Reply
Valued Contributor
Posts: 1,668
Registered: ‎02-18-2009
0

Re: Denied... FICO's are all over 680 No negatives

Wow, Mustang GT. 

 

Have you actually checked with your insurance company yet? cause I think full coverage will be about an additional 3/4 the actual car payment each month....

Signature line begins:
Credit is not a right, but a business transaction, one that takes into account risk, and charges accordingly based on that risk.
Your credit score is an aspect of your credit profile. Important? yes but just an aspect. Contributing/supplemental information determines the finer point of the deal. Ask any question, respect me not to get mad if the answer is not the affirmation you are looking for,
Regular Contributor
Posts: 157
Registered: ‎03-12-2010
0

Re: Denied... FICO's are all over 680 No negatives

[ Edited ]

I have been reading this forum and it makes me SMH bc so many people are trying to be helpful to no avail. I looked up what my insurance would be for the car you picked out and its a whopping 226. I am 29 years old, own house, masters degree, etc... I currently bought a 2007 GMC acadia and pay 120 a month for insurance. So then I decided to change my birth year to reflect me being 22 (I dont know if that is what the op's age is but I just threw in a number), insurance is 400.00 a month on that and with lowest coverage it is still 336. Now you make 30,000 a year which is about 2500 a year. You talked them down to 36000 out the door and ur balance would be 33000. You said your payment would be around 519-551 plus gas would be 167 a month. So lets add this up. Thats an estimate of about 1100. Can you survice on $1398? Rent? Food? Maintenance? Entertainment? Utilities? Student loans? Yes you will have a nice little ride but can't afford to take it anywhere. Listen I feel bad you can't have ur dream car but just bc u believe you should get it does not mean they are obligated to work with you. I don't know why ur fascinated or stuck on this car but shop around. You said you just got a 20000 loan a few months ago which is confusing bc where is that car? My advice is to walk away, find a better paying job or get a part time job as well, and save and maybe then u can afford this. 


Starting Score: EQ 603~TU 613
Current Score: EQ 763~TU 706
Goal Score: 810


Take the FICO Fitness Challenge
Frequent Contributor
Posts: 301
Registered: ‎07-25-2007
0

Re: Denied... FICO's are all over 680 No negatives

Not to mention that the 2500 might be the gross income - after taxes and other deductions, OP might be looking at a much smaller take-home paycheck

Starting Score: EQ 773, TU 766
Current Score: EX 794, EQ 787, TU 776
Goal Score: 800


Take the FICO Fitness Challenge
New Visitor
Posts: 1
Registered: ‎10-05-2010
0

Re: Denied... FICO's are all over 680 No negatives

I'm probably extremeely late on replaying to this and who knows.. you might have already bought a car by now.  However, what comes to mind right now is if BOTH your parents make six figures or close two.. why can't they just buy you a car OR if you're trying to build credit.. give you say $10,000 to put down on it and you finance the rest in your name.. which would be more feasible for the your current yearly income.  My thoughts are.. why finance something if you can buy it seeing that cars depreciate and to take out a SIX-year loan is a tragedy!  By the end of that loan your car will be worth a heck of a lot less than what you'd still be paying on it.

 

Hope it worked out for you!

New Visitor
Posts: 2
Registered: ‎10-05-2010
0

Re: Denied... FICO's are all over 680 No negatives

If your trying to buy a car and you only make 30k annually....one word.... AUCTION.....and if this is 30k gross.....Save money and ride mass transit or save your money and hit a AUCTION!

New Member
Posts: 6
Registered: ‎04-10-2008
0

Re: Denied... FICO's are all over 680 No negatives


Kika wrote:

.. why can't they just buy you a car OR if you're trying to build credit.. give you say $10,000 to put down on it and you finance the rest in your name..


 

Because they need to stand on their own two feet.  Perhaps to establish credit they shouldn't be BORROWING 30K for a car as a "First major purchase"

 

Sure a Mustang is a nice car, but their parents got to be 6 figure earners by making good choices, and probably think a new Mustang is as good an idea as bungee lessons in Peru.   Junior should put 3-4K down on a $20K car so that there is only a 350 payment (18K loan)rather than a RAPIDLY depreciating performance car that will be only worth 10 grand in 3 years (assuming no wreck).  Which at 6% interest a 30K 5 year loan is 600 a month!

 

I am a big fan of the tough love approach and with my own kids they can buy whatever they want if they can afford it.  If they want my help they need to convince me this is a good idea, before I would ENABLE reckless behaviour!
WA
New Member
Posts: 5
Registered: ‎10-27-2009
0

Re: Denied... FICO's are all over 680 No negatives

I went to Captal One and so had a pre-approval.  I told the dealer I already had financing so didn't need any from them.

Since thew dealer is paid a commission on financing they sell, they were able to come up with a better deal so they could get their commission...

Valued Member
Posts: 27
Registered: ‎10-08-2010
0

Re: Denied... FICO's are all over 680 No negatives

[ Edited ]

Hi, how do you look up insurance rates for a specific car?? Was there a specific website that you used? Thanks!

 

Oops! This message was intended as a reply to toytoy's post.

Regular Contributor
Posts: 157
Registered: ‎03-12-2010
0

Re: Denied... FICO's are all over 680 No negatives

I used Liberty Mutual. I didn't sign in and just put guesstimates about the car. I believe all online quotes do this but I could be wrong but thats what site I used to come up with the quote I received the the mustang. 


Starting Score: EQ 603~TU 613
Current Score: EQ 763~TU 706
Goal Score: 810


Take the FICO Fitness Challenge
Established Contributor
Posts: 991
Registered: ‎05-14-2008
0

Re: Denied... FICO's are all over 680 No negatives


toytoy wrote:

I used Liberty Mutual. I didn't sign in and just put guesstimates about the car. I believe all online quotes do this but I could be wrong but thats what site I used to come up with the quote I received the the mustang. 


I'm already a Progressive Insurance customer and on their site you can get firm quotes for any vehicle you are think of adding/replacing, I suppose because they already know about your particulars and driving record.  It's a good system as it allows you to play 'what if' games with different deductibles or coverage.  I've found it very useful and the quote they give you is the one they use if you take the coverage.  No funny games.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.