so i go to buy a 06 wrx today at SoG, and i can't get financing for it because the bank SoG uses won't give me but 15k or so even though i make more then enough to make the payments. the problem is my credit score and history( or lack there of) is creating too much risk factor or something. my score somehow dropped from 660 or so last october to 590. there have been alot of inquiries on my credit since i have shopped for cars twice in the last 6 monthes, and also my ruck i got in october was totaled in feb only got to make 4 monthes of payments. i just don't know what to do or why my credit went down so much, can anyone help?
If you're not in a real hurry, the first thing you need to do is request copies (if memory serves, you get 2/year free) of your credit report from the big three (Experian, Equifax and Trans Union). A 590 likely means that you have some pretty bad blemishes on there (late payments, defaults etc). You need to ensure that whatever information is on the report is accurate. Assuming you find some incorrect information on there, you need to contest it and get it corrected. Unfortunately it might take a couple of months before your credit score is affected by these actions. PM or email me (christer.medin@gmail.com) if you want me to walk you through this whole process. I know a fair bit about this stuff and might be able to help you out. Beware though that a 590 credit score won't change overnight and you might have to wait a few months or more to get it straightened out.
thats the wierd thing, i don't have any late payments or anything, i have only about a year of history. i have alot of inquiries, and i mean like 20+ in the last couple months also i haven't been with a car for 2 months and need a car right now, just want to make sure i get one i like and will keep for a while. i know i am going to get a horrible rate, but i can always refinance when my credit gets fixed
hey Subaru of Jacksonville will finance you! I had a lower score than that and got an 06 STI. It depends on the dealership and the bank if the dealership really wanted to sell the car they would figure out away. I bet they will put you in a car.
It could be a high debt to credit ratio. I have imaculate credit but only have like a 640ish but it's because i have a few credit cards and a house but the credit cards are almost full and the house doesn't have much paid off on it yet. My score is steadily going up every month now that i don't have any inquirys on my credit and i haven't missed any payments on anything... Another thing, if you can finance it somewhere besides the dealer that is probly a good idea. My dad works for Georgia Tech so I was able to get into the state employees credit union and get financed for my STi by myself. You may want to look into that... See if your job or any of your family members jobs will let you into their credit union.
yeah the debt to credit ratio is high as my truck is still listed in my credit even though its totalled, also just found out someone was using one of my credit cards without me knowing because its $130 over and late because i never use it, so i never have to pay, good thing its just a $250 limit card, damn
you can get FREE credit reports and check everything out IF you feel that you might have been a victim of identity fraud......won't be able to get your credit score but you know what it is already......I was fortunate to have been a victim AFTER I bought my wrx.....but it sucks to have your identity stolen regardless...just wanted to share my own insight...
i dont even know waht my credit is, i know its good, but i never apply for anything that requires it. Wheres the best place to find out?
https://www.annualcreditreport.com/cra/index is a good place to start. It won't give you your credit _score_ but you can see if there are any unexpected things on your files. There are some 'free credit score' sites that have you sign up for various credit protection program in exchange for a 'free' score. You can call and cancel within a certain # of days, but it's pretty much a big hassle to deal with. It's best to keep on top of these things; you might _think_ your credit is excellent but be in for a real surprise when you actually need to use it. It's not unusual that the credit bureaus screw up and put an inquiry, late payment or even entire account in the wrong file. Sometimes they don't have the SSN and practically have to guess where to stick a piece of information based on name/address stuff. All three should have readily available dispute forms (I think one or all of them allow you to do it online) to help you correct/remove erroneous information.
GO w/ a credit union. The rates are way better. I financed my Evo and WRX thoguh my credit union at a 4.83% interest rate and my credit score is lower than yours.