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Smart Shopper Credit Scores and Vehicle Financing
945 messages, Last post on Dec 06, 2009 at 9:30 AM
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just to clarify...my post had nothing to do with national avg...but individual credit scores and the mystery as to how scores are determined. on the credit bureau there is a line called available credit. let's say you have a total limits on all your credit of $10,000 and you have $6000 in debt...so your available credit is $4000. if you had $10K in credit limits and $0 debt, your available credit is $10K. The second scenerio would produce a much higher credit score...available credit represents 30% of the credit score.
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Replying to: driftracer (Apr 21, 2005 4:15 pm) |
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Replying to: audia8q (Apr 22, 2005 8:02 am) Following the above example, on a credit limit on all your revolving accounts of $10k with $6k in debt, the % of debt to credit limit is 60%, which is much higher than the national average of 34%, and this will greatly impact the score, since as audia8q says, it represents 30% of it. Actually, I just pulled by credit report, and this 34% is now around 40%, reflecting the fact that consumers are using more revolving debt than before. |
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Is it OK to apply for financing with bad marks on report? I'm not sure exactly what my FICO score is, I have 2 places that specify "FICO Score" and one says 667, another says 722.. So whatever..  I pulled all 3 of my credit reports and there is only 1 bad mark on 2 reports and it is a mistake. Apparently on a credit forum I belong to it's a common problem. The reports say "120 days past due" even though there is a 0 balance... That card that it's saying is 120days past due has been closed by me since 2001. I do plan to fight that mark, but I'm sure it'll take a couple of months to come off and I really can't wait untill that's gone off my report untill I try and get a car... There isn't anything else bad on my credit reports. My revolving balances are under $500 and my total credit limit for all my cards is over $7,000.. So where should I apply for financing with that kind of mark? $15,000. Do you think this mark on my report will hurt that much? Any other opinions? |
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I need some advice on a loan that I recently took to purchase a new car. On April 10th, I was quoted a rate of 5.74% for six years which I took through AAA financial services. I signed the loan agreement which verified this rate and picked up the check to give to the dealer. Last week, AAA called me and stated that a mistake was made on the rate I was quoted. I was quoted the rate for a tier 1 credit score at 5.74% but I qualified at tier two for 6.64% for six years. They now want to change the rate after I have signed the loan agreement, they are now offering me 5.64% for 66 months which would increase my payment by $30 a month. They are trying to justify this by saying that I will save $500 over the life of the loan. Since I have the signed loan agreement with the original rate of 5.74% and have yet to make a payment, do they have the right to change the rate of the loan after the fact? |
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Replying to: tenexe (Apr 21, 2005 10:38 am) Vtcar |
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Hey everyone! Just wondering what credit score Chrysler Financial required, and how their tiers break down. I currently have a FICO of 620, and a 19% interest loan on a Cavalier, through Capital One. I want to trade it in on a Wrangler when I hit the break even point, and wondered how feasible that would be. I plan to pay off some credit card balances, which should raise it. The simulator said this might even raise it to 700, but I'm not sure how accurate that is! And I'm not complaining about the interest rate cause getting that loan was a lifesaver, and has raised my score ALOT! I would just like to trade for something that holds its value better, and a lower interest rate. Any help would be appreciated! Hugs, Chevy Girl
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Replying to: chevygirl (May 04, 2005 3:36 pm) If your Cavalier has already depreciated a lot, then it may not depreciate much more. My guess is that you should keep the Cavalier and pay off ALL of your credit cards. |
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Replying to: chevygirl (May 04, 2005 3:36 pm) I am not sure what Chrysler's tier requirements are, but you are certainly moving in the right direction with your attitude. Paying off credit card balances is a VERY good plan. I suggest doing that as soon as you possibly can, then have a look at your credit score. If you have a lot of revolving credit and you pay it down, you will see a very good rise in your credit score (plus continuing to pay on the Cavalier loan on time). Between writing out those checks  , hop on over to our Real-World Trade-In Values discussion and post details about your Cavalier to find out approximately what it's worth right now. If you are at the break even point and you get that credit score up, you can shop for your next vehicle. Remember that a vehicle is NOT an investment. If you plan to keep your next vehicle, Wrangler or whatever else, until it is paid for, then you'll be in a much better position when you go to trade in. Visit our Jeep Wrangler page, select the style that you're most interested in, then hit the reviews & specifications tab. On that page, you'll find links to resale values, and True Cost to Own. Hopefully, those will help you decide. |
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...before it's paid for. This will guarantee you won't be upside-down when you buy your next vehicle. I know a girl who traded several cars with balances on them in a row. She is so buried, she will need to dig upwards to see the devil.
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