That is my score, but I own a home and make over $40,000 a year. I was 30 days late on my house payment 1 time. I have one charge-off from 3 years ago, when i was broke, and 2 old phone/tv bills(collection accts.) that were from college (4-5 years ago). I have only one recent (within 3 years) collection acct.. I just got my report, and I want to buy a new vehicle. Am I screwed??!!
2006-06-19 15:06:51 · 10 answers · asked by fitgalmel1 2 in Business & Finance ➔ Credit
Depends....want to buy a house? Not too bad. Want a new Ferrari...better steal one.
2006-06-19 15:09:54 · answer #1 · answered by frozenfun 2 · 4⤊ 0⤋
592 Credit Score
2016-10-19 00:01:23 · answer #2 · answered by wein 4 · 0⤊ 0⤋
Its not great, but mie was about that when I bought my car, new and no co signer. I think lenders look at that plus how many people you owe. So even if you have a dazzling credit score if you owe like lots of folks they can deny you. I would imagine the first dealership you go to might turn you down, just depends. I would think you can find someone just be persistant. When I bought my new car I had some blemishes on my credit report too. Also maybe look into the dealerships that are having low sales that month or whatever. Those are the folks that will work with you to make their money.
2006-06-19 15:13:47 · answer #3 · answered by briansbutterflygirl 2 · 0⤊ 0⤋
592 is a poor score, but there is an answer? Most of america 84% have charge offs and other nonesense on their credit thus there is a loan for you. Go to www.capitaloneautofinance.com, they can get you taken care of, I used them and suggest them to everybody I run into. They got me a 7.3% rate at a 580.
Good luck,
tbatch03@yahoo.com
2006-06-19 15:13:11 · answer #4 · answered by L F A 2 · 0⤊ 0⤋
My understanding is that the range for lenders is usually 400-800. So, below 600 is borderline. Work really hard to repair your credit before you buy a new car, if you can possibly wait. You will end up paying a lot more interest if you don't, plus, that new payment will make it harder to catch up all those old bills.
Trust me, it seems hard right now to wait, but imagine being in your 40's and still having this problem. Bite the bullet now, and things will be much better -- sooner.
2006-06-19 15:13:05 · answer #5 · answered by shiba 4 · 0⤊ 0⤋
I'm confident that you must find every financial answer at: financial-care.info-
RE Is a 592 credit score horrible?
That is my score, but I own a home and make over $40,000 a year. I was 30 days late on my house payment 1 time. I have one charge-off from 3 years ago, when i was broke, and 2 old ...show more
2014-09-17 04:37:53 · answer #6 · answered by Anonymous · 0⤊ 5⤋
How long have your owned your home? With making payments ontime that should have increased your score. How long ago were you late? In any event, if I were you, keep making mortgage payments - on time for at least another 3 - 6 months. You want at least a 670 when financing a car. While you can get a car now, your interest rate will be high and that makes a HUGE difference. And pay down on your balances on cc, if any.
Good Luck!
2006-06-19 17:17:45 · answer #7 · answered by Curiousty27 2 · 0⤊ 0⤋
You may get approved for a car loan but you won't get a very good interest rate.
I agree, with a previous poster, that you should check out creditboards and start working on those baddies.
If you can, try and wait to purchase the vehicle until you have done some cleaning on your credit report.
If you just can't wait, check with a credit union or your bank for auto financing. Don't let the auto dealer do the financing for you.
2006-06-19 15:37:03 · answer #8 · answered by echo 7 · 1⤊ 0⤋
You're not screwed, but it maybe hard for you to get a good loan for that vehicle that you're looking to buy. 582 is pretty low on the FICO score scale, but it is not the bottom. The score you get is based on your last 7-11 years of credit history. Be more careful with your credit.
CNN has a good article on how you can boost your score, it's not an overnight fix though. But may help you for your future.
2006-06-19 15:15:39 · answer #9 · answered by mookie 3 · 0⤊ 0⤋
592 is not a horrible score...plenty people have a score a lot worse! i have a score somewhere between 580-600 and just got a new car thru capitol one blank check. my interest rate is 11% not the best but not the worse. give them a try!
2006-06-19 23:30:17 · answer #10 · answered by MsNic 4 · 0⤊ 0⤋
Well it's not great but it could be worse...I don't think you will have much luck buying a new car but I would give it a try because I know Ford works with people with credit problems. Expect higher monthly payments though and a car that is 2-3 years old.
2006-06-19 15:12:51 · answer #11 · answered by chikkinslayer 2 · 0⤊ 0⤋