Tried to finance a car today declined with 10k down
03-08-2009, 04:55 PM
#64
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03-08-2009, 06:54 PM
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or if you realistically look at it, the guy just committed 20k cash to a car and has a lot more invested than most people that finance cars on the road.
03-09-2009, 08:43 AM
#66
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my score dropped ater financing 30k..but it went back up,then down after i lost my house 
..so i feel like im 18 again trying to get that 740..but on time Z payments have kept me from going under.)Good luck to anyone trying to get anything right now.I went from making 2k a month to working at sheetz....
..so i feel like im 18 again trying to get that 740..but on time Z payments have kept me from going under.)Good luck to anyone trying to get anything right now.I went from making 2k a month to working at sheetz....
03-10-2009, 09:47 PM
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Didn't expect so many replies...I was actually just venting. The reason my credit score is bad is that I am diabetic, and when I was younger I did not have health insurance, had a few hospital visits that i could not pay. Then last year I was working full time, had health insurance, went to the hospital again for a few days, and I could not pay my 2,000 deductable.
This was the only health insurance coverage my job provides.
I have good car credit, no late payments, was last financed through Toyota Financial. I have not missed a payment for about 3 or 4 years now on anything except for the last hospital bill, so my score has gone up, and its still going up. I know I have bad credit, it just sucks because they got me to the financing department, after we had already worked out the payments. I felt like I got the car, small talk from the finance guy, and then all of a sudden he tells me, I was declined, and thats that, now get out. He did not even ask me about putting more down, or getting a cosigner, never even asked, just basically said sorry, time to go.
He did say his 100k job was now 40k, and the banks were not financing anyone. I feel that in any other economy I would have got the car, oh well..
By the way I make about 50k/year, no credit cards, my rent is 650, and have since paid back all collections on my credit.
This was the only health insurance coverage my job provides.
I have good car credit, no late payments, was last financed through Toyota Financial. I have not missed a payment for about 3 or 4 years now on anything except for the last hospital bill, so my score has gone up, and its still going up. I know I have bad credit, it just sucks because they got me to the financing department, after we had already worked out the payments. I felt like I got the car, small talk from the finance guy, and then all of a sudden he tells me, I was declined, and thats that, now get out. He did not even ask me about putting more down, or getting a cosigner, never even asked, just basically said sorry, time to go.
He did say his 100k job was now 40k, and the banks were not financing anyone. I feel that in any other economy I would have got the car, oh well..
By the way I make about 50k/year, no credit cards, my rent is 650, and have since paid back all collections on my credit.
Last edited by lady_z33; 03-10-2009 at 10:01 PM.
03-11-2009, 06:21 AM
#71
There's a special place in hell for the credit reporting agencies..period. 1.5 years ago I got my Z financed for 6.9 through USAA Federal savings bank. (Credit score then was around 770 I believe)They also told me they could give me a 25K platinum card if I wanted it. I haven't had a credit card in 10 years ( Yes I paid cash for everything!) so I figured I would use it for business purchases. I charged and paid off over $120,000.00 in purchases in about 15 months time. Things obviously slowed a little for me and I ended up making the minimum payments for about 4 months on this card. Feb.1st this year I made a $10,000.00 payment on that card and went on vacation. I get back and was checking the purchases on line and there's a note there saying my credit card limit has been reduced by $10,000.00 citing "credit issues". I was like WTF????
So what changed?..hmmmm well I paid off one piece of equipment and my wife's excursion REDUCING my cash going out by $1900.00 a month. I also paid off $7000.00 in furniture before the due date. My Z payment as most I have are all auto debited...
So again..WHAT THE HELL CHANGED BESIDES REDUCING MY EXPENSES?????
You try to get a credit score from anyone and they give you a look like they are holding top secret government documents, when its YOUR CREDIT they are looking at! They won't tell you what's wrong..you have to try to figure it out. It takes months of letters to get something removed that may not even be legitimate, but yet they can FUKC your credit in two seconds flat...it's all ********! and it infuriates the hell out of me. That's why cash is always better...I'm still going to be debt free this year come hell or high water..The three agencies can burn in hell as far as I am concerned!
So what changed?..hmmmm well I paid off one piece of equipment and my wife's excursion REDUCING my cash going out by $1900.00 a month. I also paid off $7000.00 in furniture before the due date. My Z payment as most I have are all auto debited...
So again..WHAT THE HELL CHANGED BESIDES REDUCING MY EXPENSES?????
You try to get a credit score from anyone and they give you a look like they are holding top secret government documents, when its YOUR CREDIT they are looking at! They won't tell you what's wrong..you have to try to figure it out. It takes months of letters to get something removed that may not even be legitimate, but yet they can FUKC your credit in two seconds flat...it's all ********! and it infuriates the hell out of me. That's why cash is always better...I'm still going to be debt free this year come hell or high water..The three agencies can burn in hell as far as I am concerned!
03-11-2009, 06:26 AM
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Credit scores are not really a good indicator of your ability to pay back a loan. I have seen scores in the 550-625 range who have paid everything on time and simply had a few medical collections which brought down their score drastically. I have also worked with individuals who had 750-770 scores but knew damn well that they were overextended and were on the verge of filing for BK. One must look at the entire report (pay available, time in file, delinquency, unsecured debt, DIR) to get a better understanding of the overall credit profile.
Last edited by Brick-Z; 03-11-2009 at 11:12 AM.
03-11-2009, 10:30 AM
#75
Didn't expect so many replies...I was actually just venting. The reason my credit score is bad is that I am diabetic, and when I was younger I did not have health insurance, had a few hospital visits that i could not pay. Then last year I was working full time, had health insurance, went to the hospital again for a few days, and I could not pay my 2,000 deductable.
This was the only health insurance coverage my job provides.
I have good car credit, no late payments, was last financed through Toyota Financial. I have not missed a payment for about 3 or 4 years now on anything except for the last hospital bill, so my score has gone up, and its still going up. I know I have bad credit, it just sucks because they got me to the financing department, after we had already worked out the payments. I felt like I got the car, small talk from the finance guy, and then all of a sudden he tells me, I was declined, and thats that, now get out. He did not even ask me about putting more down, or getting a cosigner, never even asked, just basically said sorry, time to go.
He did say his 100k job was now 40k, and the banks were not financing anyone. I feel that in any other economy I would have got the car, oh well..
By the way I make about 50k/year, no credit cards, my rent is 650, and have since paid back all collections on my credit.
This was the only health insurance coverage my job provides.
I have good car credit, no late payments, was last financed through Toyota Financial. I have not missed a payment for about 3 or 4 years now on anything except for the last hospital bill, so my score has gone up, and its still going up. I know I have bad credit, it just sucks because they got me to the financing department, after we had already worked out the payments. I felt like I got the car, small talk from the finance guy, and then all of a sudden he tells me, I was declined, and thats that, now get out. He did not even ask me about putting more down, or getting a cosigner, never even asked, just basically said sorry, time to go.
He did say his 100k job was now 40k, and the banks were not financing anyone. I feel that in any other economy I would have got the car, oh well..
By the way I make about 50k/year, no credit cards, my rent is 650, and have since paid back all collections on my credit.
03-11-2009, 11:04 AM
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Check your local credit union. There is no reason that with a 620 score and a $10K downpayment should not get you a loan. This is barring a reposession on a previous vehicle.
03-11-2009, 11:12 AM
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Try a Federal Credit Union, dude. Open an account with $5 or $10, and give it a shot; they tend to be a bit more flexible than regular Banks. Otherwise, it's waiting game time.
03-11-2009, 11:15 AM
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"By the way I make about 50k/year, no credit cards, my rent is 650, and have since paid back all collections on my credit."
Her DIR is probably very low.