How do creditscore and creditlimit relate to each other when applying for a car loan? - Page 2 - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

babyjulie83 · 02-15-2009, 04:29 PM

Quote:

Originally Posted by Mr_Draco

I went to see my loan agent at the bank friday about trying to get a credit card and a small loan to get a credit score and credit history started. When he asked me for what reason was I wanting the loan and credit card, I told him about wanting to buy the Camaro next summer. He told me this exact same thing. That unless I get a co-signer and pay atleast 50% myself, in the current economy, that I wouldn't qualify for such a big loan with such a limited credit history. If I couldn't get a co-signer, I would need to pay atleast 75% of it myself.

hmmmm..i'm starting to get a little worried. I will have a nervous breakdown if I have to leave my baby on the dealership's lot due to lack of financing. :(

DeathChill · 02-15-2009, 06:40 PM

I'm really curious: You guys pre-ordered but your dealers didn't do a credit check? My dealer that I'm currently in talks with requires a credit check beforehand so that I can actually get the car...

As well, how did you guys think with such little/short credit history you were going to get a $30,000+ loan with no co-signer? I think this may be a big problem that leaves a lot of cars on the lot but I hope not!

diddiyo · 02-15-2009, 07:06 PM

Quote:

Originally Posted by Mr_Draco

They also took the Challenger off the list early too. A day or too after you made your post about that, I seen a commerical and heard a radio ad and both of them no longer included the Challenger in the list of available vehicles.

yes that's what they "officially" told me as well. But who knows.

pondo · 02-15-2009, 07:31 PM

I highly recommend myfico.com! Check your score with that site and it will show you everything that you need to know. It's a free trial...just cancel the trial within the first 30days and you just got a free report ;-)

babyjulie83 · 02-15-2009, 09:50 PM

Quote:

Originally Posted by DeathChill

I'm really curious: You guys pre-ordered but your dealers didn't do a credit check? My dealer that I'm currently in talks with requires a credit check beforehand so that I can actually get the car...

As well, how did you guys think with such little/short credit history you were going to get a $30,000+ loan with no co-signer? I think this may be a big problem that leaves a lot of cars on the lot but I hope not!

I asked my salesman if he wanted to go ahead and run the credit check at the time that I preordered...but he said no, that we would wait until a couple of weeks before delivery of the car.

My credit is decent and I have a decent size downpayment....but with the way the economy is right now I can't help but worry just a little....plus i'm a pessimist.

Banshee · 02-16-2009, 01:40 AM

Quote:

Originally Posted by babyjulie83

My credit is decent and I have a decent size downpayment....but with the way the economy is right now I can't help but worry just a little....plus i'm a pessimist.

I would not have anyone run your credit before you buy car. I believe the three credit agencies did away with inquiries on your credit report, but would check on that.

I would run your FICO scores, all three, to see where you sit score wise. Would not hurt to try for a higher tier score before you apply for a loan. You do have between 4-6 months before delivery, depending on production of course.

paulv7260 · 02-16-2009, 06:02 AM

Quote:

Originally Posted by Banshee

I believe the three credit agencies did away with inquiries on your credit report, but would check on that.

Inquiries for the purpose of granting credit are part of the credit report. Other inquiries, such as checking your own credit report, existing creditor reviews of your credit, security clearances (I know all about this one) and pre-screens are visible to you but not to the potential creditor.

The new FICO forumla is suppose to address "shopping for credit", i.e. looking for the best rate available but who knows when that will take effect.

As an aside, in this day-and-age having a child that is named after you ("junior" or "the second") is a very good reason to stay on-top of your credit reports. Leave anything good but have anything negative addressed immediately. That part is free.

02-15-2009, 06:40 PM	#16
DeathChill Drives: 2010 Hyundai Genesis Coupe 2.0T Join Date: Dec 2008 Location: Mission, BC Posts: 863	I'm really curious: You guys pre-ordered but your dealers didn't do a credit check? My dealer that I'm currently in talks with requires a credit check beforehand so that I can actually get the car... As well, how did you guys think with such little/short credit history you were going to get a $30,000+ loan with no co-signer? I think this may be a big problem that leaves a lot of cars on the lot but I hope not!

02-15-2009, 07:31 PM	#18
pondo Drives: '23 SS 1LE Join Date: Jan 2009 Location: Richmond, VA Posts: 89	I highly recommend myfico.com! Check your score with that site and it will show you everything that you need to know. It's a free trial...just cancel the trial within the first 30days and you just got a free report ;-)