"750" FICO not good enough for a car loan
- Thread starter Robot
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If you are buying a car, dependent on your location, you should be able to get rates in the 6% range for a 60 month loan with great credit. Manufacturers that offer promotional rates like 0% or 2.9% etc will also have large rebates sometimes, and you can take the rate or the rebate, not both. I suggest you check out the credit unions in your area and find out what kind of rate you can get using the rebates. That is the best program for most with great credit.
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As a Loan Officer, knowing how the models are factored, a person that keeps his/her debt at or below the 30% mark is going to have the best credit score. So in other words if you have a high limit of $10,000, 30% would be $3000.00 on balance,, and no more to score best. It used to be higher, but the three bureaus have recently remodeled and reset debt/high limit protocols.
A high scores can also have other points that would seize credit worthiness.
Some could be;
13 - Time since Delinquency Is Too Recent Or Unknown
38 - Public Records or Collection Filed
20 - Time Since Derogatory Public Record Or Collection Is Too Short
and one main killer is;
08 - Too Many Inquires Last 12 Months
Money is a lot tighter than before. Lenders are now looking at ways to NOT give it away, regardless of how much we know or think they have been infused.
A high scores can also have other points that would seize credit worthiness.
Some could be;
13 - Time since Delinquency Is Too Recent Or Unknown
38 - Public Records or Collection Filed
20 - Time Since Derogatory Public Record Or Collection Is Too Short
and one main killer is;
08 - Too Many Inquires Last 12 Months
Money is a lot tighter than before. Lenders are now looking at ways to NOT give it away, regardless of how much we know or think they have been infused.
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My advise for anyone looking to buy anything is to KNOW YOUR OWN CREDIT! Login or request you own credit report with any of the three credit bureaus to obtain copies of your credit. This way you will empower yourself to know what others are looking at when they "pull" your credit and come back with a denial or the hopeful approval.
I actually got a .250 point lower at my credit union because I was able to show them my credit report that had a higher score than the one that they pulled.
If you don't know your own score - find out!
www.Equifax.com P.O. Box 740241 Atlanta, GA 30374 1-800-685-1111
www.Experian.com P.O. Box 2002 Allen, TX 75013 1 888 397 3742
www.TransUnion.com P.O. Box 1000 Chester, PA 19022 1-800-888-4213
I actually got a .250 point lower at my credit union because I was able to show them my credit report that had a higher score than the one that they pulled.
If you don't know your own score - find out!
www.Equifax.com P.O. Box 740241 Atlanta, GA 30374 1-800-685-1111
www.Experian.com P.O. Box 2002 Allen, TX 75013 1 888 397 3742
www.TransUnion.com P.O. Box 1000 Chester, PA 19022 1-800-888-4213
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