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Approved!!! finally


almost_there
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What a weekend we had! DH and I were going to take over the payments on my brother's '94 Ford Ranger. I had talked to the finance person for his account several times leading up to Saturday, when we were scheduled to take a payment to them and sign papers for it. She knew what our credit situation was and also the scores I had gotten on line, which were "personal credit scores" not actual Beacon scores. She said that with our scores we should be able to get into something newer, so we decided to at least try. I was very apprehensive about any more inquiries, especially since I actually had copies of our 3-in-1 reports along with me in my back pack. We were sitting there, waiting, and we had gone outside and looked around the lot to see if anything caught our eye. It's been so long since we've looked at vehicles. All of our cars in the past like 6 years have been few hundred dollar beaters that we paid cash for, since no one would even talk to us about getting financed. Add to that our first ever car buying experience was SO negative, from start to finish (heck it's not even finished, GMAC still wants their money from us) that we didn't want to deal with dealers anyway, but there we were on Saturday afternoon, waiting for them to pull all our stuff and see what they could put us in.

When the guy came out and told us we had one approval already and they were working on a couple more trying to find the better interest rate, I almost cried. It's been so long. 7 years is a long time to put your life on hold and not be able to get nice things. Our battle with our past is finally beginning to subside. So, we had an approval. We were kind of in shock. The guy said, "for the payments you want, we can show you a 2002 Intrepid" I was standing there, still in shock, thinking to myself that I didn't really know what that looked like. We went outside and he pulled it up, my jaw dropped open, as this was a much fancier car than I expected that we could afford. DH and I talked it over, privately, and thought about sticking with the original plan of getting the Ranger that we had brought along. The payments on that were to be $300/month. We drove the Intrepid and then got back and talked some more in private. When Dan, my husband, looked it all over, considered the mileage on our two choices and the fact that the Intrepid still has a factory warranty on it, he decided maybe we should let the Ranger go and see the details on the Intrepid. We went up there prepared to pay $300 a month on the Ranger, so what would they give us for a montly payment on the Intrepid we wondered.

$388.

We talked about it some more, we know that all our problems of the past were a result of poor planning, money management, and getting in way over our heads. Could we really afford almost $100 more than we planned for? We can. I know exactly, to the cent amount, what our monthly obligations are and we can handle this. Of course, I'm sure we could've looked at something cheaper, but we're very happy with our new car.

When the finance guy was going over stuff with us, he explained our scores would rise 5 to 8 points a month each month we pay on time. He also showed us our REAL credit scores, right off his print outs from EQ. DH is at 602, I'm at 588 (which is like 40 points higher than I thought) then he went on to explain that when we get to like 640, we should be able to refinace and bring our current interest rate down. (I was excited about our scores, because I know that we only need 620 to start talking to bankers about a house!)

So, we are very excited about this whole thing. I feel a little apprehensive about how much we just added to our total debt and our debt to income ratio, but I still feel confident about our purchase. Of course, I will feel a little bit more comfortable with this situation once we have made a few payments, too. ;)

I'm just over joyed that my husband, who is gone weeks at a time trucking, now has something to really show for his hard work. Even though we just took on a 5 year loan, we can see the light at the end of the tunnel and it looks great! :D

I also wanted to mention that it was Household Bank that approved us AND just over a year ago, it was Household that gave us our first credit card after all our credit mess in the past. When I get a chance, I am going to sit down and write Household a very nice thank you letter. After hearing "NO!" as many times as we have, having someone say "Yes" means so very much. :)

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almost_there: Wonderful, wonderful news! Thanks so much for sharing it with us. Anyone who has ever experienced financial distress knows exactly how elated...and relieved...you feel. I can also relate to your feelings of wanting to cry when you realized that things are starting to look up. On top of it all, they will continue to get better and better!

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WOW!! CONGRATS!! I know the exact feeling you are talking about and there is nothing like it. All the work pays off and you are JUST seeing the START of it! Bad credit costs you SO MUCH MONEY, and once you get a few approvals, it gets better and better!

I love hearing success stories like that! Get my blood flowing!

Awesome car you guys got and with the 7year/70k bumper to bumper FREE warranty you now have, you cant go wrong!

Great story!

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Congrats to the both of you! I can say I've felt your pain. What I mean by that is that from '97 until last year I was paying for everything with cash because I thought my credit was bad. I hadn't even looked at my report, I just thought it was bad and wasn't even trying to get credit. I knew I had some good credit because I was making my car and all credit card payments on time, but I thought I had some charge offs. Well last year a few friends told me I needed to do a balance transfer because I was paying to much interest (on a couple of my cards the balance wasn't moving down) and they talked me into applying for a new card. I got approved and then I got 2 more. I didn't get one declination. This made me feel that my credit must not be as bad as I thought and now I'm looking to buy my 1st home. I've also requested copies of my credit report to see what it looks like. I'm hoping (Fingers crossed) that all is clean and I only have good credit. BTW, I knew that eventually I would need a new vehicle so I had saved enough cash to buy a new vehicle '01. That should tell you how much I was scared of my credit, I didn't even try for a loan.

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crabjoe: Goes to show that we really don't need unsecured credit. You proved that you could (almost) live without it (you did say you were paying on some credit cards). Heck you didn't even need secured credit when it came to purchasing a vehicle! I'll bet you'll be very happy when you finally see your credit reports. You'll have to report back in and tell us what your scores are.

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<blockquote>Originally posted by breathing_easier

crabjoe: Goes to show that we really don't need unsecured credit. You proved that you could (almost) live without it (you did say you were paying on some credit cards). Heck you didn't even need secured credit when it came to purchasing a vehicle! I'll bet you'll be very happy when you finally see your credit reports. You'll have to report back in and tell us what your scores are.

</blockquote>

I don't know if I could live without credit, atleast not in the country. It's so handy and these days it seems you need credit to get the deals. Also the only reason I was able to buy a new vehicle without credit was because I was saving (just over 5 years) from the time I bought the previous vehicle, which I only barrowed $8K from the bank and I got some help from my parents (already paid them back). Now I'm saving for my 1st house because I got approved on those new cards (I feel like I'm on a roll). I need to know what my credit file looks like and I'll let you know when it comes in. I'm tempted to just pay online for it and a score, but I've become cheap from to many years of penny pinching to get where I am.

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Crabjoe: With the inception of the debit card, it really is possible to live without unsecured credit. Not as convenient, perhaps, but very possible.

Guess I misunderstood in your first post that you had saved up the entire purchase price of a new car, but see that you borrowed $8k from the bank. That will make a nice positive tradeline on your CRAs, though, so will work to your benefit.

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Congrats to you!!!! I myself started this process just about a year ago. I've managed to get things deleted that I never thought I would. Now I'm starting the DV process for the things that didn't come off so easy. Seeing your story really gives me something to look forward to once I get my reort as well as DH's reports clean.

Andi

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I borrowed the money from the bank in '95. The car I bought in '01 was paid for in cash.

Today, I got my Trans Union credit report. And there is one derog on my report from Discover. I can't believe this.

There are 3 different discover cards listed on my report. The primary which is active that is reported paid as agreed never late, 2nd reported Stolen/Lost Never Late and the last reported 2 times 30 days late.

My problem is 2 fold when I called Discover tonight. The one showing late 2 times 30 days is the one that was stolen and was never late. Infact the Discover rep, Wendy, there stated that they don't report 30 days late. And the one they have listed as Stolen/Lost is some reference account. She also stated to me after she checked with her supervisor that they had no idea what a reference account was. I can't believe this. I get my card stolen and it causes a derog, and discover is telling me to dispute with the CRA.

There are a few other things I'd like updated. Some of these creditors arn't updating my report. 1st USA hadn't updated my report since 11/96! I can't believe this since I've never been late with them, had the 10K limit maxed out. The least they could do was update the information. Atleast I don't think it's hurting my report since it's showing "Never Late from last update." I only wish they would update the information sometime in this century.

- Crabjoe

<blockquote>Originally posted by breathing_easier

Crabjoe: With the inception of the debit card, it really is possible to live without unsecured credit. Not as convenient, perhaps, but very possible.

Guess I misunderstood in your first post that you had saved up the entire purchase price of a new car, but see that you borrowed $8k from the bank. That will make a nice positive tradeline on your CRAs, though, so will work to your benefit.

</blockquote>

[Edit by Crabjoe on Tuesday, May 20, 2003 @ 06:58 PM]

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