equifax score I pulled. The dealer pulled my report with equifax and of course I pulled it and well his score was 569 and mine was 561 so even though they both suck. I like his better Just thought I would share. By the way, we have our new car It is a white 2000 mercury sable. I love it. But suggestion is that we refinance in a year at a lower interest rate. Ours is horrible but they only used Jim's credit not mine since I don't have any income. I plan on getting a PT job and then refinancing it under my name to see if I can get it down to at least 11.5 % or something like that.
Re: okay dealer FICO score vs Melissa, congratulations on your new car! What is your interest rate?!? My score is lower than yours and mine through GMAC/Nuvell Financial is 9.9%.
Re: okay dealer FICO score vs Who can I refinance with? I have a new car loan from 8/00 with Household auto. They just turned down my refinance application. My Beacon is 702. My apr is 13.9% I had a 619 when I purchased.
Re: okay dealer FICO score vs Lizard, I am not sure because my report said I had zero inquiries but when I pulled Jim's it had 23 inquiries on it. Lucy, Our interest rate is 24 %. But that is because they only used Jim's credit report(477) for the financing because I didn't have any income. I am thinking I could refinance in 6 months to a year if I go out and get a PT Job. I am thinking about selling cars Then move into realestate soon after
Re: okay dealer FICO score vs What company financed your car? I don't want to be nosy, but what kind of income is required? Money down?? Thanks
Re: okay dealer FICO score vs drive financal Services I believe. Jim makes about 50 k now with his new job. We put 1000 down and then had a 2000 dollar trade in
Re: okay dealer FICO score vs Melissa: Who financed your car? Ford Motor Credit? In any case, you got a brand new car with 24% interest. That's better than what I went through to get my new car. I had a used one at 24% for 3 years before I got the new one for 9.9%. I guess they only looked at the car loan and overlooked everything else Dallas: Wow! And I was told that 9.9% interest rate was outrageous! My credit score is between 520-560 (maybe worse). I guess I will always finance my vehicles through GMAC.
Re: okay dealer FICO score vs They have a website but mostly to attract dealers or so it seems. http://www.drivefinancial.com/
Re: okay dealer FICO score vs Thanks Melissa, I am just trying to gather information for a future purchase. I have several charge-offs from 1995 (very old) and 4 good tradelines which are about 2 years old. I am afraid to go to dealership and then get turned down for a loan. I can't try household because one of my old charge-offs belongs to them. Thanks for your help.
Re: okay dealer FICO score vs N'awlins: I have 3 charge-offs from 1999 and 2 charge-offs from 1996, and when I got my new car in 2000 (April) I only had 1 good trade line, a used car, paid in full, never late for 3 years. I paid $18,000 for my new car. Put $600 down, no trade in, and have the 9.9% interest rate. You probably could get a new car with nothing down!
Re: okay dealer FICO score vs General Motors Acceptance Corporation/Nuvell Financial, I bought a 2000 Chevy Cavalier.
Re: okay dealer FICO score vs You're welcome. Btw, Nuvell Financial is an arm of General Motors that specializes in credit challenged people's loans. I believe with your report, if you have only charge-offs from 1995, and 4 good tradelines you would be able to get financed through GMAC with a lower interest rate than mine!
Re: okay dealer FICO score vs Refinancing is a good thing, but I'll tell you what...if you don't put down a lot, if you try to refinance, there isn't any place that will refinance the car for more than it's worth. So if you put down $1200 and when you drove it off the lot, it depreciated $2000, right now you're upside down as far as what you owe and what it's worth. Do you understand that? I mean, did that make sense? I bought a 96 Accord 2 years ago. My interest rate was 17%. I paid $14K for it. Granted, I probably paid too much for it (which could also be a problem for you, especially if you didn't negotiate or research what was a reasonable price for the car). I still owe 9k. I wanted to refinance, but they wouldn't because the refinance value was 8k. They'd refinance the 8k, but I'd have to come up with the other 1k difference. So don't get your hopes of with refinancing. And with a 24% interest rate and a new car, your payments right now are JUST covering interest alone. In any case, if you can, that would be great. And either way, good luck!
Negative Equity Shantel, I had the same problem re negative equity. I did refinance through Wells Fargo Financial, but both my bank and credit union said that I'd have to unsecure my negative equity in order to have them refinance. I have thought about doing that, but I'm not too keen on putting a few thousand on a credit card right now. To all, if you just bought the car at a high interest rate, do ALL that you can to pay WAY more than your minimum payment starting now, so that you can refinance in two years. I wish I had. Marci
CU is the way to go I purchased a car brand new back in 94. After 2 children, and putting 205K miles on my car, I decided it was time to get another one. My credit was not so good and it was almost IMPOSSIBLE for me to get financed with negative equity (due to refinancing the car). My credit union came to the rescue. They rolled the neg equity into my unsecured loan and gave me the money to finance a new vehicle. If you belong to a credit union, go to them. They have many programs for people with all types of credit issues. The they are better to work with than regualar banks. ) Good Luck!
Re: CU is the way to go thanks mother 2 I will do that. I am going to try to pay more the minimum by writing a second check to apply to principal only. At least 25- 50 bucks more a month but I might have to knock my cable tv down to do it and get rid of some of my phone services too.
sacrifice is the key I had to sacrifice and swallow my pride for awhile, plus I had mouths to feed. I didn't have cable, no call-waiting just basic service, bought chicken and ground beef,.....everything was kept to a minimal. I didn't like living that way but I had to do what I had to do. And I was still struggling. If I had of known about this board back then, I probably wouldn't have went through all the hell (sorry) I went through. But I learned from my mistakes. If you have to cut your cable bill down to min, then do it. Even if you have to cut your phone off for a month (if you don't have kids). Remember, those are not needs they are wants. When I look at what bills I have to pay at the beginning of the month, I pay rent and what ever bills I have that report to the CRAs. Then the rest is gravy. sometimes you just gotta do whatch gotta do. )
Re: sacrifice is the key Cutting the phone off for one month is NOT cost effective (they will charge you MORE than one months bill to hook it back up) JUST F.Y.I. You can save lots of money by pre-shopping in the food sale papers. I still have a RULE I made up years ago...if it is not on sale at the grocery store, we don't need it (except for bread, milk & eggs).
