tonyv Posted June 12, 2007 Report Share Posted June 12, 2007 My credit score are tu610 ex590 eq640 - I got a load from a dealer for $16,000. I had to put $8000 down 50%. so only $8,060 financed. until now i always got turned down from dealers. for 6 month i stopped applying i paid my credit cards on time and opened a macys cc, i have f premier $250limit, tribute $350limit, macys $100limit <-- i can buy iraq with that card thats how big the limit is pssssss Link to comment Share on other sites More sharing options...
TSorad Posted June 12, 2007 Report Share Posted June 12, 2007 your scores are not that bad. Isn't 600+ considered to be pretty okay, average? Link to comment Share on other sites More sharing options...
bigjohnstud4200 Posted June 12, 2007 Report Share Posted June 12, 2007 620 is the bottom of "good". I'm surprised you had trouble getting financed at your score. Link to comment Share on other sites More sharing options...
tonyv Posted June 12, 2007 Author Report Share Posted June 12, 2007 my credit history is only 3 years old. i had allot of late payment with amex allso went to ca for 2k had to pay it off but them dmmn thing is still in my report. Link to comment Share on other sites More sharing options...
chilton1 Posted June 12, 2007 Report Share Posted June 12, 2007 I found this on the lexus website.Excellent:I have a strong, established payment history. FICO Score above 730. Very GoodI am careful with my credit and use it wisely. FICO Score 690 - 729. Good My credit is good but I do have some late payments, ORI have high balances on my accounts. FICO Score 650 - 689. Fair My payment history is not perfect and I have large balances on my open accounts. FICO Score 620 - 649. Poor I have poor credit. FICO Score below 619. No Credit I haven't established a credit history but understand that Lexus Financial Services has programs that may assist me. Link to comment Share on other sites More sharing options...
TSorad Posted June 12, 2007 Report Share Posted June 12, 2007 I know they are not great, but like already stated. Score in the 600's should have no problem getting loans. Link to comment Share on other sites More sharing options...
IHateCAs Posted June 12, 2007 Report Share Posted June 12, 2007 So what is your loan rate? Link to comment Share on other sites More sharing options...
Northern Lights Posted June 12, 2007 Report Share Posted June 12, 2007 It's nice to see you got your car loan, but putting half down is way too much! Any dealer would give you a loan by putting that much down, and now you have to look at you interest rate. If you do have a very high interest rate, then you are almost paying double for your vehicle, along with the depreciation. Car loans are a bad investment, but needed to get around. Read the fine print and let us know your interest rate. Link to comment Share on other sites More sharing options...
merkurfan Posted June 12, 2007 Report Share Posted June 12, 2007 Congrats on the car loan, but I can beat your story.. 17%, 1000 down, 13K financed.. Score 429 Fico Link to comment Share on other sites More sharing options...
IHateCAs Posted June 12, 2007 Report Share Posted June 12, 2007 It's nice to see you got your car loan, but putting half down is way too much! Any dealer would give you a loan by putting that much down, and now you have to look at you interest rate. If you do have a very high interest rate, then you are almost paying double for your vehicle, along with the depreciation. Car loans are a bad investment, but needed to get around. Read the fine print and let us know your interest rate.Yet you admonish him for lowering his principal by putting more down. Link to comment Share on other sites More sharing options...
IHateCAs Posted June 12, 2007 Report Share Posted June 12, 2007 Congrats on the car loan, but I can beat your story.. 17%, 1000 down, 13K financed.. Score 429 Fico You're bragging about adding 50% to the amount you pay on the car over a 5 year repayment schedule? God forbid if you got one of those 84 month loans. Link to comment Share on other sites More sharing options...
zfire Posted June 13, 2007 Report Share Posted June 13, 2007 The point is, as I see it.......with a real low score, he still got 17. That's better than some we hear about that hover around 24 or 25 isn't it?And he can always refi later. As to the 8k down, that is good too, because it lowers the amount of timeon the note, or lowers the amount he has to pay out over time.I say congrats to both of you!!! It's a startZ Link to comment Share on other sites More sharing options...
merkurfan Posted June 13, 2007 Report Share Posted June 13, 2007 You're bragging about adding 50% to the amount you pay on the car over a 5 year repayment schedule? God forbid if you got one of those 84 month loans.5 years on a 13K loan?? No one in their right mind would streach out a loan on a used car that long. it's a 3 year loan. Yes, it adds cost to the car, thats how loans work. It takes higher interest rates to build credit out of the 400's, and it is working I'm up 100 points from when I bought the van. when I hit 600 I'll re-fi or trade, it's currently worth more on trade than I owe. But we love it so much we'll likely re-fi or grin and bear the intrest rate. Link to comment Share on other sites More sharing options...
tonyv Posted June 13, 2007 Author Report Share Posted June 13, 2007 Congrats on the car loan, but I can beat your story.. 17%, 1000 down, 13K financed.. Score 429 Fico LOL whu financed you your mom i tried man about 20 dealers local and nation wide. with with 30 to 20% down, then i stopped for 6 months and worked like a pig.. then i tried again, but those ****ers i specifically told them to only pull my cr 1 time ands they tried 4 banks Link to comment Share on other sites More sharing options...
tonyv Posted June 13, 2007 Author Report Share Posted June 13, 2007 off cores bro thats my plan in 6 months or 12 depends how my scores are, i will refinance the load. Link to comment Share on other sites More sharing options...
Northern Lights Posted June 13, 2007 Report Share Posted June 13, 2007 "Yet you admonish him for lowering his principal by putting more down"He did not lower his pricipal if he has a high interest rate. Admonish as you call it, is just another way to say be careful from me! But like always someone new on this board who post two words or some other nonsense saying just to get a higher post reading, is a real diservice to us all.I may not post a lot and this is why, so many of you defend the truth like it's a lie! Good luck on your journey! Link to comment Share on other sites More sharing options...
merkurfan Posted June 14, 2007 Report Share Posted June 14, 2007 LOL whu financed you your mom i tried man about 20 dealers local and nation wide. with with 30 to 20% down, then i stopped for 6 months and worked like a pig.. then i tried again, but those ****ers i specifically told them to only pull my cr 1 time ands they tried 4 banksChase Custom Finance is who did my loan. One other bank approved me (not sure of the name any more) but the wanted 22% I've heard that Credit acceptance corp will finance anyone with some sort of garrantee to do it. Oddly enough, the bank of Mom turned me down!! Prior credit history with the bank was sited. Link to comment Share on other sites More sharing options...
Drew Posted June 14, 2007 Report Share Posted June 14, 2007 Oddly enough, the bank of Mom turned me down!! Prior credit history with the bank was sited.I bet a lot of us can certainly relate with that. I currently have an unpaid charge off with Bank of Aunt. Link to comment Share on other sites More sharing options...
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