Can I get approved with these FICOs and down? - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

92GTA · 03-31-2009, 04:35 PM

Please don't bash, I went through a bad divorce 5 years ago and the last of my bad doesn't fall off until mid 2010 so this is my best for now...

674
580
580

$8K cash down.

I've never bought a new car and I have never owned a house. I have students loans and 2 credit cards in perfect standing. I make $50K+ a year and have been at my current job for 2 1/2 years. I'm 29 years old. My current rent is $1,260 a month.

I have up to $12.5K cash down but I want to pay as little as possible of course. If I can get away with $4K down GREAT. I'll pay $6K or $8K comfortably though.

Is there any hope? I've done a really good job cleaning up my credit the last few years and I do not want inquires on my report so I don't even want to have it run unless there is a very good chance of approval.

I'm paying $1,500 next week to remove a $7K bad account from my reports, yes REMOVE, and that should help my scores out a good bit. I also am going to see if I can buy a basic ($150K) house next month using FHA so I only need 3% down ($4,500).

That will only leave me with $6,500 for a down payment after paying off that bad account and the house downpayment.

Is there any hope for me? I REALLY REALLY want one!

Hylton · 03-31-2009, 04:39 PM

I can't answer your question but is your GTA a 'vert? Those cars are sweet!

92GTA · 03-31-2009, 04:41 PM

Quote:

Originally Posted by Hylton

I can't answer your question but is your GTA a 'vert? Those cars are sweet!

No, GTA verts were not made in 1991 and 1992. Thanks though!

SSOOCH · 03-31-2009, 04:41 PM

You can get approved but your intrest rate won't be the best. Probably above 9%. But as long as you feel comfortable paying it, get it, then as your credit gets better. Re-Finance it.

Camaroyoung · 03-31-2009, 04:42 PM

Don't feel bad, many have went through the same financial situation after a messy divorce. If you are going to buy a house, you might want to wait on the camaro. With your credit situation buying a home and car in the same year might be pretty difficult. Good luck.

1_2Many · 03-31-2009, 04:43 PM

Yeah you can get approved for sure, but you'll probably have a little higher interest rate. My best friend has the worst credit score (somewhere around 400) and was still able to get financing from Ford on three cars! It wasn't easy, but he pulled it off. It helped that he pulls in $300k+ a year and could prove it, but hey.

92GTA · 03-31-2009, 04:43 PM

Quote:

Originally Posted by SSOOCH

You can get approved but your intrest rate won't be the best. Probably above 9%. But as long as you feel comfortable paying it, get it, then as your credit gets better. Re-Finance it.

That's actually what I was hoping for! I KNOW in less than 2 years I'll have all 3 at or over 700 so refinancing would be great!

Oh, I also want to add that I pretty much only want a stripped 1SS/RS and I've seen the invoice prices on Edmounds, says around $31K.

av8r · 03-31-2009, 04:43 PM

Uhh I am in the same boat. But ehh we'll figure it out huh? Good luck!

OverAnxious · 03-31-2009, 04:56 PM

Quote:

Originally Posted by 92GTA

Please don't bash, I went through a bad divorce 5 years ago and the last of my bad doesn't fall off until mid 2010 so this is my best for now...

674
580
580

$8K cash down.

I've never bought a new car and I have never owned a house. I have students loans and 2 credit cards in perfect standing. I make $50K+ a year and have been at my current job for 2 1/2 years. I'm 29 years old. My current rent is $1,260 a month.

I have up to $12.5K cash down but I want to pay as little as possible of course. If I can get away with $4K down GREAT. I'll pay $6K or $8K comfortably though.

Is there any hope? I've done a really good job cleaning up my credit the last few years and I do not want inquires on my report so I don't even want to have it run unless there is a very good chance of approval.

I'm paying $1,500 next week to remove a $7K bad account from my reports, yes REMOVE, and that should help my scores out a good bit. I also am going to see if I can buy a basic ($150K) house next month using FHA so I only need 3% down ($4,500).

That will only leave me with $6,500 for a down payment after paying off that bad account and the house downpayment.

Is there any hope for me? I REALLY REALLY want one!

Seriously, if you have outstanding credit card debt and plan to buy a house, buying a new car should not even be on your radar.

92GTA · 03-31-2009, 05:04 PM

Quote:

Originally Posted by OverAnxious

Seriously, if you have outstanding credit card debt and plan to buy a house, buying a new car should not even be on your radar.

All of my credit cards are paid off in full EVERY month 5 days before the statement cuts. Is that what you are talking about? I mean I do leave between 5-8% running balance on them to help FICO scores to show optimal useage when the statement cuts and is reported to the CRAs...

D1BADZ · 03-31-2009, 05:05 PM

WTF 150k for a house ???? in Cali

oh Bakersfield, I see Damn man, Im in San Jose

and even in todays day and time you cant really find much
for double that amount.

But Financing will be there, the interest rate will be a diff story.

Worst case scenario go through a credit union and get there max rate 9-11%
here in the bay area, should be similar over there.

92GTA · 03-31-2009, 05:06 PM

Quote:

Originally Posted by D1BADZ

WTF 150k for a house ???? in Cali

oh Bakersfield, I see Damn man, Im in San Jose

and even in todays day and time you cant really find much
for double that amount.

But Financing will be there, the interest rate will be a diff story.

Worst case scenario go through a credit union and get there max rate 9-11%
here in the bay area, should be similar over there.

Yeah houses are wicked cheap down here. $150K will buy a GOOD 3 bedroom 2 car garage about 1300sq ft.

Actually my credit union said 50% down, I laughed and walked out. I'd be better off going through my other bank. B. of A. at that rate! Lol

BryGo · 03-31-2009, 05:37 PM

yes you can with the amounts you specified. Interest rate would probably be between 11-14%.

If you are looking at a house, wait for the car. DON'T do both. The inquiries on your credit will hurt your score regardless if you have it "repaired."

You will need more than 3% down when you factor in closing costs and other fees. If you are looking at a 150k home, have 10-15k ready.

Been there, done that.

dayvedayve · 03-31-2009, 05:39 PM

Double check this,

I heard that paying your credit cards off each month hurts your score. It is better to carry about 33% of your limit.

Could be one of those credit myths. Those mysterious FICO pixies are just so hard to catch up with and ask.

03-31-2009, 04:35 PM	#1
92GTA Drives: 1969 Firebird, 1992 Trans Am GTA Join Date: Mar 2009 Location: Bakersfield, CA Posts: 41	Can I get approved with these FICOs and down? Please don't bash, I went through a bad divorce 5 years ago and the last of my bad doesn't fall off until mid 2010 so this is my best for now... 674 580 580 $8K cash down. I've never bought a new car and I have never owned a house. I have students loans and 2 credit cards in perfect standing. I make $50K+ a year and have been at my current job for 2 1/2 years. I'm 29 years old. My current rent is $1,260 a month. I have up to $12.5K cash down but I want to pay as little as possible of course. If I can get away with $4K down GREAT. I'll pay $6K or $8K comfortably though. Is there any hope? I've done a really good job cleaning up my credit the last few years and I do not want inquires on my report so I don't even want to have it run unless there is a very good chance of approval. I'm paying $1,500 next week to remove a $7K bad account from my reports, yes REMOVE, and that should help my scores out a good bit. I also am going to see if I can buy a basic ($150K) house next month using FHA so I only need 3% down ($4,500). That will only leave me with $6,500 for a down payment after paying off that bad account and the house downpayment. Is there any hope for me? I REALLY REALLY want one!

03-31-2009, 04:39 PM	#2
Hylton Drives: fanboys and ass kissers crazy. Join Date: May 2008 Location: Ottawa, Ontario Posts: 7,280	I can't answer your question but is your GTA a 'vert? Those cars are sweet! __________________ "BBOMG - More than just a car show.... It's an experience!"

03-31-2009, 04:43 PM	#6
1_2Many Drives: 2008 Suzuki SX4 Join Date: Oct 2008 Location: SoCal Posts: 785 View My Garage	Yeah you can get approved for sure, but you'll probably have a little higher interest rate. My best friend has the worst credit score (somewhere around 400) and was still able to get financing from Ford on three cars! It wasn't easy, but he pulled it off. It helped that he pulls in $300k+ a year and could prove it, but hey. __________________ We are the early orderers...we are GM's voluntary guinea pigs and their free source of feedback. How will we be thanked?

03-31-2009, 04:43 PM	#8
av8r DV8 Racing founder Drives: Black 2SS RS ETA march 09!!! Join Date: Jun 2008 Location: Duluth MN Posts: 51	Uhh I am in the same boat. But ehh we'll figure it out huh? Good luck! __________________

03-31-2009, 05:05 PM	#11
D1BADZ hmmmmm Drives: 2010 IOM in-n-out 2SS Join Date: Oct 2008 Location: San Jose, Ca Posts: 1,325 View My Garage	WTF 150k for a house ???? in Cali oh Bakersfield, I see Damn man, Im in San Jose and even in todays day and time you cant really find much for double that amount. But Financing will be there, the interest rate will be a diff story. Worst case scenario go through a credit union and get there max rate 9-11% here in the bay area, should be similar over there. __________________ "Responsibility is a Heavy Responsibilty" (Cheech)

03-31-2009, 04:41 PM	#4
SSOOCH Camaro SL,UTs Drives: 2010 Camaro SS/RS #16429 Join Date: Sep 2006 Location: South Jordan, UT Posts: 7,358 View My Garage	You can get approved but your intrest rate won't be the best. Probably above 9%. But as long as you feel comfortable paying it, get it, then as your credit gets better. Re-Finance it.

03-31-2009, 04:42 PM	#5
Camaroyoung Drives: 2010 Camaro 2SS RS BLk/IOM Join Date: Feb 2009 Location: Indiana Posts: 262	Don't feel bad, many have went through the same financial situation after a messy divorce. If you are going to buy a house, you might want to wait on the camaro. With your credit situation buying a home and car in the same year might be pretty difficult. Good luck.

03-31-2009, 05:37 PM	#13
BryGo Moving up in the world... Drives: 2009 Cadillac CTS, 2010 Camaro Join Date: Nov 2008 Location: SoCal Posts: 202	yes you can with the amounts you specified. Interest rate would probably be between 11-14%. If you are looking at a house, wait for the car. DON'T do both. The inquiries on your credit will hurt your score regardless if you have it "repaired." You will need more than 3% down when you factor in closing costs and other fees. If you are looking at a 150k home, have 10-15k ready. Been there, done that. __________________ 1100 - 11/21/08 2000 - 5/26/09 3000 - 5/27/09 3300 - 6/5/09 3400 - 6/19/09 3800 - 6/19/09 4000 - 6/24/09 4104 - 6/28/09 4B00 - 7/1/09 4200 - 7/20/09 5000 - 7/30/09 6000 - 7/31/09 IT'S HOME!!!!

03-31-2009, 05:39 PM	#14
dayvedayve Drives: 2006 Chevy Avalanche Join Date: Aug 2008 Location: Gulf Coast of Texas Posts: 386	Double check this, I heard that paying your credit cards off each month hurts your score. It is better to carry about 33% of your limit. Could be one of those credit myths. Those mysterious FICO pixies are just so hard to catch up with and ask.