hello guys,
my credit score 600,monthly income $2200,22 years old,credit card balance is very high,dont have any bad credit history,looking to get $8000 loan from local bank to buy a used car,any chance???
thanks and god bless you!!
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Not too bad. What is your rent amount? If you are living at home that will be a plus. Why the high credit card debt? Ahhhh, to be young again.
OK, start by taking the bulk of the money you have free each month and pay down those credit cards. If you can, see if you can transfer the balance of all cards onto one card (the one with the lowest interest rate hopefully). Then close out your other credit card accounts. This will have the added benefit of being marked paid on your credit report.
That is the biggest thing any loan company, whether a bank or credit union, will look for: how much debt you currently have. Your income is fine, so long as your rent isn’t high.
If you do not pay those credit card debts now, I think you will find yourself further in the hole a lot quicker due to interest. Your credit score, although not terrible is not the best either. It could be because you have NO credit. In which case if you follow my suggestion above you will have more points added to your score for paying down debt. Good luck mate.
It depends on the bank. Most because of the tight lending standards (due to the economy) would say that your score has to be 620, 650 or over. Another bank may lend to you, but the interest rate will be high because they may consider you high-risk with a score of 600. Your score is not horrible – there are much worse – it’s not good, either.
This is just me but I’d take my tax return and get a used car until my FICO score went up a little higher.
You will need to apply to find out.
credit card balance is very high? How high?
What are your expenses?
That $8000 car is prob really worth $3000.00 negotiate on the car to get a lower loan amount. Very few people are buying cars. It’s a buyer’s market.
Get yourself an older model car and pay cash for it. Make car payments to your existing debt or pay yourself and buy a nicer car when you can pay cash for it. Or Invest the car payment you would have been making in growth stock mutual funds.
Car payments are for the broke.