Hubby and I have spent the last year cleaning up his credit report - we recently got his report down to all R1 and I1 - except now he has NO beacon Score on his Experian report. We are now trying to get an auto loan but are getting turned down because there is no score. How do we get a score placed onto the report so we can get a car loan? Secondly, we are planning on applying for a mortgage within the next 3 months. Will our chances be hurt if we get the Beacon score and an auto loan so soon before applying for a mortgage? (Btw, we are VA eligible and have also considered going FHA for the mortgage). Any help will be appreciated.
Not only have we looked but also our credit union (who turned us down because of not having one). He called Equifax to inquire about not showing the score. They said since he is not showing any active credit in the last 6 months, there is no score. Our last dispute was a 30 day late payment Capitol One was showing, which was innacurate. Instead of removing just the invalid late payment, Equifax removed the entire entry. We have also not financed a car in his name in over 7 years. He paid cash for his last car and my car is in my name (my credit report is horrible so we aren't going to use mine).
Forget about the beacon score & trying for a car loan which will only increase your debt / income ratio. Pay cash for whatever you can afford. Get the classifieds. Look under the make / model / year & shop that way. Pay $100 for a complete mechanical inspection. These days many dealerships (at least in NYC & NJ) insist that you fill out their credit application before a test drive so they can determine how much you of a loan you can qualify for (if any). I doubt that you will qualify for financing for a new car, since it is very hard with any imperfect credit.
Re: Re: Help with Beacon Score Not you again... Leave these car threads alone. You have nothing constructive to say.
Re: Re: Re: Help with Beacon Score You know what?? Your (and others) attacking me for voicing an opinion is nothing more than a sign of ignorance on the way that financing & credit actually work, and WHAT in the real world the person can be approved for. Go ahead, bury your head in the sand. Maybe in middle america things are different, but in the NY & NJ area, buying a car is a whole different (horrific) experience. What bothers me & I will continue to make it known is the treatment that those with less than perfect credit receive when trying to buy a car. My latest experience was a 2000 Nissan Maxima that was priced on Autotrader.com at $15,400, but because I couldn't qualify for financing (which they vehemently said was required thru them)the price suddenly jumped to over 18,000 (for a used car). This same situation has occured at least 6 times to me in the last 4 months. Remember my FICO is 630 ish with the worst thing being, one paid chargeoff from 2000. Remember, if you have anything derogatory other than one or two lates in two years on your credit report, then you will not be getting prime rates from the dealer, and probably shouldn't even try to make a deal since you will be ripped off either on the front or back end. Finance managers are swamped with credit applications. The LAST thing they want to deal with are people with imperfect or problem credit. Go on, attack me, but many people fully agree with, and have similar or worse horror stories.
Re: Re: Re: Re: Help with Beacon Score Sure everyone has a horror story, but good greif, get a life. You come in here and tell people w/o 750 score's they can't get a new car blah blah blah, you were told to try a cu and then you started in on how you must have 750 scores to go through a cu which we all here know is not true. If all that you say is true about you're experience, there is something more to you're story bc everything you have said is BS, plain and simple.
Re: Re: Re: Re: Help with Beacon Score I have never, ever said that someone with a 750 credit score would have a problem getting a car loan. Actually just the opposite, someone with 700 or over would get prime rate financing & probably even 0%. This is EXACTLY the ideal customer the F&I managers are looking for. Unfortunately, some people are unfortunate enough to have a few lates on their credit record or worse (many times thru no fault of there own). Others are victims of the FICO scoring system & there scores are lower due to: too many accounts, unstable residence, too many inquiries, credit utiliztion rate (even when everything is current), Also, I said is once and I will say it again: A) Many times you cannot finance thru a credit union to receive an advertised price in the newspaper or internet. Today, I counted at least 10 dealer ads that stated this in the fine print. It is on the bottom of these ads in NY Newsday. So, it isn't my opinion. B) Zero percent has been so hyped by the media, but who qualifies, and how? It is buried in the fine print, you may or may not. No one with a slight negative will qualify. The media has never, ever stated this.
Re: Re: Re: Re: Re: Help with Beacon Score Sure, but at what interest rate. 8% or 18%, with how much down? How many years. People like myself who have a reliable vehicle will be damned to pay 14.9% on a used car (at full kelly blue book) because of imperfect credit. But, many others aren't nearly as smart, and are easily seduced by these car dealers. Usually, they don't even tell you these things until you are ready to sign the contract even though they know DAMN well exactly what the terms are. Also, if I am not mistaken, car sales have been at record highs for the past 3 years, and many times vehicles aren't even in stock & you must be prequalified just to take a test drive. Believe me, there is absolutely no shortage of business, quite the opposite.
Re: Re: Re: Re: Re: Re: Help with Beacon Score You ARE mistaken, car sales are at a record LOW. That is why the dealerships are now offering 0% interest and are financing bad credit. Because they need sales and have to entice the consumer somehow.
Re: Re: Re: Re: Re: Re: Help with Beacon Score And as far as having to pay a higher interest rate, that is the name of the game with blemished credit. We (most) here have been there done that and that is why we are here. You have made comment after comment and I for one know that what you have said is untrue. You stated that you must have unblemished credit to get a loan through a cu but I will tell you that I for one joined a cu through my work for the simple fact that NOBODY would approve me for a car loan even WITH unblemished credit bc of no previous car loan. I went into the credit union got an account told her why I opened the account, she pulled my credit and approved me for 100% financing on the spot. The next week my husband bought me a truck at auction faxed her the paperwork, I went in signed 2 pieces of paper and 5 mins later had a check in my hand. Lowest interest rate just as advertised. My score was a whopping (if I remember correctly) 660 something.
Re: Re: Help with Beacon Score Excuse me? I haven't posted on this board in over a year - how is it I have nothing constructive to say? I asked a simple question about not showing a beacon score, received a completely uncalled for response from you and then wadded through 10 posts with nothing constructive to say - except slamming people. Now back to my original question. How do I get a beacon score to show on hubby's credit report? Does anyone know or are insults the only thing offered here?
Re: Re: Re: Help with Beacon Score Brytany, I'm sorry, that was not meant for you. Nickl KNEW it was meant for him, that is why he answered me. I just noticed I quoted you above, believe me, it was not you I was talking to. Nickl has never had anything constructive to say. Sorry. As far as the beacon question, I do not know other than maybe you're hubby getting a secured cc to get a score.
