Well, after over a year of cleaning up my credit, and adding new credit, things were looking good. Have 14 months of good history (3cc, 1 charge) on Experian, Equifax same with old auto loan paid perfect, 9 yrs old, and TU still fighting with. Got approved Citi AA 11.5K, converted to Plat. Otherwise had 29% usage, not counting Citi which doesn't yet show. 686 score on Credit Expert. Went to my CU yesterday and applied for auto loan. Needed 25 K loan, had 3K to put down. Called today, they approved for 15K, 10K shy of what I needed. They wouldn't budge. "Insufficient Credit History". They refused to pull Equifax which showed my previous auto loan, in addition to Experian who I knew they pulled. I knew my history with Exp isn't that long, but was hoping a 50K salary, 5 yrs on the job, and 4.5 yrs at residence would do the trick. Nope. I'm real bummed about it, thought I had it licked. Well, guess I'll sock away some more in savings and try again somewhere else in the spring. I'm afraid to hit the "apply" button with anyone now for fear of putting more useless inquires on my report. Oh well, needed to vent. danrs
well that stinks!! Better luck next time - I wouldn't even DARE apply for something like that, but I'm not even 1/100th as stable as you are : )
Hey bud - think about this You only went to your credit union - they are excellent for lowest rates in older cases - but everyone now is TRYING TO GET YOU TO TAKE A CAR just to get their dealership light bills paid. People are not spending money. Most dealers will snap you on the road with the keys in an hour with 20% down. 10% down - this economy - they'll get a lender that will do it. 5% - probably still do it. That was just one company's terms. That was your first BID. If you want the vehicle, go get it. Snap us back when you get it! You will! best regards - dogman
I'd keep pushing with your credit union. Try to go up the ladder. The FCRA states that creditors must consider other credit information furnished by the applicant. Use that. In the end, even if you shop around, your credit union could come thru with the best deal so be that squeaky wheel that gets greased. My brother always told me to never accept a NO until I've pushed back hard at least 3 times. Everything is negotiable. You just have to find the right person to deal with and use every argument in your arsenal as to why they should do business with you. Good luck, Mist
Stable? I feel anything but stable today! ;-) I've been looking forward to this vehicle purchase and planning for it for 2 years. Right now I just want to crawl into a hole and sleep the next few days. But maybe I'll give it a few days and see how I feel about it then. Maybe it was a blessing in disguise because I have been putting everything else on hold for so long, like furniture, and dating even. And I have been under so much damn stress lately from every angle, I wasn't enjoying the whole process like I thought I would. Maybe a new set of couches and a date (not necesarily in that order) will do the trick! danrs
get another CITI card, then balance transfer your $10k to your checking account, with citi's awesome rate right now, it'll prolly be same or lower than the CU's car financing rate. Will take serious discipline to manage that, but if theres a will theres' a way
What about dealer financing? What kind of car are you looking for? There are a lot of great deals out there now and some of the dealer financing is great. I have always been a big believer in Credit Unions. For a long time, they always beat the dealer. On my last two deals, I got approved in advance at the CU at a very good rate. In both cases, the dealer beat the CU rate. Just remember. On dealer financing, negotiate the price of the car first, then the financing. Otherwise, they will raise the price on the car to get you a great financing "deal".
