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Smart Shopper Credit Scores and Vehicle Financing
935 messages, Last post on Jul 28, 2009 at 1:12 PM
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Replying to: dapun (Apr 04, 2008 4:27 pm) link title " Experian does not sell the FICO score to consumers. Charges $15 for its report and its own Plus score. Also sells its own VantageScore, which evaluates consumers on a range from 501 to 990, for $5.95."
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Replying to: fordfool (Apr 07, 2008 4:30 pm)
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Replying to: joel0622 (Apr 11, 2008 10:59 am) Precisely, why share any part of the pie with Fair Isaac Company (FICO)? Years ago, before banks were allowed to have branches, lending was pretty much a local affair with each bank developing its own lending criteria. A Fayetteville, N.C. bank had an economist develop a formula for measuring loan risk. Homeowners were better risks than renters (to no one's surprise). But the best risks lived in trailer homes!  The bankers went back to the economist figuring that he had reversed the coding on the "home" variable. The economist investigated and found that the formula was correct. It seems that the trailer home resident-borrowers were primarily officers and non-coms from nearby Fort Bragg and Pope Air Force Base. And these officers and non-coms were very good credit risks. 
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Replying to: fordfool (Apr 12, 2008 2:52 pm) |
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A reporter from a large daily newspaper hopes to speak with consumers who have had difficulty obtaining credit for a vehicle purchase. If you’ve had difficulty, please respond to ctalati edmunds.com with your daytime contact information no later than Friday, April 18, 2008.
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A reporter wants to interview people who have been turned down for a loan, surprised by high interest rates or otherwise run into the effects of the tightened credit market while shopping for a car. If this describes your situation, please respond to jfallonedmunds.com with your daytime contact information no later than Wednesday, April 23, 2008.
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Replying to: joel0622 (Jan 29, 2008 7:33 am) I have an TransUnion score of 529 / Equifax 562 and am having a VERY hard time getting a auto loan. My lease on my 2005 Buick is up in a week or so and GMAC will not approve me on another new vehicle because I was late 6 times on my payments. I am TOTALLY paid up now (even late fees). I make $24,700 a year and only have a letter of employment from my employers to prove my income. I am a Nanny and need a nice, safe car that can take on a Syracuse, NY winter. I sent GMAC and credit app. to buy out the lease but in may take 6 weeks to hear back. I am hoping that since the residual value on my contract is $17,700 (allot more then blue book) they may let me buy it. I finally understand about HOW IMPORTANT your credit score is and trying to pay off some of the deliquent accounts but it may be to late for this car purchase that I need ASAP. What advice would you give me to obtain a late model, low milage, safe vehicle for me and my kids??..all THREE have to sit in the backseat. Thank you VERY much for your time and I look forward to your response! Michele
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Replying to: haselhuhn575 (Apr 27, 2008 11:51 am) If you can't find financing any where you may need to check out a reputable note lot.
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Replying to: haselhuhn575 (Apr 27, 2008 11:51 am) You might want to discuss this with your employing family. Several years ago, our nanny's car broke to the point where it was not economically the correct thing to fix it. She had no credit history so getting a loan on a car would not have happened. We helped her find a reliable used car for under $9k. She borrowed the money from us at an agreed upon interest rate and repayment schedule that we all signed. Payment was taken from her pay on a weekly basis. This may not help your credit score but it is one way to get an affordable car. Good luck, car_rm |
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