My fiance' (wow, that sounds weird!) has bought me a new car. I made the pitch to finance thru Generations based on the advice I've read about them here. Best feature is "hidden trade line". But now that I think about it, I recall reading that credit cards and lines of credit are not reported, but I don't recall seeing anything about whether they report auto loans. I hope not! That was my sole reason for going with them. We pick up the car tomorrow and still have time to get the loan thru our credit union instead. Anyone know the answer to this one????
I wish I knew the answer to the question, but wait until you have to say, My Husband!!! It still sounds wierd to me! hehe But it sounds good.
Hi "newlywed Erica". Gosh you sure were a pretty bride!! I've oggled the pics of you and SuperShawn a time or too and you just get ahppier and happier looking! Hope I'm half as photogenic when the time comes! Well maybe somebody else knows the answer to my Generations question. If not, I'll ask them tomorrow before we do the final signing and let everyone here know the scoop.
Thanks again, hope. I just know that You Know Who was jealous. At any rate, I think anyone who is bold enough to take that step will be ablsutely photogenic. I hope you get your answer too!
I know they don't report the cc, and I'm pretty sure they don't report the auto loan. You could call and ask.
Hope, When I did my car refi with Generations at the end of October 2001, I asked whether they would report this and the LO stated "no". I asked another rep, who told me that they do not report anything and would not any time in the near future. So far nothing has shown up on my credit reports. But, if you're that concerned, it is better to get it from the "horse's mouth". Call them and ask.
In my opinion, on the initial application decision, pretty stringent. I had a 687 from TU (this score is what the Generations LO told me he pulled) and I was approved for a $1000 limit 15.9% credit card after a reconsideration. He made a point of suggesting that my score was low for them. They don't negotiate anything like the major card issuers, so what you get is kind of what you get (interest rates go down once a year by one tier per year down to 9.9% as the lowest offered). The benefit of Generations is that if you have a denial, like me, you have access to their loan officers - who really listen to what you have to say and will give you a chance at a loan. I think it is a good place for people trying to repair credit if they can get their foot in the door. I'm sure my 687 score was more than enough for the car refi, since secured debt is easier to get than unsecured. As far as customer service, it is refreshing. Just like walking into a real neighborhood bank.
Their customer service has been great. TU said my score was 703 when I got the cc. I didn't ask generations what score they showed. I got the 9.9%. So I think they might be a little strict, but not too bad. You have to be really careful when you are a small company when you are considering who to loan money too. I don't blame them. At least they have the tiers and decrease your rate if you start with higher than 9.9%.
Well, in my case, my fiance' applied for the loan solely in his name. And, thank goodness, his credit is good as gold. I didn't even bother to apply in my own name. Still too many issues to work on. They pulled TU and his score was 813. By the way, I didn't brag before because --- well after all, it's his credit that pulled it off, not mine. But I just can't help myself because I'm just full-to-bursting'... <drum roll please>!! It's a 1999 Jaguar Vanden Plas! Topaz with ivory white leather interior and enough wood (steering wheel, picnic trays, gear shift, paneling) to wipe out a forest. Lo miles! Sweet!!!!!
Per Generations Bank this morning: 'no, we DO NOT report auto loans, nor anything and don't plan to anytime in the foreseeable future'.
