what is the lowest credit score someone has had and still got a used Z financed? My FICO score is 656 and got turned down by capital one auto financing

 

Go to a credit union. I had a Bankruptcy less than 3 years before they financed my Z for me at 4.99 for 60 months.

Since then I have been rebuilding my credit and it's spotless, but that divorce really took its toll...

 

did u put anything down? I can get an 03 Z for $24,500 and kelley blue book retail value is $31,000 so the bank should lend $24,500 without anything down.

 

I was approved by my credit union to finance 100 percent of the Z. (Not including tax and fees.)

I did put some down just to lower my payments.

 

I can tell you that my credit score (at the time) was ALOT lower than yours and I got my Z when they first came out. Price out the door with everything (no/nav) was 41k Lemans/Touring (orange leather). Probably one of the 1st ones in Orange County. And get this, I had a '99 civic si with major mods done to the engine and they gaev me $6500 for it. Later that week they told me that they parted it out and made almost triple what they bought it for. You have to sometimes weasel your way with the dealers and they will eventually give in.

 

a 700 is good anythin lower then a 650 is considered a risk... anything lower then 600 and yer lookin at having to put ALOT of money down..

 

nobody still answered his question. i believe the lowest fico score one can theoretically get is a 300. I personally haven't seen scores lower than a 410 though. The highest i've seen was an 827.

 

The entire range is 300-850. Alex100 is correct though, 650 is a low/average score, 670 is closer to average. 700 and up and you should be good to go. Personally, I have never seen one less than 500.

 

I work for a VERY LARGE bank and I have seen plenty of scores less than 500. These CBRs (Credit Bureau Reports) usually contain several charge-offs, settlements, recent and past delinquency, collection accounts, CCCS listings (Cosumer Credit Counseling Services) and/or bankruptcy. A fico of 670 is considered a slightly above average score and you should not have a problem obtaining financing. You may have to pay a little bit more in terms of the APR, but you should still qualify for something close to the promotional offer. A fico of 700+ is ideal and financing officer should covet your business. Take it somewhere else if they can't give you what you want. The Fico model scores on a scale of 300 to 850, as mentioned above.

 

I got turned down at people first for a loan and my fico score is 686. And i'm like what the fu** they then mailed me a letter saying my balance on my credit card was to high.(which I do need to work on)

 

did you ever finance a Z?

 

Agreed!

 

Yup, I had a 690 and I got a 3.99% with 20% down though at my CU.

 

im in the same boat with you, my fico was 656 last time i checked which was several months ago but i had a really high amt in credit card bills, since then i paid everything off in full but im planning on downing 15g's tho, do any of you guys think ill get approved and how much will my credit score go up since i paid off everything couple months ago?

 

after a couple months, your zero balances should be showing. But if you put $15k into anything, you should get financed. That would meant that there is considerable equity at play, and among the banks concerns is that if you default, they can get their investment back. Your debt ratio should be much improved. But keep in mind, they also consider the amount of credit you have available and the liklihood that you could take on more debt and not be able to meet your obligations. Paying off is good, but stated another way, they have no way of knowing whether you'll just run them back up when you get financed and end up in a tight spot. Good luck...if you can demonstrate a reduced need to use the credit over time, you should stand to improve your ratings. But don't cancel cards necessarily cause you don't intend to use them, having credit, whether you use it, is a positive thing. It seems like a paradox at times, but that's the way it is. srm

 

can you get me a $25,000 loan for a Z with a 700 credit score with Equifax?

 

capital one sucks. Go to a dealer, you shouldnt have a problem. They love taking your money

 

My bank specializes in credit cards, home equity and airplane loans. You should have no problem getting a loan if your fico is 700 and your debt to income is in line with a 25k loan. Lending Tree is a great place to test the market. I suggest that route to start. Keep me posted. FYI though....Trans Union and Experian are the most used CBRs. I would look to see what your score is on those reports. You are entitled to one free report a year.

 

Just Curious how does CCCS reflect on your credit ?
As a Risk, or Positive

 

CCCS, as viewed by most creditors, is considered the last step before bankruptcy. The reason being is you are using a third party to "renegotiate" your contracts with your creditors. Creditors are forced to report the fact that you are working with a debt management service (DMS) to the CBs. A DMS notation usually means that consumer is having financial stress which consequently is a negative. Several DMS's advertise their services, but make no mention of long term effect it can have on your credit. The best advice is to avoid them if you can. Look to payoff your debt in other ways by contacting each creditor and
requesting apr reductions, reamortizing loans in order to focus funds on higher apr loans, taking advantate of promo offers, etc.