just wondering. I checked my annual free credit report and then paid to get my credit score. I used trans-union and it said my credit score is 920. I did not know it went that high.
FAIK, the ISSAC score doesn't go that high. Some bureau co's have their own mickey mouse scores,which the banks don't use. See what your Auto score is.
I tried TransUnion just to get my annual free credit report. I then thought I would splurge and spend the $7.99 to get my credit score. The last time I checked it was 755. Maybe you can check it out and find out what you get.
What you got is what's called a VantageScore. It's basically a new way to report scores that was created to rival FICO for a chunk of the credit business. Their scores range from 501-990. Wikipedia it. At 920, you're doing pretty good. I forget what I got.
That is correct, it is just some one else trying to get a piece of the pie.
In my opinion the entire credit scoring system is predatory and needs to be looked at. There is no rhyme or reason to it. Credit scores are nothing more then a license for banks to print money.
Before I purchased my new Cadillac, I ran my credit to to avoid an embarrassing situation if anything was amiss. I got a ridiculous score of 985 or "superprime!" I guess it must've been that scoring system you just explained.
When I bought my house several years ago, I had scores like 820 and 799 on the other systems.
" Experian does not sell the FICO score to consumers. Charges $15 for its report and its own Plus score. Also sells its own VantageScore, which evaluates consumers on a range from 501 to 990, for $5.95."
> What good is a vantage score? No one uses it except the people selling it for $6
Precisely, why share any part of the pie with Fair Isaac Company (FICO)?
Years ago, before banks were allowed to have branches, lending was pretty much a local affair with each bank developing its own lending criteria. A Fayetteville, N.C. bank had an economist develop a formula for measuring loan risk. Homeowners were better risks than renters (to no one's surprise). But the best risks lived in trailer homes! :surprise:
The bankers went back to the economist figuring that he had reversed the coding on the "home" variable. The economist investigated and found that the formula was correct.
It seems that the trailer home resident-borrowers were primarily officers and non-coms from nearby Fort Bragg and Pope Air Force Base. And these officers and non-coms were very good credit risks.
A reporter from a large daily newspaper hopes to speak with consumers who have had difficulty obtaining credit for a vehicle purchase. If you’ve had difficulty, please respond to ctalati@edmunds.com with your daytime contact information no later than Friday, April 18, 2008.
A reporter wants to interview people who have been turned down for a loan, surprised by high interest rates or otherwise run into the effects of the tightened credit market while shopping for a car. If this describes your situation, please respond to jfallon@edmunds.com with your daytime contact information no later than Wednesday, April 23, 2008.
I have an TransUnion score of 529 / Equifax 562 and am having a VERY hard time getting a auto loan.
My lease on my 2005 Buick is up in a week or so and GMAC will not approve me on another new vehicle because I was late 6 times on my payments. I am TOTALLY paid up now (even late fees).
I make $24,700 a year and only have a letter of employment from my employers to prove my income. I am a Nanny and need a nice, safe car that can take on a Syracuse, NY winter.
I sent GMAC and credit app. to buy out the lease but in may take 6 weeks to hear back. I am hoping that since the residual value on my contract is $17,700 (allot more then blue book) they may let me buy it.
I finally understand about HOW IMPORTANT your credit score is and trying to pay off some of the deliquent accounts but it may be to late for this car purchase that I need ASAP.
What advice would you give me to obtain a late model, low milage, safe vehicle for me and my kids??..all THREE have to sit in the backseat.
Thank you VERY much for your time and I look forward to your response!
You might want to discuss this with your employing family. Several years ago, our nanny's car broke to the point where it was not economically the correct thing to fix it. She had no credit history so getting a loan on a car would not have happened. We helped her find a reliable used car for under $9k. She borrowed the money from us at an agreed upon interest rate and repayment schedule that we all signed. Payment was taken from her pay on a weekly basis. This may not help your credit score but it is one way to get an affordable car.
I was just looking over our finances and realized we have over $100K available on a handful of credit cards, which we no longer use. I'm just curious if we should just keep them out there or close the majority of them out. Will doing so hurt or help us? Thanks!
A reporter with a large national newspaper is interested in talking with consumers about their experience during this economic downturn and if they might have lost or had their car repossessed. If oyu are in this situation,, please contact Chintan Talati at ctalati@edmunds.com no later than Friday, May 9.
Longer length of time a line of credit is open is a positive on the credit report. On the other hand, having a large amount of available credit (even if it's not used) is a negative.
Maybe keep them open and have the limits lowered on the ones you don't use?
I am curious to hear what people's opinions/experiences might be.
I have a fair credit score and I am looking to get a new car. The car I am looking at costs about $28K, I have $13K to put down plus my trade in. The reason my score is not the highest is that I am fairly young and havenet had my credit cards for too long (about 4 years) and the credit limits are small, but nothing is on them. Also at one point in college I was late in paying them, but now those cards have had positive payment for about 18months.
I am nervous I might not be able to get a loan. Last night I submitted a loan request and was denied by Capital One Auto. Do I have a better chance of securing a loan through a dealership? Is leasing still an option?
you have a much better shot at a dealer. Capital One is very tough. (or just clueless ... i haven't figured out which yet. These folks denied me a credit card several years back when my score was in the 720 range)
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
My good credit is long gone. Not sure of my exact score but here is my situation. It shames me but I need help. I am on SS (for over 10 years) I had good credit until 2001 I entered into a bad marriage. I co-signed for my husband to get a truck. We separated and the truck was repo'd. We had 2 credit cards that defaulted. These I am sure are on my credit. I am still married to him but have not lived with him since 2005. I have not used credit since. Now my problem is I have a 2004 saturn that was purchased by cash. and last week end it caught fire. No ins to cover the car and I am living "single" with a 16 month old and now no car! I don't have a co-signer and no cash to down. Any suggestions on how I can go about getting a decent reliable car????? I get 1600 a month and pay nothing in rent and can afford a car payment but having trouble getting financed on dealer has told me I need to get a '05 or newer and not over 10,000 to get financed but I would need to have 1,000 down. Is there anything I can do YESTERDAY? I can't afford to keep paying 10 - 20 dollars every time I need a ride.
$1,000 for a downpayment seems rather steep but that is probably intended to keep the principal at an acceptable level. Is there any way you can borrow money for a downpayment from a third party?
I can't see how you could manage this without either the money down or a cosigner - maybe both.
And you have no doubt already discovered why you need insurance. If you can't manage insurance you can't manage a car. Sorry if that sounds rough but that's the way it is.
2015 Mazda 6 Grand Touring, 2014 Mazda 3 Sport Hatchback, 1999 Mazda Miata 2004 Toyota Camry LE, 1999.
You people should be ashamed of your selves! Judgeing and assuming! I see ya'll need a little more education on behavior. I DO HAVE INS AND I AM LEGAL AND TOO RESPONSIBLE! Every Human makes errors and my error was to marry a wrong person and this is NOT about That. If you can't offer any helpful assistance / advice keep your fingers off your keyboard. Don't you have something more IMPORTANT or MEANINGFUL to do besides kicking one when there down? My Prays to you for you are in need more than me, :shades:
I really thought this was a place to get assistance and help sorry for being wrong I was hoping that someone may have knowledge of an assistance program or some down payment helps or something. Or knew of a program that was good in assisting single mothers,. I do usually plan but this elec. fire caught me totally unprepared. I didn't realize I was posting to get a bunch of negative mean responses this is terrible. never again and I will not advise anyone to visit this site.... again the rich get richer and the poor get poor but I'd rather be poor and nice than rich and rude!
People just reacted to what was said. The impression was that you weren't insured. I assume you mean you didn't have comprehensive which would cover that.
As far as assistance it would epend where you are. There may well be something in your area. Much of this small loan or grant type assistance is done trough local churches and such. That's a good palce to inquire.
I agree with you on the fact that your income is absolutely steady. Those marks that your ex put on your credit have got to hurt which is why the thought of a cosigner came up.
Best of luck. I think your best shot is through local charities.
2015 Mazda 6 Grand Touring, 2014 Mazda 3 Sport Hatchback, 1999 Mazda Miata 2004 Toyota Camry LE, 1999.
I will not advise anyone to visit this site.... again the rich get richer and the poor get poor but I'd rather be poor and nice than rich and rude!
I think you are making your own assumptions here. None of us are "rich" we all have bills to pay. It sucks what happened to you,but thats life. As someone noted,your best bet for assitance is probably a church charity. A number of organizations take donated cars, fix them up and either sell them or give them to needy people. Failing that, a buy here pay here lot would be your best bet.
well then, my apologies. When you said you didn't have insurance, that is not what you meant. I think you can plainly see the confusion. What you should have said is that you didn't have comprehensive or you "didn't have insurance to cover this situation." Something along those lines. Obviously, when dealing with a message board, how you write is very important to interpretation.
And, if it were true that you didn't have any insurance, to answer your question about who I think I am. I think I am a driver on public roads and have every right to be protected against uninsured motorists. Since you say you are not one of those, then my comments to you obviously didn't apply and there is no need to get bent out of shape about it. You correct the error and move on.
As to your problem, is there anyone you can borrow the down payment from? Meaning a relative? What about the husband? No chance there?
And I do hope that you carry full coverage in the future to protect against such mishaps. The car was only 4 years old, after all, and not exactly a junker (at least, that's what I'm assuming).
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
burnt: when you put your whole life story on an open forum, you are giving people the opportunity to criticize you. Some will say you are actually begging for it. If you re-read your post, you'll see why some folks jumped on you about the insurance. Of course, I'm wondering about the 16 month old and you haven't lived with your husband since 2005.
My advice would be to lower your sights on a used car. Not sure what the circumstances were surrounding the 2004 Saturn that caught fire, but for your situation, you need to buy a used car that costs about $5k-$6k and can be paid off in 2-3 years. There are plenty of fairly reliable cars (I'm thinking Buicks) that can be had for that money and will last you 2-3 years without major problems. A cheaper monthly payment will help you get back on your feet. Also at this price point, you may be able to get away with a $500 down payment instead $1000. It may be easier to get someone to loan you $500 (like your husband) for the down payment.
Good luck and remember not to put your whole life story out on the internet. We all have issues and situations. Believe it or not this forum is a great place to get advice.
Last August I received approvals from Capital One and Roadloans and bought my car from a dealership. Since then my FICO's have improved at least 20 points with each of the 3 bureau's, my salary has grown considerably, balances on my credit lines have dropped, and I have made 8 months of on-time payments to my existing RoadLoans loan.
RoadLoans flatly declined my new application because I need to make 12 months of payments before they will let me trade in my vehicle and finance another. Capital One declined too but would not say why. (Have to wait for snail mail)
Is it likely CapitalOne declined for the same reason that RoadLoans did? Am I better off just waiting until 12 months have passed or should I go into a dealership and let an F&I guy assist?
Do I need to sell my car, pay off the loan, and then wait a few months before buying?
All terrible scores, no doubt. But if I got a loan offer at the before scores it seems odd that the after scores wouldn't pull some offers. Unless, of course, what you say about the 12 months thing is accurate.
Equity doesn't come into play, I already have a buyer for my current car and that loan will be paid off.
Update: Without any prompting Roadloans changed their mind and sent me an approval notice contigent upon trade of my current car. It is 2% higher than my loan a year ago. Very confusing. 8 months of on time payments and they want a higher interest rate?
I'm going to wait past the year mark and then go to a dealer to try this again. All I expect is a rate equal to the one I had last year.
All I expect is a rate equal to the one I had last year.
Not an unreasonable expectation give the fact that prime is about 3% lower than it was 8 months ago. Unfortunately lenders are not as keen on less than prime borrowers as they were even last year.
Does anyone know what the lowest interest rate is thru toyota on a new Prius 60 month loan? I recieved a 5.5, I know this is lower than the local credit union but Ihavent been able to find what Toyota rates are on the Prius.
not sure where to post this, hope its ok, i had got a dodge caliber se (basic,basic model) 2007 when they first came out and had decided to go with a lease. sticker price was 15,000. I had put 3,500 down love the low payment and i do like the car, problem is now my lease is up in march. I know chrysler is not going to offer anymore lease programs and they have sent me a letter to offer me certain "incentives" to turn it in early. my problem is on the lease it says the buyout is around 13,000, which to me is way to high being i already payed 3,500 and plus 27 months at 80.00 a month. what confuses me is on my chrysler financial site the buyout say 11,000. so does anyone know if i can negotatiate the buyout price since i am no longer to lease a different vehicle, or if the actual buyout price normally varies from the lease agreement and chrysler financial. I would like as much info as possible so i know what to say when i go in to negotiate with them, also i would like to know if they are trying to screw me over because the salesman was a tool. sorry for the lengthy post. thank you anyone that can help.
Comments
If you are buying from a dealer they would have banks fighting for that paper.
GO to the dealer,let them get you done.
TMCC would probably buy you in a heartbeat.
I know the three different agencies have different ranges but I thought they only went up into the 800s.
They will be ready to sell you anything you want!
Some bureau co's have their own mickey mouse scores,which the banks don't use.
See what your Auto score is.
850 is the highest they go.
In my opinion the entire credit scoring system is predatory and needs to be looked at. There is no rhyme or reason to it.
Credit scores are nothing more then a license for banks to print money.
When I bought my house several years ago, I had scores like 820 and 799 on the other systems.
link title
" Experian does not sell the FICO score to consumers. Charges $15 for its report and its own Plus score. Also sells its own VantageScore, which evaluates consumers on a range from 501 to 990,
for $5.95."
Precisely, why share any part of the pie with Fair Isaac Company (FICO)?
Years ago, before banks were allowed to have branches, lending was pretty much a local affair with each bank developing its own lending criteria. A Fayetteville, N.C. bank had an economist develop a formula for measuring loan risk. Homeowners were better risks than renters (to no one's surprise). But the best risks lived in trailer homes! :surprise:
The bankers went back to the economist figuring that he had reversed the coding on the "home" variable. The economist investigated and found that the formula was correct.
It seems that the trailer home resident-borrowers were primarily officers and non-coms from nearby Fort Bragg and Pope Air Force Base. And these officers and non-coms were very good credit risks.
I have an TransUnion score of 529 / Equifax 562 and am having a VERY hard time getting a auto loan.
My lease on my 2005 Buick is up in a week or so and GMAC will not approve me on another new vehicle because I was late 6 times on my payments. I am TOTALLY paid up now (even late fees).
I make $24,700 a year and only have a letter of employment from my employers to prove my income. I am a Nanny and need a nice, safe car that can take on a Syracuse, NY winter.
I sent GMAC and credit app. to buy out the lease but in may take 6 weeks to hear back. I am hoping that since the residual value on my contract is $17,700 (allot more then blue book) they may let me buy it.
I finally understand about HOW IMPORTANT your credit score is and trying to pay off some of the deliquent accounts but it may be to late for this car purchase that I need ASAP.
What advice would you give me to obtain a late model, low milage, safe vehicle for me and my kids??..all THREE have to sit in the backseat.
Thank you VERY much for your time and I look forward to your response!
Michele
If you can't find financing any where you may need to check out a reputable note lot.
You might want to discuss this with your employing family. Several years ago, our nanny's car broke to the point where it was not economically the correct thing to fix it. She had no credit history so getting a loan on a car would not have happened. We helped her find a reliable used car for under $9k. She borrowed the money from us at an agreed upon interest rate and repayment schedule that we all signed. Payment was taken from her pay on a weekly basis. This may not help your credit score but it is one way to get an affordable car.
Good luck,
car_rm
How do you find a reputable note lot?
I have pretty much run out of options and need to go and at least check out a note lot.
What exactly is it? How much cash would I need, etc..
I just need to get a reliable car and then fix my credit and deposit every cash payment into my bank, so I NEVER have to go through this again!
Thank again for your help!
Michele
haselhuhn575@yahoo.com
Maybe keep them open and have the limits lowered on the ones you don't use?
I have a fair credit score and I am looking to get a new car. The car I am looking at costs about $28K, I have $13K to put down plus my trade in. The reason my score is not the highest is that I am fairly young and havenet had my credit cards for too long (about 4 years) and the credit limits are small, but nothing is on them. Also at one point in college I was late in paying them, but now those cards have had positive payment for about 18months.
I am nervous I might not be able to get a loan. Last night I submitted a loan request and was denied by Capital One Auto. Do I have a better chance of securing a loan through a dealership? Is leasing still an option?
Capital One is very tough. (or just clueless ... i haven't figured out which yet. These folks denied me a credit card several years back when my score was in the 720 range)
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
tidester, host
SUVs and Smart Shopper
With a repo and 2 CC's in default and on disability I would say only 10% down is a miracle if the dealer can really get it done.
Sorry ... but I have to be harsh here.
If you don't carry insurance, you SHOULD NOT BE DRIVING!! All I need is for you to run into me and I am SOL! Stay the heck off the road!
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
And you have no doubt already discovered why you need insurance. If you can't manage insurance you can't manage a car. Sorry if that sounds rough but that's the way it is.
As far as assistance it would epend where you are. There may well be something in your area. Much of this small loan or grant type assistance is done trough local churches and such. That's a good palce to inquire.
I agree with you on the fact that your income is absolutely steady. Those marks that your ex put on your credit have got to hurt which is why the thought of a cosigner came up.
Best of luck. I think your best shot is through local charities.
I think you are making your own assumptions here.
None of us are "rich" we all have bills to pay.
It sucks what happened to you,but thats life.
As someone noted,your best bet for assitance is probably a church charity.
A number of organizations take donated cars, fix them up and either sell them or give them to needy people.
Failing that, a buy here pay here lot would be your best bet.
And, if it were true that you didn't have any insurance, to answer your question about who I think I am. I think I am a driver on public roads and have every right to be protected against uninsured motorists. Since you say you are not one of those, then my comments to you obviously didn't apply and there is no need to get bent out of shape about it. You correct the error and move on.
As to your problem, is there anyone you can borrow the down payment from? Meaning a relative? What about the husband? No chance there?
And I do hope that you carry full coverage in the future to protect against such mishaps. The car was only 4 years old, after all, and not exactly a junker (at least, that's what I'm assuming).
'11 GMC Sierra 1500; '98 Alfa 156 2.0TS; '08 Maser QP; '67 Coronet R/T; '13 Fiat 500c; '20 S90 T6; '22 MB Sprinter 2500 4x4 diesel; '97 Suzuki R Wagon; '96 Opel Astra; '11 Mini Cooper S
Don't judge them too harshly. They really are trying to be helpful but sometimes forget that they too were once new to asking for help in forums.
With a little luck we'll get some better suggestions for you.
tidester, host
SUVs and Smart Shopper
My advice would be to lower your sights on a used car. Not sure what the circumstances were surrounding the 2004 Saturn that caught fire, but for your situation, you need to buy a used car that costs about $5k-$6k and can be paid off in 2-3 years. There are plenty of fairly reliable cars (I'm thinking Buicks) that can be had for that money and will last you 2-3 years without major problems. A cheaper monthly payment will help you get back on your feet. Also at this price point, you may be able to get away with a $500 down payment instead $1000. It may be easier to get someone to loan you $500 (like your husband) for the down payment.
Good luck and remember not to put your whole life story out on the internet. We all have issues and situations. Believe it or not this forum is a great place to get advice.
I am looking to trade in my car for another.
Last August I received approvals from Capital One and Roadloans and bought my car from a dealership. Since then my FICO's have improved at least 20 points with each of the 3 bureau's, my salary has grown considerably, balances on my credit lines have dropped, and I have made 8 months of on-time payments to my existing RoadLoans loan.
RoadLoans flatly declined my new application because I need to make 12 months of payments before they will let me trade in my vehicle and finance another. Capital One declined too but would not say why. (Have to wait for snail mail)
Is it likely CapitalOne declined for the same reason that RoadLoans did? Am I better off just waiting until 12 months have passed or should I go into a dealership and let an F&I guy assist?
Do I need to sell my car, pay off the loan, and then wait a few months before buying?
I need some professional advice!
You could try going thru the dealer.
Or,you could wait and let your credit improve more.
20 points on a low score isn't much of an improvement.
Transunion 533 - > 609
Experian 515 - > 546
Equifax 599 -> 619
All terrible scores, no doubt. But if I got a loan offer at the before scores it seems odd that the after scores wouldn't pull some offers. Unless, of course, what you say about the 12 months thing is accurate.
Not only in jobs and residences but in loans as well.
I would wait and get your score up to where it will really make a difference.
Even if that means you have to keep your current car for another year.
Update: Without any prompting Roadloans changed their mind and sent me an approval notice contigent upon trade of my current car. It is 2% higher than my loan a year ago. Very confusing. 8 months of on time payments and they want a higher interest rate?
I'm going to wait past the year mark and then go to a dealer to try this again. All I expect is a rate equal to the one I had last year.
Not an unreasonable expectation give the fact that prime is about 3% lower than it was 8 months ago. Unfortunately lenders are not as keen on less than prime borrowers as they were even last year.
It makes me wonder if I should bother waiting past the 1-year mark on my current loan before trading in.