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My chances for auto loan approval?

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I have 3 derogatory accounts on my credit report.

2 are medical bills, one for about $2000, the other for $850.

The other bad account is a Sprint PCS bill for $300.

All my scores went down after I got a $7000 charge off account deleted.

They're all in the mid 500 range. (according to true credit-not FICO)

I have one small $200 account thats been in good standing since 1992.

That about sums up my report.

I need a truck that will cost at most 15 grand.

I gross about $4000 a month, and have hardly any bills.

So, do you think my chances are good at qualifying for the loan?

Suggestions? I applied through Patelco before I got the $7000 charge off account deleted from my CR, and they turned me down. :(

Thank you so much for your help. :D

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Well, my scores are also mid to high 5s. MyFico says my EQ is 590, and freecreditreport.com says EX is 594.

I have 10 medical collections totaling about $10K from 4 years ago, all unpaid. I have 3-4 utility collections paid, from two years ago. I let my 10 student loans go into default a few years ago, and have been paying them steady for 15 months now. I have several other tradelines, all perfect for 10 years.

I make $60K a year, and Capital One Auto Finance approved me for up to $30K loan at 12.95%, minus half a point if I use autopay.

You seem to be in similar shoes, so I'd think you could get approved easily, but maybe not for $30K since you don't make as much. But, maybe you don't have to pay $500/mo to the consolidated student loan accounts like I do.


Since I got a car through them, I have noticed about 5 people on my mail route of 400ish homes that get mail from Cap1 Auto, and all of them have said they like Cap1 Auto.

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Once you are approved, you have about 30 days to use it. You don't have to use it... you are under no obligation. If it expires and you then want to use it, they ask that you call them. I don't know if they issue a new check or simply extend it. I didn't have to mess with that. I planned my car purchase around the last day of October, when I knew I could get a great deal. Walked into Honda and paid invoice :D

Your best day will be Dec 31.

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