04-04-2013 08:52 PM
So a little over a year ago I paid off some bad items on my credit report, and put $3,000 down on a $10,000 vehicle loan. I got a subprime loan with an interest rate of 13.9% for that vehicle, but this past Friday I went to a dealership to look at trading in that vehicle for a newer car. Well to my surprise I got approved with 1,000 in negative equity on my trade for a $17,200 car with a rate of 6.9%. Proof that if you make your payments on time and work hard you can improve your credit. Oh and the new car loan is through a good bank and not subprime as before, and I actually had offers from 3 different banks for the loan where as before I had to put a chunk down, and before that I couldn't even get a car loan with a cosigner. I'm not sure as to what my credit scores are or which they pulled but they must be moving up.
04-04-2013 08:57 PM
04-04-2013 09:33 PM - edited 04-04-2013 09:35 PM
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO