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Smart Shopper Credit Scores and Vehicle Financing
945 messages, Last post on Dec 06, 2009 at 9:30 AM
You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester
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you're getting rated on a beacon score that's 20 to 100 points lower than it should be....what's that cost us? I know the answer, it was a rhetorical question - it might be a point or two of rate, or a lower advance amount...for something that's not our fault at all. |
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Replying to: steine13 (Mar 20, 2005 8:00 am) It' best to see each report separately, because in a "merged" report" you don't know which one is reporting any "errors" On the minus side, even though the prior lender shows a zero balance on the house, it's not showing closed yet, after 8 months!
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Replying to: cadillacmike (Mar 21, 2005 11:15 am) Terry.
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Replying to: rroyce10 (Mar 21, 2005 2:35 pm) Lender was Cendant, they were in hot water a few years back, and so might be trying to at least accurately eport balances. I'm not holding my breath on them reporting it closed. It took 7 months for the court papers to show up "satisfied"... |
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| My fiancee and I just returned from car shopping. He wants to finance a 2005 Acura RSX S. We have figured out monthly expenses and determined that we can afford around 300$ a month for the car. He travels and easily puts about 30,000 miles on his car in a year so leasing is out of the question. But he would like to buy it and trade it up every few years. My question is if this is a bad trend to get into? It seems sensible to us for him to buy the car and we make the car payments every month with no intention of paying it off before trading it in. However, we are looking for advice as to if this is an unforeseen disastor. He graduated college about a year ago and I still have a year to go. We do not have much credit, but he has a steady income, our hope is to build credit through financing a vehicle in order to have enough credit to buy a house in 2 or so years. Although we dont have much credit, what we have is good. Any suggestions or advice on our scenario? | |
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Short of getting an official credit rating report, is there any way to estimate whether your credit rating may be good or poor? Does your credit limit on your credit card have any relation to your rating? Does missing a payment by a few days once make your rating bad? How often do you have to do it to have a bad rating? What if you usually pay off your full balance, but just carry a balance for a few low months of the year? What about if you're young? Is it difficult to get an advertised financing rate if you're just graduating from university and getting your first full-time job? I've used a credit card for the 6 years I've been in postsecondary education, but is that enough? I've never had other utilities bills (phone, cable, heat, etc) in my own name, and I've only signed a rental lease for one year (other times I've lived in residence or shared house rental rates with housemates who paid the total bill directly to the landlord)... If I want to buy a new car when I start my first job this summer, should I get my parents to cosign on a financing agreement? Or should I try to see if I'm eligible for financing on my own first?
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....... Knowing - and understanding your credit report is ALL important ... I look at a few hundred credit reports a month, and you would be amazed on how much "junk" can pile up, I have 45 year old buyers that still have their student loans and their Montgomery Ward card that shows "bad" .. There is no law that states that credit bureau's have to be accurate, they just report a history and it's usually the bureau's interpretation ... it's *your* responsabilty to make sure everything is right and things aren't deleted or added incorrectly, it takes 1 minor key stroke to make things look bad, but it can take months to remove a mistake ... spend a little time, (maybe $30 bucks for the updates) and check out myfico.com and freecreditreports.com .... remember, a strong fico score doesn't guarantee anything .. knowing and "understanding" your credit history is something you will use for the rest of your life .... Terry. |
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Replying to: jezebel (Mar 26, 2005 9:34 pm) My wife pointed out to me that e-loan.com will show your credit score. Don't know how accurate it is, though. Jason |
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Replying to: kyfdx (Mar 20, 2005 9:17 am) https://www.annualcreditreport.com/cra/index.jsp |
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I bought an 05 Accord last thursday(btw terry I traded the magnum) and was surprised that I did not qualify for 2.9% financing, but did for 3.9%. I was told that AHFS uses equifax credit scoring, and that a score 720 or better would get the 2.9%. I scored 707. I believe what he was telling me, as my salesperson said even before we crunched numbers that it was 2.9 to 4.9, depending on my credit score. Got a great deal too, btw. Can anyone(isell?) verfiy this? |
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