Hello and welcome. My name is XXXXX XXXXX X will be happy to help you today
What is your question?
How may I help you with advice on an auto loan and being able to qualify?
hi, basically I have had two car loans both paid off, never late. I do have a few credit cards from over three years ago that where charged off, however I did eventually pay them off. I currently have no debt. I have a credit card that I use only for monthly experiences to earn point but have never carried a balance. My credit score on all three credit bureaus is over 650. However when I applied for an American express card they said my fico score was 590... How is that possible? Can I get another auto loan? I plan to trade in my car for around 5,000 and I have saved 3000. I want to get the best rate for the credit I have. What can I do? How much down should I save? Will saving 10000 make much difference to the bank ? Thanks for the advise.
Thank you for your follow up. The car company may use their own credit scoring metric. Having charged off cards will really hurt you with consumer credit. You can certainly get another car loan, but the rate may not be the level that you want. Saving up more money will definitely help, because it will be in the lenders best interest if you default.
I see, yeah my rate with chase on my last auto loan was 20%. Personally that just seams outrageous. What amount do you think I can be approved for? What can I do to fix my credit. I have paid all owed money. I owe no one.
I couldn't tell you what you could be approved for, because each lender has their own criteria. All you can do to rebuild your credit now that you have paid everything off is just give it time
Make sure you keep your card current
is it better to have a balance on the statment but pay it off in full with no interest charged or pay it off in full before the statement? Eitherway no interest is charged.
I typically carry a balance on mine
But not large - no more than 20% of your credit availablility
is that total credit or just on that card?
Thanks, XXXXX XXXXX advice? That I could benefit from?
I would just shop around for the auto loan. Check with State Farm, your local bank, and not just the dealer
What is the usual timeframe I have before it effects my credit ?
I don't understand that question. I'm sorry - before what impacts your credit?
Auto loan application hits. Like when they check my credit to give me a interest rate and offer doesn't it hit your credit score?
You have a good 30 days. But, if you are shopping for a loan lenders will take that under consideration though
Oh ok. Well thanks for all the advice!
Is there anything else I can assist you with today?
If not, please rate positive so that I can receive credit for assisting todya