Hi, I have been working hard over the last 2 years and have raised my credit score from a 519 to a 610. I know it still isn't the greatest score but when I hit the 600 mark I was thrilled. And all that can be done now is paying my bills on time & letting time pass as my score gradually gets higher. Anyways, my car is on it's last leg and I am in desperate need for another one. I tried to get one in August but was told since my score at the time was 578 I needed to put $2500 down, it was not something I could afford. And for fear of my credit score dropping I haven't gone back to try again on an auto loan. So my first question is with a 610 score do u think I would get approved with less money down, (around $1,000). My next question is, the place I am living has decided they are turning condo and I have until July to move out. I would really love to purchase something. Will buying a car right now hurt my credit score & chances for a home? And also, could I be approved for a home loan with a 610 credit score and putting 5% or less down? My credit score has been going up every month for several months, and one of my late payments is about to drop from my credit report in March, so I know if I wasn't buying a car, then by April or May my score would be a little higher than 610. But, I know my car will not last me until then so I am very worried how it will affect the credit I have worked so hard to get a handle on. Thank you.
I am sure people have bought houses with less. A car loan is pretty easy to get at a credit union. When I was 23 I bought a T5 Volvo for about 22k and was only making about 36k @ the time. Go to a credit uninon istead of looking for dealer financing.
