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Posted in Auto Loans
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Question By
Lexie0034

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0 People Helped
Denied For Auto Loan
Im 21 and have been a LPN for 1 year i currently been at my new job for 1 month and before taxes make 3900 monthly, at my old job i made about 3000 before taxes. I went to get an auto loan from PNC who i have been with for 5 years and was denied due to not enough credit. I then went to the car place like the banker advised me and was denied and they said I didn't have enough credit and needed a cosigner I had 1000 down at the time and asked how much do i need to bypass to have a cosigner and they said i cant. Next month i will be able to have 2500-3000 for a down payment. I have applied for 1 unsecured credit care and 1 secured one. How long will it take to raise my credit? I need a new care by Oct and have no one to cosign for me. My CK transunion score before applying for the car loan was 665 now its 658 I dont understand how I dont have enough credit I have students loans. PNC sent me papers saying my experian score was 611. Please help I need some advice

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Top Contributor
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You are on the right track by having two credit cards, I wouldn't do anything else in near future, let the two cards do the work for you, just need bit of time to show more positive payment history, it probably would take 2~3 months before you see your scores inching upwards, so Oct might not be enough of time. If the "car place" cant get you financed? then you really don't have much of choice but to wait till your credit profile improves. Maybe look for cheaper car in the mean time?

Top Contributor
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As already said, you need to work to build your credit up first. The two credit cards that you just got are a great step. Understand that most lenders use a version of FICO scores, not the ones that you get here on credit karma. I advise working on building your credit for the next year before any major automobile purchase. In the meantime, find a car for cash or check out a "buy here pay here place" but those places should usually be avoided as you will overpay big-time. Designate an hour a day for the next month for reading all that you can about credit, it will really help you for the future.

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