Oh geez I have a gazillion pages of pprwrk on the asset account. I've been validating with them since March 3rd...so far I've received a computer printout, and also a copy of the original application for the discover account ( I know, I was quite surprised by this). I've since requested copies of the statements to validate the amount of the debt. They haven't responded to that request and as of last Wednesday, I sent them a 15 day letter. Estoppel will be next, but I just want to make sure I give them ample time to get copies of the statements. It's a chargeoff from '96. If they ask about it, I was thinking about just saying that I won't pay it because if I do, it could potentially stay on my report an add'l 7 years, since this account falls under the "OLD" FCRA, which wasn't specific about when the 7 eyar reporting period started. Therefore, why risk the chance of handing over $1k and being screwed by having them reage the account. Or, i could just bring in the gazillion pages of pprwrk I have and just tell them they can't provide an accurate accounting of the debt, and I won't pay it until they can prove the amount htey are collecting is accurate (with is definitely a reasonable approach, I would think). Payment for deletion is not an option with Asset. Anyway, thanks for the input; it is very helpful!
Matt- Personally I would leave the printout and app at home (from Asset), maybe the CU can even help you get it deleted. If it's 6 years old, I don't think it will even be a problem. How old are the other ones? and how long have you had your positive accounts open for? BTW, like someone else mentioned the TU score you see is GARBAGE!
It distorts the facts. I hate this score crap. Without the score, my TU doesn't look all that bad. But, with the score, I look like a real loser. matt_r That's the beauty of scoring.
I may entertain the idea of leaving some of the docs at home, but I'm trying to do this as honestly as I can, so I won't make that decision until after I find out what the dispute results are. Plus, most subsequent letters that I sent to asset reference either the printout or the illegible copy of the app they sent (it's all black and most of the identifying info is illegible). My accounts are all very new. One cap1 account was opened last june, the Orchard was opened in February and the other Cap1 (I call it 'cap2' ) was opened in February as well, but it has never reported to TU. And that's it. The other derog is a gym membership that I cancelled but they never cancelled it and sent it to collections instead. I already resolved this issue, as I refuse to pay it and told the CA as well as the gym this. I've disputed it and it came back verified...twice.
To be honest, KHM, I really don't know. I felt like I went in prepared, although inside I was freaking out. So, this morning I got up at 6am and typed up a 2-page brief that explained the two derogs left on my report, as well as my lack of credit history. I positioned it in such a way that to the reader I looked well-informed, organized and prepared to answer any questions (which I am/was). I faxed this to the underwriter as requested this morning and also printed two copies for myself and the banker at the credit union. When I got there, we went in the office and I was expecting that it was going to be a conference-type call with a speaker phone and everything. Well, he just dialed her number and handed the receiver to me and I spoke with her directly (first bad sign). Her first question was whether or not I would be willing to get a cosigner (second bad sign). I replied 'no' because I am prepared to do this on my own, one way or another. She said that it is a good thing that I would put $3k down (over 20%). She didn't mention any of the points I had made in my letter. I would have liked the opportunity to explain myself better, but she didn't really seem very interested in hearing. I did take the time to tell her that I have other options available, like buying my mom's car and not taking a loan at all (this is what my dad is pushing for). However, I told her that I would rather take a loan because it will help my credit history. I truly don't see why I should need a cosigner when I have no outstanding debt, I'm 26 years old and could afford a loan twice as big as what I'm asking for ($13K w/ $3K down = $10K). Everyone has a first car loan, right? I mean, if I wait until I'm 30 and making $60K/year, will they still ask for a cosigner??? For the record, my report only shows 2 derogs, one of which is a gym membership and the other is Asset which should be deleted either today or tomorrow. Anyway, she asked that I fill out a credit application (this is not what I wanted to do--I only wanted to discuss my options, but whatever) and the banker would fax it to her. She said she would talk to the director of financing or lending or whatever and give me a call this afternoon. She did repeat that the one good thing is that my down payment is pretty big. So, I filled out the application and gave Dan (the banker) my cell number to have them call. I honestly have no idea what they're going to say, but I'm thinking it's going to be another BIG< FAT turndown. Oh, well at least I tried. If this falls through, I'm throwing in the towel and buying my mom's car. I've had enough of this crap to last me a lifetime. I can't tell you how frustrating this is/has been. I just checked my TU report and guess what. They pulled credit on me. I can't believe this. I specifically told them I didn't want them to do this without giving me an idea of what to expect (I don't need the inquiries and I already faxed her a copy of the report to begin with). I swear all I wanted to do was what's right best for my credit history. Not trying to screw anyone over and I'm not trying to get a BMW that I can't afford. All I want is a lame Sentra to get me around and help my credit at the same time. Where's the crime??? Okay thanks for listening to me ramble. I'll post the results after I get the call.... -Matt.
I got a call from the underwriter. Denied. Oh, well...back to the drawing board. My dad was checking insurance costs on my mom's car under my name so I guess that's what I'll have to do. She said I would need a cosigner to get a loan. She can take my entire loan app, all the work and stress I put into this and her 'cosigner theory' and shove it where the sun doesn't shine. I'm going to call her back, just for one last ditch attempt, but I'm sure it won't do much.
Hi Matt, Sorry you have to go through so much to get a car loan. I understand your plight. I mean really, it's a CAR!!!! If I don't pay, come and get it!!!! It's easier to get a freakin' house!! My CU says they didn't turn me down "technically" because I just need a co-signer. Problem is I don't have one. And besides, what for? I can make the payments.......can't they see that from my income?? The most I qualify on my own for is 5K. Not sure what they expect me to do with that. It really stinks when you have bad credit. :-( LB ps. Let me know how your appt goes.
I saw this after I posted. ((((((((Matt)))))))))) I'm sorry you weren't approved. It's so stressful, isn't it? I mean, goodness, it's a CAR. A lousy 10K loan. After my denial, I got really depressed and am just coming out of my funk. I hate that income doesn't count for much these days. Everything is so credit-driven. LB
Matt, I am really sorry for what you are going through. Please Forgive me for asking if you have already talked about this, but have you tried dealer financing? I had three charge-offs, (though they were all 6yrs old) on my report when I was looking for a car. I was denied by people1st/capital , Roadloans, Americredit. I just wanted someone to give me a chance, then I could refi the following year. I had 20%down payment. I finally went through the dealer who was able to get me approved at a 5.9% rate for a 33K loan. I do not know what kind of strings this F&I mgr pulled, even though I ended up with 3 inquiries from 3 different banks on my reports, but this was unbelievable.
This option is still open.Re: Can't get a car loan to save my... lbrown59 | 4256 posts since Feb 2001 205.188.197.31 | 05.09.2002 @ 13:34 Pick out the Veh. you want. check the banks. Get the loan terms. but don't apply. Take the down payment deposit it in an account for you. Deposit the monthly payment they gave you in the account each month. At the end of the term withdraw the money and pay cash for the car.
Miranda, Did you have any auto loans in the past or an extensive credit history? This is my biggest obstacle. I just got off the phone with the CU underwriter, and my score qualified for "A" tier credit--my empirica score was 661. Yet, because of the fact that I do not have any large installment loans on my credit history, they don't want to be the first (without a cosigner). What does your credit history contain as far as installment loans?
This is the same thing I've heard from Roadloans. I mean really, how will you have a record of paying off a car loan if no one will give you one!!!!!! Surely, everyone with their first car didn't have a cosigner, did they? LB
No, I have never had any installment loan in the past. On my CR, I had three 3 charge-offs, 2 of them paid. As far as positives, I only had Providian(2&1/2 yrs), and Cap1, ~1&1/2 yr. I had one Best Buy, over 7yrs, but it is inactive/closed. So really, I can't say that I had extensive credit. The F&I mgr told me that the he got the Finance company to put me in some kind of "first/recent college graduate program", since I never had a car loan. But I actually graduated from college 6yrs ago. He actually also got me approved from a bank prior to this, but the rate was going to be 14.5%. I don't know, maybe I was just lucky, but they did tried to work with me. I really don't understand why you are having such a hard time. Good luck
I agree lbowman. Like Miranda suggests, I think it really depends on who you're dealing with and how much of a risk they want to take. WHile I understand the risk in lending to a first time buyer, I sure wish they would look further than whether or not any "Car credit" exists on the CRA. Well I can't change the world, so I'll just deal with it. For me, the denial was much easier for me to take once I confirmed that it was lack of credit history, and not that stupid derog still left on my tu.
Matt- I'm so sorry to hear you didn't get the financing, but on the other hand an "A" tier credit is quite an accomplishment!!!!! Here's what I would do, go to the credit union, take out a secured loan. Give them $500 (or whatever you want) they will put it in a CD (their collateral), then you get either a 6 month or 1 year loan, you make your monthly payments. That way you have an installment loan on your CR's, just make sure this CU will report it. My friend just bought a new car, PERFECT credit but NEVER had an installment loan, 17%. Her scores are all 700+. Also, If you opened a checking account at the CU, apply for an overdraft and see if they can use the same original app. this is sometimes reported as installment (even though it IS revolving), mine shows up as installment. Chin up Matt, I say 6 months and YOU'll be turning creditors down!
Hi, My background is the automobile credit industry. Althugh I am not in this any more I don't see why you can't buy a car. What you need is an agressive F and I manager and salesperson that can work in your favor. The head F and I Mgr at a car dealership I once knew once said to me, "I can get anybody "done" on a car loan as long as he doesn't hava a tag on his toe " As with a lot of other things timing and location means a lot. My suggestions: The car dealers are your best shot. Ford Credit is the most agressive lender, GMAC is very weak. Go to a medium size car dealer, not a super fast track-everybody drives type of dealer. Most of these dealers know they have to work harder to sell more cars. Ask to see the guy that sells most cars/month, he'll probably have his name on the wall as on some plaque and is usually the owner's son or nephew. His deals get top priority over the rest Pick out a car you like but not the totally tricked out specimen or a demo. Bring a trade in, any trade in will do. Bring a decent down payment, $2000 will make them happier but sometimes a beater trade in will do. DON"t TALK ABOUT YOUR CREDIT PROBLEMS . If they ask you '"how's your credit" answer ok. The best day to score is on a friday night, especially during bad weather, preferably after 7 pm. When you're sitting in "the box" ( with the credit guy) pretend you just heard of these problems and have some good excuses ready he will need them to "sell your paper" to the finance co's. You may have to wait for an answer and not drive home that night but there's a 90% chance your deal will "get done". There are a lot of good reasons too long to list as to why these things will help you or anybody. Good luck
Matt - thanks for sharing this - and it takes courage to post ANY denial. I know! OK - have you looked at Triad Financial? Seems like people here have had good experiences... I got mine through Cap One Auto Finance for $30K - only $1000 down is required - I put down $10K. The best position would be to get an approval from a high rate lender, then take approval to the credit union officer. They would approve you on the spot - because you were asking for their help.... Since you don't have the loan yet - is a Sentra really what you want? aarrff - dogman
Hey guys... What do you think chances are of getting financing through dealer F&I with 585 EQ, 592 EX, 630 TU ...scores result of boatload of lates(time period 99-01) on five cc, 5 past solid car loans (one had 3x 30 days), no collections, mortgages all clean, plenty of history....just LOTS of lates on those stupid cc...Obviously before I knew anything about credit and this site! Looking to lease a minivan... put down as little as possible...have good income, just crappy scores... Thoughts?
