Credit Advice

Are student loans all that you have? It may be because you dont have any credit files to go by or it is a very limited history

Banks are a little apprehensive during our recession. Hopefully you have nothing on your report that indicates you have cards or loans in which you are not aware. Also, sometimes it is better to get a used car, make the payments for 12 months on time etc. and then the new card dealerships will be more happy to work with you. (I experinced this.)

I have the same problem, for me it's because I don't have a sufficient payment history. They like to see 2 or 3 credit cards, a bank loan, personal loan from one of those legal loan sharks like Sun Loan, etc. The trick is to show that you consistantly pay your bills in full and on time.

well it depends on which credit union they grab your credit score. The best way to know for sure is to ask which one they are grabbing and second to get a full list from all three credit bureaus. the best place to get that is from annualcreditreport.com
try that first, but go to a credit union they are better and more willing to help out

Try and see if large comapnies like Chase could assist too, certain dealers have solid relationships with their lenders and they can tkae your income and other circumstances into consideration...

It's easier to get a loan from a credit union. If you are not a member, look into it. I opened an account at a credit union and in one month got approved for a $15,000 car loan with a score of 690.

i may be wrong, but to a certain degree, correct...whereas it is true on the consumer credit report and score, the lenders have their OWN credit score system such as FICO, BEACON. i found out the hard way. what occurs is that the lenders rely on their own credit score system, which essentially gives the same information as your consumer credit report. however, their systems assigns percentages to each category on the report. for example: 35% on amount owed, 10% on payment history and etc. this numbers i made up because i forgot..what i do, is to ask the lender, prior to pulling your credit report if i can have a copy. if they refuse, i would not do business with them. most will comply with your request. if they do, then get your consumer report and compare it with the lenders report and you will discover what the problem is. remember that credit is governed by Federal Credit Reporting Act (FCRA). example: if you have an old adverse acct 7 years or older, it should be removed. there is much more. get on your computer and check out FCRA. whatever you do, do no, do not, pay a credit repair service.fyi, i know about this because i have and am going thru it. Good luck and God bless....Manny

The credit score is a factor for getting a car loan, but not the only factor. Though income and free cash flow don't factor into a credit score, they do factor into whether or not a bank would grant you a loan.

What is your job history like? Have you held down a job for a long period of times, or have you had a number of jobs? Are you in a field with some continuity, or might be easily targeted for layoff?

What do your hard inquiries look like? Though it is a very low factor in your credit score, it can be a deciding factor if it looks as if you are desperate for credit or if it just looks as if you are shopping around.

But, also keep in mind that different banks typically target different types of loans at given periods of time. For example, last year, Regions Bank was extremely stingy with granting car loans. However, at this time, it is a type of loan for which they are trying to drum up business.

One of the best things you can do for yourself over the long-term is to build a relationship with one or two banks. Open checking accounts, savings accounts, and get their credit cards. Having a relationship with a bank prior to a loan application can help if you have a positive relationship (savings building over time, lack of overdrafts, etc). It can be the difference between having a 690 and being rejected and a 650 and being accepted. They have more insight into you than just a score and some items on an application.

The recession and the new banking rules are coming into play, and credit has tightened up as a result.