GMAC lowers credit score requirement - Camaro5 Chevy Camaro Forum / Camaro ZL1, SS and V6 Forums

babyjulie83 · 04-28-2009, 01:29 PM

I don't think this has been posted here yet. My apologies if it has. Small little article that may be interesting for those with less than stellar credit.

http://www.credit.com/news/experts/2...quirement.html

thejbyrd · 04-28-2009, 01:36 PM

Good to know. Nice post.

RT21 · 04-28-2009, 01:39 PM

Interesting stuff. thanx!

Hylton · 04-28-2009, 01:40 PM

Let me know when it gets down to the 300 range.

RT21 · 04-28-2009, 02:10 PM

Quote:

Originally Posted by Hylton

Let me know when it gets down to the 300 range.

Dude ...

Iwantone2 · 04-28-2009, 02:17 PM

Great info, thanks for the link!!!

If they only looked at credit score, it would be good, but they look at other factors from what I'm told. Debt to income ratio, credit history, installment loans(previous auto, home, rec vehicle loans), how much available revolving credit there is (credit cards and such). My credit score is 711, but that's just not going to cut the mustard!!!

PQ · 04-28-2009, 02:23 PM

I don't know. Obviously they need to get buyers to sell cars to survive. But this kinda seems a little overkill. From 700 down to 620. May not seem like alot to the person who thinks it's only 80 points lower out of 700 but we're talking about a huge jump into subprime. I hope it works out for GM and GMAC but sounds like trouble.

babyjulie83 · 04-28-2009, 03:25 PM

Quote:

Originally Posted by irpq11

I don't know. Obviously they need to get buyers to sell cars to survive. But this kinda seems a little overkill. From 700 down to 620. May not seem like alot to the person who thinks it's only 80 points lower out of 700 but we're talking about a huge jump into subprime. I hope it works out for GM and GMAC but sounds like trouble.

It could very well mean trouble for those who are trying to buy more car than they can afford. There are a few people out there probably whose credit scores do not neccessarily reflect their risk. One thing I do know is that credit scores take forever to fix once they're in the toilet.....it takes several years.

PQ · 04-28-2009, 03:54 PM

Quote:

Originally Posted by babyjulie83

It could very well mean trouble for those who are trying to buy more car than they can afford. There are a few people out there probably whose credit scores do not neccessarily reflect their risk. One thing I do know is that credit scores take forever to fix once they're in the toilet.....it takes several years.

I have been with Free Credit Report .COM since the first year they came out and have monitored my score like a hawk and have found some interesting things with regards to the effects of different things. Things that people wouldn't normaly think about. But you're right, it can take a while when you get in a pinch. ONE late payment can lose you 30 points for years.

Crowley · 04-28-2009, 03:56 PM

Quote:

Originally Posted by Iwantone2

Great info, thanks for the link!!!

If they only looked at credit score, it would be good, but they look at other factors from what I'm told. Debt to income ratio, credit history, installment loans(previous auto, home, rec vehicle loans), how much available revolving credit there is (credit cards and such). My credit score is 711, but that's just not going to cut the mustard!!!

This should be true .. credit score is a good in the door factor, but if a company doesn't use other data, they won't be around very long ..

Crowley

TJ91 · 04-28-2009, 03:57 PM

good to know
Hylton, when did you become such a joker lol

Hylton · 04-28-2009, 04:01 PM

Quote:

Originally Posted by TJ91

good to know
Hylton, when did you become such a joker lol

It's the only way I can deal with all the crazy rumors that noobies have been posting on the site...

OrangeCruSSh · 04-28-2009, 04:02 PM

Good for hopeful Camaro folks wanting to buy a Camaro but actually, it's pretty sad...this type of credit laxing led us to the mortgage meltdown which is kind of scary. folks getting loans when they really can't afford them. Just my 1 cent worth.

moto_italia · 04-28-2009, 04:48 PM

Quote:

Originally Posted by OrangeCruSSh

Good for hopeful Camaro folks wanting to buy a Camaro but actually, it's pretty sad...this type of credit laxing led us to the mortgage meltdown which is kind of scary. folks getting loans when they really can't afford them. Just my 1 cent worth.

Couldn't have said it better. Some people, and companies, just don't learn.

04-28-2009, 01:29 PM	#1
babyjulie83 driving! Thanks GM !!! Drives: 2SS Camaro in ABM!!! Join Date: Oct 2008 Location: Dallas, TX Posts: 353 View My Garage	GMAC lowers credit score requirement I don't think this has been posted here yet. My apologies if it has. Small little article that may be interesting for those with less than stellar credit. http://www.credit.com/news/experts/2...quirement.html __________________ I finally settled on a name for her....."Bonnie" Everything is better in a Camaro.......puts a smile on my face everyday.....

04-28-2009, 01:40 PM	#4
Hylton Drives: fanboys and ass kissers crazy. Join Date: May 2008 Location: Ottawa, Ontario Posts: 7,275	Let me know when it gets down to the 300 range. __________________ "BBOMG - More than just a car show.... It's an experience!"

04-28-2009, 02:17 PM	#6
Iwantone2 Voice Of The Voiceless Drives: CGM 1SS RS Join Date: Feb 2009 Location: OC Cali Posts: 9,610 View My Garage	Great info, thanks for the link!!! If they only looked at credit score, it would be good, but they look at other factors from what I'm told. Debt to income ratio, credit history, installment loans(previous auto, home, rec vehicle loans), how much available revolving credit there is (credit cards and such). My credit score is 711, but that's just not going to cut the mustard!!! __________________

04-28-2009, 02:23 PM	#7
PQ Booooosted. Drives: 2010 Supercharged SS Join Date: Apr 2008 Location: Mobile, AL Posts: 36,717 View My Garage	I don't know. Obviously they need to get buyers to sell cars to survive. But this kinda seems a little overkill. From 700 down to 620. May not seem like alot to the person who thinks it's only 80 points lower out of 700 but we're talking about a huge jump into subprime. I hope it works out for GM and GMAC but sounds like trouble. __________________

04-28-2009, 04:02 PM	#13
OrangeCruSSh Drives: 2010 Camaro/2500HD Silverado Join Date: Mar 2009 Location: DC Posts: 281	Good for hopeful Camaro folks wanting to buy a Camaro but actually, it's pretty sad...this type of credit laxing led us to the mortgage meltdown which is kind of scary. folks getting loans when they really can't afford them. Just my 1 cent worth. __________________ IOM 2SS/RS, Black Interior, 20" polished wheels Ordered 3/16/09 Delivered 8/6/09

04-28-2009, 01:36 PM	#2
thejbyrd Drives: My wife nuts with my obsession Join Date: Aug 2008 Location: Florissant,Mo Posts: 329	Good to know. Nice post.

04-28-2009, 03:57 PM	#11
TJ91 :chevy: Drives: 2LT/RS Join Date: Jun 2008 Location: Toronto Posts: 13,035	good to know Hylton, when did you become such a joker lol

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