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Old 12-23-2009, 03:17 PM   #1
cwm8718
 
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Financing with excellent credit, but short history

So I've received letters from 2 banks, and went to a credit union...all have denied a loan (of ~$28,000). I called the dealer and he assured me I would be able to recieve a loan through their finance dept. as they deal with multiple banks, depending on the situation. It has gotten me nervous! My credit score is well into the 700's, however because I'm only 22, my credit history isn't very lengthy, which is what they're holding against me. My income is also quite decent for someone my age as well, I'm a hedge fund accountant. The dealer told me his finance manager said "I'll definitely be able to be financed with a rate between 5.0% and 6.9%"..but I'm still nervous!

Has anyone else had any kind of problems like I'm experiencing?
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Old 12-23-2009, 03:20 PM   #2
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Be careful when they say such powerful words as "guarantee" and "promise" becasue I can guarantee you that when they tell you this it is pure

No dealer nor financer can guarantee you a rate until you actually apply for a loan. There are too many factors involved.
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Old 12-23-2009, 03:22 PM   #3
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He didn't guarantee me the rate. He told me that looking at my credit score, it should be 'somewhere between 5.0 and 6.9' but did tell me its not definite...but did say they would be able to finance me...
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Old 12-23-2009, 03:25 PM   #4
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I'm in the same boat as you. I have gotten declined due to "lack of experience" or have been approved for less than what I need to purchase my 1ss. I know my credit union that I have a note with currently will approve me, but their rates are 5%+. I'm looking for something a tad bit lower, but am having a hard time getting the amount and rate I want. Don't sweat it, us being younger we generally have to pay our dues(higher %) to establish a good history
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Old 12-23-2009, 03:42 PM   #5
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Have you tried a credit union? There rates are typically lower than banks so if you get hit with additoinal points it will still be lower than the dealer or any other bank.
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Old 12-23-2009, 04:44 PM   #6
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You will probably need a cosigner like I did. My credit is in the high 700s and only have a student loan and a $500 credit card paid off on my report. My dealer also got me a 3.25% rate with mine and my fathers credit ratings. Becareful
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Old 12-23-2009, 04:54 PM   #7
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Quote:
Originally Posted by cwm8718 View Post
So I've received letters from 2 banks, and went to a credit union...all have denied a loan (of ~$28,000). I called the dealer and he assured me I would be able to recieve a loan through their finance dept. as they deal with multiple banks, depending on the situation. It has gotten me nervous! My credit score is well into the 700's, however because I'm only 22, my credit history isn't very lengthy, which is what they're holding against me. My income is also quite decent for someone my age as well, I'm a hedge fund accountant. The dealer told me his finance manager said "I'll definitely be able to be financed with a rate between 5.0% and 6.9%"..but I'm still nervous!

Has anyone else had any kind of problems like I'm experiencing?
Limited Credit history with no High Credit? Or just limited Credit History?
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Old 12-23-2009, 04:59 PM   #8
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You guys should get a couple credit cards and use them for all your shopping and pay them off right away, never let them get a large amount over a long period. You will build experience that way.
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Old 12-23-2009, 05:15 PM   #9
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You guys should get a couple credit cards and use them for all your shopping and pay them off right away, never let them get a large amount over a long period. You will build experience that way.
That won't help them if they don't have a High Credit limit. It helps build your credit but you still need to have a line of high credit.
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Old 12-23-2009, 05:23 PM   #10
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Quote:
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You guys should get a couple credit cards and use them for all your shopping and pay them off right away, never let them get a large amount over a long period. You will build experience that way.
One other problem with this is credit liability. If you have too many ways to get credit, that in itself becomes a risk factor.
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Old 12-23-2009, 06:27 PM   #11
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And the more "shopping around" you do looking for a rate, it will only hurt your score more.
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Old 12-23-2009, 06:27 PM   #12
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No, my actual credit score isn't the issue. I have "Excellent" credit. And I have a Gold AMEX solely in my name, so there's absolutely nothing wrong with my credit. The issue is the length [years] of my credit history. Since I'm only 22 most of my accounts are 2 years old or less, most creditors like to see accounts with 3-5+ years of good standing.

Worse comes to worse I'm just going to have to have one of my parents signs as a guarantor. That's what the credit union told me I would need with them. It's like a co-signer, except they're not 'jointly responsible' for the loan, whereas as a co-signer you are jointly liable.
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Old 12-23-2009, 06:39 PM   #13
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i think i will have the same prob, i got around 720ish score. and am only 20 turning 21 in feb. BUT im hoping my 9 or 10k down payment will show them that i mean business and will then hopefully get a good or decent rate.
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Old 12-24-2009, 01:24 PM   #14
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You guys should get a couple credit cards and use them for all your shopping and pay them off right away, never let them get a large amount over a long period. You will build experience that way.
I had two credit cards that totalled 14K in debt. I paid them off in 8 months and my score jumped to 824.

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