proud owner of a 350z for about 2 hrs
08-20-2003, 09:15 PM
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proud owner of a 350z for about 2 hrs
well i was getting what i thought to be a pretty good deal on a 03 ppw touring model.
anyway i signed all the paper work gave my down payment, and drove around for about 2 hours while i waited for my dad to get off work since his name is on my previous car title i could trade it without him there. when i got there to sign the final paper they went to call the nissan finance and they rejected me even though i have good credit and make almost 47 grand a year, the reason they denied me was do to the fact i only have 4 lines of credit and they won't approve me until i have 7.
so what do i do to get 3 more lines of credit?? do i get 3 credit cards and buy something and then pay them off??? any tips would be great.
matt
anyway i signed all the paper work gave my down payment, and drove around for about 2 hours while i waited for my dad to get off work since his name is on my previous car title i could trade it without him there. when i got there to sign the final paper they went to call the nissan finance and they rejected me even though i have good credit and make almost 47 grand a year, the reason they denied me was do to the fact i only have 4 lines of credit and they won't approve me until i have 7.
so what do i do to get 3 more lines of credit?? do i get 3 credit cards and buy something and then pay them off??? any tips would be great.
matt
08-20-2003, 10:08 PM
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Re: proud owner of a 350z for about 2 hrs
Originally posted by stl350z
the reason they denied me was do to the fact i only have 4 lines of credit and they won't approve me until i have 7.
the reason they denied me was do to the fact i only have 4 lines of credit and they won't approve me until i have 7.
Maybe a membership with Columbia House might help? *shrug*
08-20-2003, 10:11 PM
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no i'm really not in a hurry i've waited about 3 months i can wait more, the car was used the previous owner bought and drove it for about 2 months and got his wife pregant and since it not a family car he had to trade it with a little over 3000 miles.
my only regret is that i wish i would have known i wasn't keeping it, i would've got on it a little more.
my only regret is that i wish i would have known i wasn't keeping it, i would've got on it a little more.
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08-21-2003, 12:17 AM
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anyother way to earn credit is...
go to the bank and take out a loan for lets say 10g's.. and then put that money in a savings acount and use it to pay back the loan!
you will be paying some interest... but it will gain you a higher credit raiting...
go to the bank and take out a loan for lets say 10g's.. and then put that money in a savings acount and use it to pay back the loan!
you will be paying some interest... but it will gain you a higher credit raiting...
08-21-2003, 07:52 AM
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My wife and I have outstanding credit ratings, own a house, have paid off loans for cars, and don't carry over balances on our credit cards. We've never had issues getting loans for cars. About 2 months ago the credit card she had was changingits policies so she went to apply for a new card at a different company that allowed us to get airline miles with purchases. She was rejected for this credit card because she "didn't have enough experience with high lines of credit".
A month later she gets a mailing from the *same exact company* saying she's been pre-approved for a platnium card with a 15k limit because of our outstanding history. The card she was rejected for had a 5k limit.
/shrug
Some times its just the particular company you are working with.
A month later she gets a mailing from the *same exact company* saying she's been pre-approved for a platnium card with a 15k limit because of our outstanding history. The card she was rejected for had a 5k limit.
/shrug
Some times its just the particular company you are working with.
08-21-2003, 08:03 AM
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[QUOTE]Originally posted by Conceyted
[B]take a loan out from the bank.. pay cash for the z and pay the loan from the bank back
I agree you don't want to add 3 more credit cards just to get one car loan.
[B]take a loan out from the bank.. pay cash for the z and pay the loan from the bank back
I agree you don't want to add 3 more credit cards just to get one car loan.
08-21-2003, 08:55 AM
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longbowe, thats probally it, i didn't even think about that.
i was purchasing it through a new car dealership but there wasn't any new ppw touring models for sale in st.louis, and they just got this one as a trade in. but come to think of it, it still would go through the used car sales and critria. i'm just going to save some more and put a bigger down payment on a new car. if i sell my si outright and save another 8 grand i should have 15 down, they can't deny that.
thanks for the replies,
matt
i was purchasing it through a new car dealership but there wasn't any new ppw touring models for sale in st.louis, and they just got this one as a trade in. but come to think of it, it still would go through the used car sales and critria. i'm just going to save some more and put a bigger down payment on a new car. if i sell my si outright and save another 8 grand i should have 15 down, they can't deny that.
thanks for the replies,
matt
08-22-2003, 06:23 AM
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Creditors are looking at 3 things when you apply for a loan:
* your ability to repay (income), your stability (time on job and time at residence) and willingness to pay (history of paying). There is a common misunderstanding that having too much available credit is a bad thing. This is not the case. Fico/Beacon scores are driven by utilization factors. A person who has 75k in available credit, but only is using 5k of it has a very low utilization rate which = a higher score. A person who decides to close all their CC accounts and just use one card can get into trouble. For example, you only have one card with a 10k limit, but you use 5k. Your utilization rate is now 50% which is getting high. Creditors like to see people who have available credit, but do not "max" it out. The only time having available credit my cause concern is when purchasing a home. Some mortgage companies like to see accounts closed because what is the first thing people do when they buy a house, fill it up with stuff, often using the cards. Nissan dealerships will try to finance through Nissan first, and then they go sub-lenders. Rates are almost always negotiable. Don't settle for their first offer.
* your ability to repay (income), your stability (time on job and time at residence) and willingness to pay (history of paying). There is a common misunderstanding that having too much available credit is a bad thing. This is not the case. Fico/Beacon scores are driven by utilization factors. A person who has 75k in available credit, but only is using 5k of it has a very low utilization rate which = a higher score. A person who decides to close all their CC accounts and just use one card can get into trouble. For example, you only have one card with a 10k limit, but you use 5k. Your utilization rate is now 50% which is getting high. Creditors like to see people who have available credit, but do not "max" it out. The only time having available credit my cause concern is when purchasing a home. Some mortgage companies like to see accounts closed because what is the first thing people do when they buy a house, fill it up with stuff, often using the cards. Nissan dealerships will try to finance through Nissan first, and then they go sub-lenders. Rates are almost always negotiable. Don't settle for their first offer.
