mclaymon Posted March 21, 2005 Report Share Posted March 21, 2005 Help!I have a TU score of 750 + I live in FloridaI cannot find a bank or Credit Union that will give me an auto loan!My Equifax an Experian are too low and just get refused ...What do I do?Mark? Link to comment Share on other sites More sharing options...
jq26 Posted March 21, 2005 Report Share Posted March 21, 2005 How low? Do you have steady income? Late last year I had scores in the low 500s with a recent bankruptcy and I had dealers lining up to finance a new car for me with 0% down. My assumption is that your credit is better than than mine was! As long as you have income, anyone will finance you- in my case at a higher APR. In your case, if you can find a dealer or a credit union that pulls TU only, then you can get prime rates. Link to comment Share on other sites More sharing options...
mclaymon Posted March 21, 2005 Author Report Share Posted March 21, 2005 Equifax - 500Experian - 550I had an ID theft and they are not helping me at allTrans Union was the only company that has removed the negative linesI have applied to several banks and credit unions, they all use either EQ or EP and have flat out said no!Not even at a high interest rateI am self employeed and make 60k a year but they do not look at that because my company is only 18 months old.Ahhhhh Link to comment Share on other sites More sharing options...
jq26 Posted March 21, 2005 Report Share Posted March 21, 2005 My credit union happens to use TU only for all loans. I'm in PA. http://www.atlanticcu.org/index/index.aspHave you tried directly through a dealer? No matter what your credit score, you'll probably get approval. I'd try to find a bank or credit union that pulls TU only, but if that fails then go direct to dealer. They'll have no problem shopping out your sub-prime loan to get you in whatever vehicle you want. But be prepared to pay a higher rate. Good luck Link to comment Share on other sites More sharing options...
chatter2960 Posted March 21, 2005 Report Share Posted March 21, 2005 I got approved for a loan with my employer's credit union. The used experian and that was my lowest! (see scores below)My interest rate was 5.5%. I had one collection on my report that was pulling my score down - I was able to explain it. Link to comment Share on other sites More sharing options...
mclaymon Posted March 21, 2005 Author Report Share Posted March 21, 2005 The dealership tried but after 15 flat out refusals they cant help...I have tried many credit unions but they do not except me or they do not use TU Link to comment Share on other sites More sharing options...
jq26 Posted March 21, 2005 Report Share Posted March 21, 2005 Do you have an installment loan that is 90+ days late or something? They'll finance anyone I am told, even people they KNOW will default. Dealers don't care much after you leave the lot, because they shop out the loan to a 3rd party so there is no risk to the dealer- anything to get you in a new vehicle. They bundle bad credit deals with A paper loans and force lenders to take some high risk deals or risk losing ALL of the dealers financing business. I'm surprised that they turned you away. I've seen people who barely pay any bills secure funding with a down payment directly through the dealer.Keep looking for a bank or a credit union that pulls TU only. I know that Commerce Bank pulls TU in PA as well. Where are you located? Link to comment Share on other sites More sharing options...
mclaymon Posted March 21, 2005 Author Report Share Posted March 21, 2005 I live in FloridaThere are 12 collection agencies that have put negative lines on my reports in the last couple of months.Some do not even have a name, just an account number. Some are for an address in California. I have never lived there...I have sent many DV letters out to the collection companies and the CRAs.TU was the only one to respond.Two of the CAs were returned to me because of wrong address Link to comment Share on other sites More sharing options...
devil21 Posted March 22, 2005 Report Share Posted March 22, 2005 http://finance.groups.yahoo.com/group/whopulledmycredit/?yguid=77583757This should give you a guideline of who pulls what. Link to comment Share on other sites More sharing options...
workinninetofive Posted March 22, 2005 Report Share Posted March 22, 2005 Why not check into Jq26's CU? Link to comment Share on other sites More sharing options...
mclaymon Posted March 22, 2005 Author Report Share Posted March 22, 2005 I am calling Commerce Bank and going to Bank of America tomorrow. Trans Union said they would send me a universal letter to send the other CRAs but I have yet to see them... and do not know if they will take a letter from a competing CRA. Link to comment Share on other sites More sharing options...
jq26 Posted March 22, 2005 Report Share Posted March 22, 2005 Good luck. I haven't financed a car since 2001 so I can't really recommend anything more! Try the whopulledmycredit website....that gives you a starting pint as to where to go. Link to comment Share on other sites More sharing options...
DocPC Posted March 22, 2005 Report Share Posted March 22, 2005 Have you tried www.patelco.com ? Link to comment Share on other sites More sharing options...
MarvBear Posted March 25, 2005 Report Share Posted March 25, 2005 If you can find a dealer in the Florida area who is affiliated with Chartway Federal Credit Union, they will either use a TransUnion or Equifax bureau. They do NOT use the auto enhanced version. And if the TransUnion Bureau is superior to the Equifax bureau they will use that to approve you and to price the loan. Link to comment Share on other sites More sharing options...
mclaymon Posted March 25, 2005 Author Report Share Posted March 25, 2005 Chartway Federal Credit Union will not use Transunion in Florida...But if I get the UDFs from the companies in time I may be able to use Chartway with my Equifax score. Their rates appear to be the best so far.Just waiting now to see how long it will take for Equfax to update their information once I send them the UDFs Link to comment Share on other sites More sharing options...
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