Went To The Dealership... Left W/O Car

[trudawg660]

less than 4 years ago i had a 560 FICO and now i have a 739 FICO

[ramar]

I really don't get this credit thing. We own everything free and clear, pay off our cc each month yet when our son wanted to buy a camaro even with us co-signing he was denied. They said we had no credit history so aren't a good risk. Go figure.

Anyway owning a camaro is awesome. My son got his a nice Cyber Grey and I have mine a Synergry. He opted to by a lower priced Camaro and we paid for it outright so he makes payments to us.

I'll work out, maybe a used one and without so many options..GOOD LUCK!

[trudawg660]

even though u co-signed if the signer has shitty credit it still makes it hard. i tried to co-sign with a family member for a 6 thousand dollar loan and got denied. and just a couple days earlier i got approved for my loan for my camaro.

[goshawk823]

Honestly, with one credit card for a few years, and authorized on a couple of others, you sound like a "thin file"...not enough in your credit history to really be able to paint a good enough picture of your ability to repay.

brantley847 pretty much nailed it with his reply. 720 sounds awful high for one credit card that's 3 years old.

Sorry about the experience you had.

Nowadays, having a good credit history is so goddamn important; your potential employers run credit reports, as do utility companies for your house/apartment...

[Spiv]

Originally Posted by ramar

I really don't get this credit thing. We own everything free and clear, pay off our cc each month yet when our son wanted to buy a camaro even with us co-signing he was denied. They said we had no credit history so aren't a good risk. Go figure.

Anyway owning a camaro is awesome. My son got his a nice Cyber Grey and I have mine a Synergry. He opted to by a lower priced Camaro and we paid for it outright so he makes payments to us.

I'll work out, maybe a used one and without so many options..GOOD LUCK!

You have to build credit.

Credit cards aren't usually a good place to start. I had a visa for about 4 years, always paid it off, in full, at the end of the month, no matter the balance. When I went to buy my Camaro, I didn't get approved by the dealership, even though I made more then enough. I had no credit, because I hadn't developed it for large purchases like a car.
I had to go through my bank (that I applied for my Visa through) to get a loan. They gave it to me hands down because they have the history of my credit card, something a credit agency won't care about when applying for loans on cars, etc.

I imagine this was the problem with the OP. You only have credit cards as credit history. And though you've been on top of it, it's not a large enough line or risk, for the agencies to consider when possibly allowing you to walk away with a $30,000 car.

Try getting a loan through the bank. If that doesn't work, look to getting a Line of Credit from your bank (different then a credit card). Use it like your credit card, but pay it off ASAP. That will build credit much faster then a card.

You don't have to listen to me, but my mom was a bank manager for 30 years, and I've had to listen to endless hours of her telling me how to make sure my finances are in order. Also, this is what I've done, and I now have a perfect credit rating. You just have to be patient. Think of it this way: You have to build small credit (cards) to earn mdeium credit (credit lines) and build that to large credit. Some people make enough money that banks, etc, will throw credit at them left and right. I wish I made that much :(

[goshawk823]

Originally Posted by Spiv

You have to build credit.

Credit cards aren't usually a good place to start. I had a visa for about 4 years, always paid it off, in full, at the end of the month, no matter the balance. When I went to buy my Camaro, I didn't get approved by the dealership, even though I made more then enough. I had no credit, because I hadn't developed it for large purchases like a car.
I had to go through my bank (that I applied for my Visa through) to get a loan. They gave it to me hands down because they have the history of my credit card, something a credit agency won't care about when applying for loans on cars, etc.

I imagine this was the problem with the OP. You only have credit cards as credit history. And though you've been on top of it, it's not a large enough line or risk, for the agencies to consider when possibly allowing you to walk away with a $30,000 car.

Try getting a loan through the bank. If that doesn't work, look to getting a Line of Credit from your bank (different then a credit card). Use it like your credit card, but pay it off ASAP. That will build credit much faster then a card.

You don't have to listen to me, but my mom was a bank manager for 30 years, and I've had to listen to endless hours of her telling me how to make sure my finances are in order. Also, this is what I've done, and I now have a perfect credit rating. You just have to be patient. Think of it this way: You have to build small credit (cards) to earn mdeium credit (credit lines) and build that to large credit. Some people make enough money that banks, etc, will throw credit at them left and right. I wish I made that much :(

well stated... good thing you listened to your mom....!

[kylenewman]

if i had to guess your dad's credit is shot, and your an authorized user on one of his cards/accounts. IF he's late on the card it shows up on your credit or if he is in collections it'd show on your credit report dropping your score significantly. You can get these removed if that's the case with a simple phone call/fax.

You won't know the answer until you pull your credit report again. Then try correcting any errors/issues.

Also many banks want auto loan history before giving a loan out on a 27K car. Especially if you not making 75K+ a year. That's the issue i ran into I have 5 years of credit history, no late payments, many types of credit, and a debt to income ratio less then 20%. Even with all this no bank would lend me for the my 2SS because of a lack of auto loan history. GMAC lent me the money with no issues but at a higher interest rate, and would only do a term of 72 months. I will be refinancing the loan in the next few months for 48 months, with a nice chunk of change being put down.

[Eric's Blue]

Go talk to your bank or where ever your paycheck goes. It helps to have direct deposit also.

[goshawk823]

Originally Posted by kylenewman

if i had to guess your dad's credit is shot, and your an authorized user on one of his cards/accounts. IF he's late on the card it shows up on your credit or if he is in collections it'd show on your credit report dropping your score significantly. You can get these removed if that's the case with a simple phone call/fax.

You won't know the answer until you pull your credit report again. Then try correcting any errors/issues.

not sure about that kylenewman; "authorized user" is not the same as "co-signer" on a card, where a co-signer is legally responsible for repayment if the original applicant defaults.

I think I could let my kids be authorized users on one of my cards, but they aren't liable for repayment...

[kylenewman]

Originally Posted by goshawk823

not sure about that kylenewman; "authorized user" is not the same as "co-signer" on a card, where a co-signer is legally responsible for repayment if the original applicant defaults.

I think I could let my kids be authorized users on one of my cards, but they aren't liable for repayment...

Not legally liable for repayment but i have seen first hand a gas credit card where someone was only an authorized signer end up getting there credit score dinged by an overdue/late balance. The card company shouldn't have reported on the authorized users credit report but it happened. A few phone calls and a fax took care of it though.

[leperkhaun]

if you say your credit is 720 look it up and get the print out. It has been known for sales folks to "check credit" and come back with a number lower than your actual credit and "offer you a deal" at some rather high APR.

Get your credit report and print it out, if they come in and they say your credit is lower......(and it might be depending, since not all three companies have all the same data) show them your report and let them know they are wrong.

Then ask to talk to the manager, not the sales manager, the manager for the dealership and let them know you think the sales/finance folk are trying to pull one on you.

[jshaf]

I work in banking and I knew some this card BS was coming, got rid of all but one card and I am just paying it off. next time I buy I should have a much better score!

[Frank in MD]

Sorry you had that experience, and I know how much you want this car. My heart aches for you, truly. However, you have to look at this as a learning experience. Judging by the threads you started on this forum about your credit, you already knew it was going to be an issue. From this day forward, if you're ever traveling that far to buy a car, make sure you have all your ducks lined up before the trip. Most dealers can pull credit before you walk in the door, and doing so would have saved you time, and a lot of heartache.

Credit scores have changed dramatically though since the credit crunch. I have had many customers that told me they had a 700+ FICO score, only to pull it and see that it dropped to the 580 range. So, you aren't alone there. Just know that the dealer didn't do anything improper, but they should have known to check your credit well before you thought about driving there. The creditors have the burden of the blame here, then again they were savaged for being too free wheeling when it came to lending before the credit crisis. The current administration has seen fit to demonize this sort of lending as well, so don't look for anything to change until change comes to Washington.

(BTW, those aren't political opinions, they are facts.)

[bi11ymc]

In the past, if you were denied credit, you could get your credit report free of charge. I would try that and see what's up.