Good news for me!

Discussion in 'Credit Talk' started by tareco, Mar 22, 2001.

  1. tareco

    tareco Well-Known Member

    I've been trying to find a source for a car loan without having dealer after dealer pull credit reports. I was going to try Household but on a whim, I called a local finance company to find out what CR they use and how low of a score they would work with. (Mine is 541). I was pleased to learn that they don't use credit scores! They pull the report and go over it with you. "Credit reports often don't tell the whole story", I was told by the loan officer. "Often times, there are really positive things going on that aren't reflected in the credit report." YAY!!! So I will be going there within the next week or so. I plan to bring any supporting documents for some of the entries on my report. For example, I have 3 positive credit lines with credit cards. The report shows that I'm current, balance and limit but doesn't show that I've paid my balance in full each and every month--the same with the others. So I called the cc companies and they are going to send me a payment history so that I have that to show them. I'm also going to get letters from other creditors that appear on but hasn't been updated yet. I feel pretty confident that this, plus a nice down payment will help me out. I am so grateful for this oppotunity--the chance to actually sit down with a person and explain my situation.

    I just wanted to share!!
  2. eddie

    eddie Well-Known Member

    If your buying new you can do the same thing with the dealer. Tell the salesman you want to sit down with thw F&I guy before you fill out the credit app. When you get to see him tell him the whole story. Dealers have some clout with finance companies because they give them so much business and if the F&I guy goes to bat for you he can do miracles. I bought my last two cars this way and despite having judgments collections and ghargeoffs was able to get financing through toyota motor credit on one and mercedes benz c.c. on the other. Generally you will get better rates through these type of lenders as opposed to independent finance companies. The bitch of the whole situation is however that I can buy a brand new Mecrceds E class but still cant get a decent credit card.
  3. miles

    miles Well-Known Member

    Good luck, tareco. I'm sure you will get a loan without problems. Let us know what kind of flashy car you get.
  4. Cadillac408

    Cadillac408 Well-Known Member

    I had to do that when I got my Cadillac. I had to write a 10 page essay (basically) explaining the negative stuff on my credit. Fortunately everything was paid and I had documents supporting that. The credit bureaus just hadn't updated yet. I did help that on my credit report next to the negative stuff, that there was a note that said: Customer dispute in progress.
  5. mother2

    mother2 Well-Known Member

    I wish I'd known this

    a couple of months ago. I have 10 inquiries in one month, trying to get approved for a car loan or lease.

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