Help me understand credit

[HybridSquirrel]

one credit card for 4 months + 700 credit score = you have no credit

no, ive had a credit card since 2006, a car loan I paid off in 2008 and my apartment shows up on my credit report as well. I also have some medical bills that went to collections. I have 5 positive items (school loans, credit card never late, apartment, car loan, and now my recent card) , 2 potentially negative items (medical billls) in the past 5 years. my credit is there, just has been shittier than usual. I applied for another card and rose it up a little.

apparently you are beyond help as you cannot appreciate any advice that is offered. you are rude, condescending, and ungrateful. i'm sorry, but i cannot help you any further. good luck with whatever the fvck it is that you want to do.

You haven't offered any advice.

Double check to make sure they have your correct personal information. It's odd they're saying you have no credit.

It is odd, thats why im trying to figure out why its doing that. The car has 2.9% financing too, but for a longer term (48 months, not 36 months) and I don't want to have to pay it off that long. I just wanted to see if I could get approved. My credit union wants to know why the price of the car is so cheap (its an 01 mr2 spyder with 41k miles that I can get for $7,500 with the discount). They think there is something fucked up with the car, and me getting an employee discount isn't enough to satisfy the loan department that there is nothing wrong with it.

Basically, my CU wants to make sure they will have something functional to repossess if I default, and the price I pay makes it looks like its not functional I guess? Thats why I wanted to go through work.

 

[Elganja]

what does the price of the car (and thus your discount) have anything to do with how you are going to pay for it? Just use your CU @ 2.9% and buy the car from your dealership

 

[Chryso]

The dealership doesn't want your business. Get the loan from the credit union.

 

[gorcorps]

The dealership doesn't want your business. Get the loan from the credit union.

Probably this. I had some credit, but nothing big like cars and houses. Got approved by Nissan for 0% 5 year loan on my brand new Rogue anyhow... they said my score was ~690s. If they want your business bad enough they'll work with you.

 

[IceBergSLiM]

My trans union and experian scores are 100 points different lol.

 

[ponyo]

Maybe the dealership isn't telling you the whole truth...Not giving you a loan might be a sign that your employment isn't as solid as you think...

/end

 

[dullard]

My trans union and experian scores are 100 points different lol.

Transunion: Scales from 501 to 990.
Experian: Scales from 330 to 830.

Notice how the score ranges are a bit more than 100 points in difference.

Laughing out loud for something you clearly don't undersand: LOL.

 

[Jaepheth]

I'll send Lou and Joe over to yo place.

Bam, they'll teach ya all abouts credit.

 

[JS80]

no, ive had a credit card since 2006, a car loan I paid off in 2008 and my apartment shows up on my credit report as well. I also have some medical bills that went to collections. I have 5 positive items (school loans, credit card never late, apartment, car loan, and now my recent card) , 2 potentially negative items (medical billls) in the past 5 years. my credit is there, just has been shittier than usual. I applied for another card and rose it up a little.

Then why do you have such a shitty credit score?

 

[Wingznut]

The car has 2.9% financing too, but for a longer term (48 months, not 36 months) and I don't want to have to pay it off that long. I just wanted to see if I could get approved. My credit union wants to know why the price of the car is so cheap (its an 01 mr2 spyder with 41k miles that I can get for $7,500 with the discount). They think there is something fucked up with the car, and me getting an employee discount isn't enough to satisfy the loan department that there is nothing wrong with it.

Basically, my CU wants to make sure they will have something functional to repossess if I default, and the price I pay makes it looks like its not functional I guess? Thats why I wanted to go through work.

If you are happy with what the CU is offering, and don't even want what other lenders have to offer, I'm not sure why you applied. Every time you apply for credit, lenders take that as a negative.

If you were denied credit, you can request a response from the creditor as to specifically why you were turned down. "You don't have credit" isn't a reason.

I've bought three used cars with an employee discount (each significantly below blue book values), and have never been questioned by my CU, so I'm not sure what that's about. At any rate, just produce a Carfax report and used car inspection report. That would squash all doubts.

 

[amdhunter]

Pretty much it goes like this:

Spend 10-15 years to get your credit past 700.
Spend 1 minute paying a bill late because your Internet is out --> lose 150 points.
Profit.

 

[Wingznut]

Pretty much it goes like this:

Spend 10-15 years to get your credit past 700.
Spend 1 minute paying a bill late because your Internet is out --> lose 150 points.
Profit.

Except that it takes being 30 days late for a creditor to report it.

 

[dullard]

Except that it takes being 30 days late for a creditor to report it.

If they report it at all. Many won't report a late payment unless 60-90 days have passed without you making any payments.

Alternatively, you can have the minimum payment automatically deducted from a secondary checking account, so you cannot possibly be late and thus cannot have bad credit (assuming you fund that secondary account). I say secondary account since so many on ATOT are terrified of automatic payments from their main checking account.

 

[blackangst1]

Transunion: Scales from 501 to 990.
Experian: Scales from 330 to 830.

Notice how the score ranges are a bit more than 100 points in difference.

Laughing out loud for something you clearly don't undersand: LOL.

Those are NOT FICO scores. They are Vantage and Plus scores. Lenders dont use those, they use FICO almost without exception. Many companies also have internal scoring systems (Amex for example) but they are based on FICO. Auto loans are scored on whats called an auto enhanced FICO.

 

[HybridSquirrel]

what does the price of the car (and thus your discount) have anything to do with how you are going to pay for it? Just use your CU @ 2.9% and buy the car from your dealership

Because they want to make sure its repossesable (the cu) incase I default, they think that price means the car is fucked up. They won't loan me money to buy a fucked up car so I have to prove it isn't.

 

[HybridSquirrel]

Then why do you have such a shitty credit score?

Medical bills went to collections, they were both in excess of two thousand dollars. They were closed, but it dropped my credit rating to below 500 in 2007 and basically undid everuthing I did to boost it up before that time. Since then I've paid off my car, got an apt, and opened up another line of credit.

I also missed a few payments on my car a while back (before i was paying for it, when my mom was paying for it she missed 3 payments)

 

[blackangst1]

Medical bills went to collections, they were both in excess of two thousand dollars. They were closed, but it dropped my credit rating to below 500 in 2007 and basically undid everuthing I did to boost it up before that time. Since then I've paid off my car, got an apt, and opened up another line of credit.

I also missed a few payments on my car a while back (before i was paying for it, when my mom was paying for it she missed 3 payments)

BTW you can get those medical collections off your report, as they are in violation of HPPA laws. As to not derail the thread, I suggest you start reading the HPPA dispute process. You can start HERE.

 

[shortylickens]

It artificially increases the money supply which raises equilibrium and destroys the economy.
Ditto insurance.

 

[Bignate603]

It artificially increases the money supply which raises equilibrium and destroys the economy.
Ditto insurance.

 

[pcgeek11]

i get an employee discount at the one i work at?

You work there and they still will not... wow. They must not like you.

 

[Bignate603]

You work there and they still will not... wow. They must not like you.

It's likely that the dealership is filling out the paperwork and then another company is actually funding and holding the loan. If the OP doesn't meet the requirements that the other company has for it's loans there's nothing that his dealership can do about it.

 

[dullard]

Those are NOT FICO scores. They are Vantage and Plus scores. Lenders dont use those, they use FICO almost without exception. Many companies also have internal scoring systems (Amex for example) but they are based on FICO. Auto loans are scored on whats called an auto enhanced FICO.

I was simply answering IceBergSLiM's post. FICO is broadly used, but the two banks that my family works at ALWAYS use at least two scores for any loan. FICO (or FICO based scores) can only be one of the two.

 

[JMapleton]

I was simply answering IceBergSLiM's post. FICO is broadly used, but the two banks that my family works at ALWAYS use at least two scores for any loan. FICO (or FICO based scores) can only be one of the two.

Experian no longer allows the public to see their FICO scores, only banks and lending institutions can see them.

You can only get your true FICO scores from Equifax and TransUnion.

However, you might be mislead because these companies also see their own versions and "credit scores" which have nothing to do with your FICO (the score your banks use).

You can only get your true credit score from MyFICO.com, if you got it anywhere else it was a fake credit score and is worthless.

 

[HybridSquirrel]

You work there and they still will not... wow. They must not like you.

toyota financial services is different from our dealership. the dealer doesnt finance you, toyota financial does.

Experian no longer allows the public to see their FICO scores, only banks and lending institutions can see them.

You can only get your true FICO scores from Equifax and TransUnion.

However, you might be mislead because these companies also see their own versions and "credit scores" which have nothing to do with your FICO (the score your banks use).

You can only get your true credit score from MyFICO.com, if you got it anywhere else it was a fake credit score and is worthless.

Thanks Ill remember that and check it out.

BTW you can get those medical collections off your report, as they are in violation of HPPA laws. As to not derail the thread, I suggest you start reading the HPPA dispute process. You can start HERE.

Thanks, I will also do that. I always thought it was bullshit how they sent me to collections even though I was paying them off

 

[blackangst1]

toyota financial services is different from our dealership. the dealer doesnt finance you, toyota financial does.



Thanks Ill remember that and check it out.




Thanks, I will also do that. I always thought it was bullshit how they sent me to collections even though I was paying them off

Well, just remember, if x amount is currently due, they are under no legal obligation to take payment less than that. It's like the wives tale that if you send $20/mo to a collection agency or even an original creditor, they cant sue you. That is 100% false. Or the wives tale that if you are disputing an amount at a collection agency, and you send in what you think the balance should be but write "To pay in full" or something similar on the memo line, and they deposit the check, your account is paid in full. 100% false.

Anyhow. HPPA disputes really are pretty straight forward, initially, and if you follow the steps in the proper order the bureaus should drop them off fairly quickly.