Last Sunday, I went to finance a Toyota Camry as a present for my father. Toyota pulls Experian exclusively and requires a minimum experian fico of 660 to be considered for their best rate. I was approved for 1.9% over 60 months! Whats scary is that I pulled my Fico at the dealership and it was 689. Plenty good for the special rate. What I didnt know was that 2 days later, which was Tue, my Fico went down to 650! What happened was that one of my 0% citibank balance transfers had hit my credit on Tue!! That killed my score. I was really stressed because even though the dealership gave me approval, the final approval had to be given by toyota motor credit. I called the dealership back and asked if my loan was funded. The finance manager said it was a done deal last Mon What's scary is that if I had hesitated for 1 more day, I would NOT have gotten the 1.9% deal. My fico would have been under the necessary 660 and I would have been offered some 7%+ deal. It's all about timing!! As a side note, my siblings and I are giving the car to my parents tonight Boy will they be shocked! They have no idea its coming!
What it's really all about is it's a shell game. ---------------CREDIT SCORING Fair Isaac comes out of the closet 1/13/01 - The mother of secretive credit scoring systems, Fair, Isaac Inc, has teamed up with Equifax to provide more information on your credit scores, reports Wired news. As the Federal Trade Commission said earlier this year, "The cat's out of the bag now". The change is welcomed, but we believe there is MUCH more to be disclosed and Victims are not going to like it when they find out how scores have actually been calculated. We all owe a big THANK YOU to E-Loan for their courageous stand. Credit Bureaus to provide credit scores 12/27/00 - Bankrate.com reports credit scores to be given to victims by July 2001. March 1, 2000 Eloan offers FICO Scores to consumers. Sit back and watch Fair, Isaac try to explain why you are way too dumb to understand your own credit score. And is your final score all they are hiding? March 1, 2000 Equifax Brags about denying telephone service based on information not in your credit report. Our claims that scores are based on nondisclosed data have been verified. Is the government listening? Want to know more about "The Worlds 2nd Oldest Profession"? Read The Fortune Sellers : The Big Business of Selling and Buying Predictions by William Sherden. What are credit Scores? By the time you have found this page you have probably already read the many general credit scoring publications assuring consumers that credit scores are accurate and fair. Now it is time to step back and consider the real history and purpose of both credit reporting and credit scores. In the real world credit scoring has already replaced your right to a fair civil trial. When you try to open a credit account, apply for a telephone, write a check or use a credit card, the evidence for and against you is weighed by a computer. If any business anywhere feels you have offended them that accusation is considered by the computer without regard to any protest or defense you can make. By collaborating with each other the consequences of a guilty verdict in this electronic courtroom have been made more severe than the same verdict in a legitimate trial. Businesses have always been frustrated with courts because juries see things from the consumers point of view. It really bothered businesses that claims had to be legitimate and provable to be enforced. Credit reports and computerized scoring provided the perfect answer. Once US businesses agreed to form their own justice system they no longer had to have proof nor rely on juries to deliver - - now the accusation is the verdict and it is all done with the push of a button. Do credit scores actually work? Not really. If the purpose of scoring is to prevent defaults or improve access to credit they have failed miserably. As the scoring fad became popular bankruptcies and home mortgage defaults shot off the chart. (The best economy in US history has not stemmed this tide.) Promises by credit report/score salesman that scoring would make it easier for millions of "marginal" applicants to get credit also proved false. Not too long ago credit reports and scoring were touted as a way to speed up credit approval. Now home buyers spend more time arguing with credit bureaus then selecting a home. What about "Inquiries"? The bureaus will tell you that you cannot challenge inquiry information because bureaus are required by law to report inquiries. This is just another credit bureau lie. There is no legal requirement that credit bureaus tell anyone but you about inquiries. The real reason bureaus report inquiries is to give collection agencies a way around the Fair Credit Reporting Acts seven year time limit on negative information. If you have been told your score was low because of "too many inquiries" look for the phrase "Collect" in the inquiry section. If you find it you have been blacklisted by a bill collector. A single inquiry of this type usually dooms your application for two full years. This phrase appears on each inquiry from collection agencies without regard to the validity or timeliness of debts they are supposedly investigating. This is a way for vicious collectors (who cannot win in a fair trial) to destroy your credit for life just making by such an "inquiry" every two years. If we apply enough pressure this illegal acitivty can be stopped. Collection inquiries should immediately be reported to the FTC through your Congressmans office. :
Hehe, thanks guys and gals for the congrats. It is financed through toyota motor credit (TMC). They are currently offering 0% for 36 months or 1.9% for 60 months. I chose the 60 because my brothers and sisters are all pitching in and it would help lessen the burden every month.
Re: Re: It's all about timing Is TMC national or regional? I ask b/c where I live it is "Southeast Toyota Finance", which may or may not be related to TMC. Thanks,
Re: Re: It's all about timing Good question Marci. I know that the ad stated that the promotions were in fact regionally based. Not sure if Toyota motor credit has several other finance companies.
