ok i got my credit report from true credit i need help gettin my credit score up so i can buy a car on true credit my scores say 486 for Experian and 546 for Equifax and does'nt have nothin for TransUnion says i have to add them with a letter or sumthin i have 3 credit cards but i only see one on my credit report shows up what do i do and where do i start to gettin higher scores
You haven't given us a lot of info why your scores are low.I'm thinking not enough credit history.So getting a loan is going to be hard.Not impossible but high interest rates.are your cards maxed out.
Tell us basically what's on your report--how many cards, how much utilization on them, how long have you had them. Are there any entries under derogatory accounts? Any chargeoffs or lates?
cards ot maxed out they are all 250 on all 3 i'm about at 150-180 just got them down and had to use them agian my credit report says i'm 12,000 in debt mostly med bills and like 3 utilities bills and there not high gonna pay them soon as i get a chance i have 2 cell phone bills on there to
Sounds to me like part of your problem may be low income. That's something people trying to get their credit scores up don't think about. Income is one factor that is considered when they issue cards. If you have barely enough to qualify for any card then all you will get is low limit cards and there is little you can do to get high limit cards even though you have a high score. It works on an income to debt ratio. So if you are making 100k or over and have a low income to debt ratio and a great payment history you can get good cards with high limits. If you are making 18K or less and have a low income to debt ratio and a great payment history you might have a high score and still can't get high limit cards. If you have a high income to debt ratio you are in trouble no matter how much you make. With the scores you say you have and want to buy a good car expect to have to come up with a big down payment. Most lenders will want somewhere close to 1 months income as a down payment if your scores are less than 600 and you are trying to buy a nice car. Somewhere around 10% of the sticker price. Maybe even a bit more. Most lenders will also insist that you buy a low mileage car so it stands a good chance of lasting at least until you get your payments made. Most will demand that you buy a care with less than 50,000 miles on it if you are buying a used car.
What is disturbing to me, after reading this thread, is that people in situations like the one Koalleon describes easily fall prey to unscrupulous car salesmen. They'll offer 30+% "in-house" financing, charge all sorts of fees on the front end of the loan (that they'll happily finance as part of the loan), require bi-weekly payments or something and have their repo-men standing by with their tow truck to come get [what you thought was] your car if you make a payment 5 minutes late. Even if you do make all the payments on time, you'll be paying twice what the car is worth to start PLUS interest. You'll never get out from under it. NEVER! I've read about some dealers selling the same car several times over a period of a couple of months (an extreme case, I hope). You might be better off looking for alternatives...
Used cars CCBOB's comments are all too true. They apply mostly to what are called TOTE-THE-NOTE car lots. If you are looking for a car with few miles on it you won't be likely to find such a car on those kinds of car lots. All you are probably going to find are high mileage vehicles and most in shabby condition.
I'm a title clerk and we deal with the aftermath of those lots.Chances are if you payoff the loan you'll never get your title so you'll never own your car unless you file a fraud charge on the car lot.No title clerk can get that title nor can the dmv,so who ever has the title owns the car.
