What FICO score gets denied for a loan? I've had problems in the past with a job and found stuff on my credit report that wasn't mine and my FICO score dropped to 580. I know it's not good but at what score do they deny loans? I am looking at buying a used S2000, proberly around 23000. Of course I will be putting down some cash, proberly $5000. I make good money though, so that's not a problem. I am in the process of raising my score but that takes awhile it seems.

I'm just wondering. Thanks...

 

It is not that simple.

Cash down, income, if you have ever been late with auto payments in the past, LTV amount of the car, these all get factored in.

When you say there is "stuff on your credit report that isn't yours" is that on all 3 bureaus or just one? I've noticed that when I get customers that complain of reporting errors on their credit report, it is often just with one of the three bureaus. If this is also the case with you, this will also help.

 

So how much of the credit score do they use?

Well, I just got some things off but I haven't seen a change in score yet. I've heard it takes up to 3 months to see anything.

Also, I paid off my car about a month ago. I was late a couple times but I did pay it off.

What's LTV? Loan Amount?

 

The banks look at the score, as well as other factors. How much the score is weighted will vary with the situation. The weight can decrease, for example, when the down payment is increased. The late car payments will be red flags if they happened within the last 7 years.

LTV = loan-to-value. It is how much you are borrowing vs. book value of the car.

My opinion....with a strong down payment and an excellent debt-to-income ratio, you may get financed...but you may risk being at an APR that could bury you.

If it were me, I'd wait a bit....but that's just my opinion.

 

couple of things that will help you get your score up is to keep the proportions of what you owe vs what the limit is under 60% for example if your credit limit on something is $10k then keep your balance under $6k...if you are maxed out on a card then ask for an increase......next...no more late payments...1 consumer late can lower your score 20 pts for about 3months.

 

[QUOTE]Originally posted by Octane-Girl
My opinion....with a strong down payment and an excellent debt-to-income ratio, you may get financed...but

 

A FICO score probably won't make or break a loan, but it will definitely determine your APR as Octane-Girl pointed out.

In other words, you can probably find someone to finance you, but at a very high interest rate.

 

Agree

 

If there's stuff on your credit report that doesn't belong there, then why don't you get that stuff removed? It seems pretty obvious to me that is where you should start.

 

Someone should make a credit report sticky.

I too i'm working on fixing my credit report. It just takes time making payments on time and being smat with your money.