Descent credit -- new car???

[hzsogood 5,000+ posts]

640 isn't pathetic. I had a girl who was only 22 come in last week with a score of 440. Then we ran her mom's credit as a co-signer and it was 510 //content.invisioncic.com/y282845/emoticons/hilarious.gif.02a037aad04aa96f19982b298a3d70a8.gif That's pathetic //content.invisioncic.com/y282845/emoticons/crap.gif.7f4dd41e3e9b23fbd170a1ee6f65cecc.gif

That s a lil funny...//content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif But mine was a litttle higher about 8-9 months ago when i first took out my car loan.. And since then ive made all my payments on time, so i thought that my score might have went up even a little... AT the worst stay the same.. But about 2 months ago i got a capital one credit card but even tho ive made all the payments on that one as well my score went down .. I guess its because since im re building my credit they see it as another negative for me.. B

But it doent seem fair for them to drop my credit when i havent done anything wrong.. And on top of that made all my car/CC payments on time..

 

[squeak9798 5,000+ posts]

That s a lil funny...//content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif But mine was a litttle higher about 8-9 months ago when i first took out my car loan.. And since then ive made all my payments on time, so i thought that my score might have went up even a little... AT the worst stay the same.. But about 2 months ago i got a capital one credit card but even tho ive made all the payments on that one as well my score went down .. I guess its because since im re building my credit they see it as another negative for me.. B
But it doent seem fair for them to drop my credit when i havent done anything wrong.. And on top of that made all my car/CC payments on time..

Don't try to understand credit scores.....you never will //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif

Seriously though....working the lending industry for 6+ yrs and attending many seminars that cover the subject, I can honestly say that I put little value on credit scores in general. I've seen way too many inconsistencies in the scoring to put much faith into them, and the formulas used to derive the scores are extremely complex with hundreds of variables. (I've never seen the actual formulas (trade secret), but have been lectured numerous times on things that affect the score) On top of that, all it does is confuse consumers....things that they think should help their score many times don't.

Just pay your debts on time, keep your quantity of credit cards low, and don't keep high balances on your cards. Beyond that, don't worry about it too much as you can not play the "credit score" game with the scoring agencies...they're way, way, way too complicated.

 

[badstang123 10+ year member]

Don't try to understand credit scores.....you never will //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif
Seriously though....working the lending industry for 6+ yrs and attending many seminars that cover the subject, I can honestly say that I put little value on credit scores in general. I've seen way too many inconsistencies in the scoring to put much faith into them, and the formulas used to derive the scores are extremely complex with hundreds of variables. (I've never seen the actual formulas (trade secret), but have been lectured numerous times on things that affect the score) On top of that, all it does is confuse consumers....things that they think should help their score many times don't.

Just pay your debts on time, keep your quantity of credit cards low, and don't keep high balances on your cards. Beyond that, don't worry about it too much as you can not play the "credit score" game with the scoring agencies...they're way, way, way too complicated.

As I stated before I work with the banks a lot as well. Everything squeak said is right on.

And don't compare rates that other people have gotten on there cars to what you should get. Rates have been consistently climbing and the same rates that were available even a few months ago, are not anymore.

 

[hzsogood 5,000+ posts]

Don't try to understand credit scores.....you never will //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif
Seriously though....working the lending industry for 6+ yrs and attending many seminars that cover the subject, I can honestly say that I put little value on credit scores in general. I've seen way too many inconsistencies in the scoring to put much faith into them, and the formulas used to derive the scores are extremely complex with hundreds of variables. (I've never seen the actual formulas (trade secret), but have been lectured numerous times on things that affect the score) On top of that, all it does is confuse consumers....things that they think should help their score many times don't.

Just pay your debts on time, keep your quantity of credit cards low, and don't keep high balances on your cards. Beyond that, don't worry about it too much as you can not play the "credit score" game with the scoring agencies...they're way, way, way too complicated.

Ok well since you and stang know whats going on, answer this.. When my credit was pulled when i bought my car back in december, the equifax report was showing 3 unpaid balances from back in the day 99-00 .. They totaled $1500 or so.. So in order to make good w my credit union and show them that i really did forget about some BS that happened 7 years ago.. I paid them all in full... Now when i pulled it again, they still say unpaid??? Do i need to call someone or what, cuz 9 months and its still not gone is rediculous, and im sure it doesnt look good when my credit does get run and they see unpaid

 

[squeak9798 5,000+ posts]

Ok well since you and stang know whats going on, answer this.. When my credit was pulled when i bought my car back in december, the equifax report was showing 3 unpaid balances from back in the day 99-00 .. They totaled $1500 or so.. So in order to make good w my credit union and show them that i really did forget about some BS that happened 7 years ago.. I paid them all in full... Now when i pulled it again, they still say unpaid??? Do i need to call someone or what, cuz 9 months and its still not gone is rediculous, and im sure it doesnt look good when my credit does get run and they see unpaid

Yes, you need to call either the collection agency and/or the credit reporting agency.

Credit reporting agencies don't just "know" what your credit history is. They are entirely reliant upon the lending/collection companies reporting the information to them. And, yes, companies some times do either report the information incorrectly or do not update the information properly, such as when a balance is paid. This is primarily only a problem with delinquent credit/collections...they seem to enjoy sticking it to the consumer and not updating when a delinquent/collection item is paid in full.

You have two options...either contact the collection/lending company directly and ask them why they are not reporting on your CB as being paid in full (ask politely, not on the offensive), or contact the credit reporting agency and dispute the information. If you do the later, the credit agency will send a request to the collection/lending company and ask them to compare their records to the records showing on the credit report.....9.5 out of 10 times this will fix it on your CB. However, if for some reason the collection/lending company states that the information on the CB is accurate and agrees with their records...then you will have one hell of an uphill struggle ahead of you trying to get it changed. Though this occurance is in the minority, so don't fret. Just be aware that it *could* happen...nothing in life is 100% perfect. You'll just need to find out why the collection/lending company is not showing your balance as paid in full in their records, and battle it from that angle.

Also, realize that most companies only update their information with the credit reporting agencies once a month, on a set day per month (at my old bank, it was the 5th of the month). So if it's not resolved next week, for example, that doesn't mean it hasn't been taken care of. It just hasn't updated yet.

Also, I think I've posted this before...visit http://www.annualcreditreport.com and obtain a free credit report from all 3 reporting agencies. This is a free site set up by the government to allow consumers to keep an eye on their credit (and hence, identity theft) by giving consumers the ability to obtain one free credit report from all three agencies once every 12 months (ONLY the report, not your score). Once you have the report, you will have the option of disputing the information contained within it. For your purpose, it is a simple way of being able to go in there and dispute the information. Otherwise your bank/credit union should be able to give you contact information for the credit reporting agency....but it'll be a little bigger pain in the neck doing it that way.

 

[hzsogood 5,000+ posts]

Thanks for the help again man. Im going to get that report now to clear up any unpaid debts i may have.. So how long does it usually take to get to a 700 if im around 600 now if all my reports are showing paid and i keep paying loans CCs etc on time.. I no the score isnt everything but, once i have everything else cleared up, i just want to get everything back on track

 

[hzsogood 5,000+ posts]

Well i ****ed that one up.. I got the equifax report through, But thats the one my CU runs anyways.. The other 2 i guess i made a mistake on or something.. They were asking me for BS like .. What was your account number for the car you bout in 1996.... Umm the hell if i no.. You tell me.. aahhhh .. And those where the 2 that i actually wanted to see too:crap:

 

[squeak9798 5,000+ posts]

Thanks for the help again man. Im going to get that report now to clear up any unpaid debts i may have.. So how long does it usually take to get to a 700 if im around 600 now if all my reports are showing paid and i keep paying loans CCs etc on time..

Nobody can tell you that. It's pretty much equivalent to the "high many deebeez will I hit question".....there's no answer to the question until you try. As I said, there are so many inconsistencies, and so many variables factored into the equation, that there's really no way for anybody to even take an accurate guess. Especially those of us sitting on an internet forum, who haven't even glanced at your report.

Just remember....even though bad debt is paid, it's still bad debt and will still unfavorably affect your score. Though over time, the amount that it affects your score will decrease. I *think* it takes 7yrs from the date the account was paid for it to no longer affect your score. It's either 7yrs or 10yrs, I can't remember off hand right now.

 

[hzsogood 5,000+ posts]

ttt //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif Quick question about my trade in.. The civic si is about $22k , now if i get 6 for my car and owe 8k im asssuming that they add that cost to the civic price bringing me up to 24k.. Now the Q is.. If the bank will only give me a certain value for my trade does that mean i have to come up with another $2,000 to put down?

At 22k the bank wanted 4k down, so a 18k loan

With what i owe on the trade will i need to put 6k down then or does it work a different way

 

[squeak9798 5,000+ posts]

You'll probably need to put down enough money so that the loan amount stays the same.

Without reviewing your loan file I can't say for sure, but they likely capped off the amount they'll loan you due to your debt to income ratio, credit history, loan to value ratio, and/or any combination of those three.

But chances are if they told you they'll only loan you $18k, then you'll have to make up the difference between the loan advance and the final purchase price including trade-in deficiencies.

 

[hzsogood 5,000+ posts]

You'll probably need to put down enough money so that the loan amount stays the same.
Without reviewing your loan file I can't say for sure, but they likely capped off the amount they'll loan you due to your debt to income ratio, credit history, loan to value ratio, and/or any combination of those three.

But chances are if they told you they'll only loan you $18k, then you'll have to make up the difference between the loan advance and the final purchase price including trade-in deficiencies.

I had a feeling youd be on this one pdq //content.invisioncic.com/y282845/emoticons/smile.gif.1ebc41e1811405b213edfc4622c41e27.gif.. Well that does **** pretty bad.. I have about 2k saved but i dont think i'll be able to put down 4k more in 3 months ( to save at least ) with all my other bills... But that is just what my credit union told me.. Might the dealer be a little better that that? Or Be able to work around a smaller DP

 

[squeak9798 5,000+ posts]

Possibly. Different lenders have different lending criteria.

Ask the dealer to send your application to a few different financial institutions to see what kind of offers they can get you.

 

[hzsogood 5,000+ posts]

Possibly. Different lenders have different lending criteria.
Ask the dealer to send your application to a few different financial institutions to see what kind of offers they can get you.

Thanks again for all the help man, You make me sound like less of a moron everytime i go and talk to the dealer