a gym right.now. im looking somewhere around $10-$12k loan if possible. I will be putting.down 10-20% when ready. Im looking to improve my.score to about 700 before i try to apply. Does it look good for me? I know 100% my.credit union pulls experian. Also for a few buck on experian it showed that my auto enhance was only a few points behind what my fico was if that helps.

Thanks!

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Also btw my.income is around $20k annually as im in school. The 18500 was an estimate

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Please take the time to read the very helpful articles on this site so you can better understand how credit works and how to improve your credit score.   Yopu gave no[ information on what your living expenses are and that is taken into consideration when someone applies for a loan.  Speak to a credit union associate about this since credit unions can be far more helpful than banks.  

Reply by
MikeyPannette

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Im living at home so i do not have rent kr anything like that. I just oay for my own gas. Insurance. Food. Etc. Just the basics. But nothing major

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You can get a loan, but you'll pay

Almost anyone can get a car loan. "No credit, bad credit, even bankruptcy ok!" I hear ads like that all the time. The question is, how high is your interest rate going to be? Someone who has bad or no credit will end up paying hundreds of dollars more for the same car over the life of the loan than someone with excellent credit. 
Jwsister is correct, they will take your debt/income ratio into account. That's good you don't have much for living expenses, an it's also good you already have an installment loan in your credit history.

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MikeyPannette

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Already knew that they take living expense apart kf the decision. Just forgot about it in the initial post but as im not paying rwnt kr anything like that. It should be good. Most likely going to wait until i hit 700 CS from experian and going in there with a down payment of some sort.

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