Credit market does suck!

[Scarymarket]

The credit market does suck and this is why!!

2005                                                               2008

Ficos 688,701,717                                           Ficos 701,705,722

W-2 Income 76K                                             W-2 Income 84K

DTI under 25%                              vs               DTI under 31%

Avg. length of credit 8yrs                              Avg. length of credit 8yrs

In 2005, I was approved for 2.9%, 32K, 48mo, 10% down.

vs

In 2008, I was just approved for 7.9%, 36K, 48mo, 10% down.

I'm not buying the car, screw this!!

Message Edited by Scarymarket on 11-20-2008 07:56 AM

Message Edited by Scarymarket on 11-20-2008 07:57 AM

[Anonymous]

Sorry your so bummed! In 2005 it was much easier to get a loan... Investors don't want to buy securities now, with the default rate on loans and the current condition of the economy you can't blame them? Small banks are about the only way to get a loan and they have tightened lending requirements. Did you get your financing through a CU or let the dealer find financing for you? Do you have a trade in that has neg equity thats requiring the 10% down payment? There are so many factors... your the buyer always ask questions and get a clear answer before signing the docs. Make a list of questions and ask your loan officer if you went through a cu or traditional bank. Btw Congrats on your approval!

[Anonymous]

I am about to make a quick run out, so I will reply when I get back home.  Do you have any late payments, major derogs, collections or anything on your credit report?  What part of the country are you in?  New or used?  Car type?  Anything else you want to include would be much appreciated.  Also, do you have a lot of inquires?  Did you get a FICO score or a FAKO score?  i.e. Did you get your scores my myfico or a site like truecredit.com?

Let me know I can attempt to let you know where to get the best possible financing.  I will be back on the site in a couple of hours and I will help you.

TheTaxMan

[Anonymous]

A lot of lenders are requiring higher down payments now, even if you don't have negative equity in your trade-in. If you have pristine credit you might be able to get around this, but average credit usually won't. 10 percent isn't really that high anyway (historically at least).

[Anonymous]

**Yes, 1 public record in 1999. We paid the attorney and filed bankruptcy and then between the file date and the time to enact the bankruptcy we changed our minds. The bankruptcy was dismissed in 1999. The file date was 8/99 and dismissal in 11/99.

• I just looked and saw 1 late in 2004 30day.

That's it 1 credit pull last year, 1 the year before that for a mortgage refinance.