Fico is flawed cannot get auto loan!:(

[Anonymous]

Self employed for 7 years.  A Chrysler Financial repeat customer since 1994.  Had a bad spell with Providian Credit Card and they sold the account to a law firm, they would not work with me....making more $$$ now and tried to get a loan for a used car today, $7,000 and I was declined!!!!!  My current lease payment is $600 and my new payment would be $175.  Chrysler dealer cannot get me into a 2003 mini van let alone a new car and I have an employee discount......I'm more than a FICo score!!!!!!  how can my transunion be 480?

Isn't it logical that if my payment goes down by so much and I have never missed a car payment that it's statisically likely that I will have no problem paying on a smaller loan amount?  My other accounts are current.....I hate living my life for FICO....now I can go on welfare since  I need wheels to do my job!

[SCF]

Hey greenie, welcome to the forums, even if you aren't here in the best of circumstances!

First question, where did you get your score, from this site or from another one?  The scores on this site are the real FICOs, scores from other monitoring sites don't use the same formula and can vary a lot.

That said, however, it sounds like you have some serious negative information on your credit report.  In the current climate, it's very difficult to get loans because banks are so wary of default.  Even though you've handled your lease well, the problems with your other credit make you look like a very high risk.  Fortunately, you're in the right place to get some help!

What I would do is get a copy of all of your reports from the 3 major CRAs (EX, EQ and TU), go to annualcreditreport.com and pull them straight from the source, they'll be more detailed that way.  Then, hop over to the Rebuilding Your Credit forum and start posting/searching for solutions to the problems you find, like charge-offs, collection accounts, lates, judgments, etc.  They'll get you on the right track to get your scores rising in no time, starting with some ways to minimize the negative effects from that Providian account.

Good luck!

[Anonymous]

You know, I just dont get it. My ford dealer let me go with a brand new car with the dealer tag with a "verbal" promisary note of 3k downpayment and my proof of income. I drove around in the car for two weeks before I was able to supply the dealer with both of those items. Not to mention this was my first auto loan with no cosigner.  I also had a single collection. If anyone, I should be the one being denied for a loan. Do you have a BK or a repo on your credit report?

[Anonymous]

To have a 480 fico there has to be some serious marks on there such a judgements, repo, BK or something.  It is pretty hard to get the score that low particualrly if the current lease has been paid on time every month.

To original poster, unforutnately in this tightened credit market, lenders are being very strict on their standards and are not allowing exceptions based on outside information.  In the end, it is perfectly legitimate for the banks to not want to finance someone due to a low FICO score regardless of any current credit acounts.  Also, generally there is no family/employee discount on used cars, only new.... and a 2003 car is MUCH harder to get financing for than a new model.  Banks  are leary of older cars because when they break down, people have abad habit of stopping payments on them.

Good lcuk with it all.

[settleordelete]

A 480 fico score... a charged off credit account, just doesn't add up for someone with perfect car payment history...I would leave chrysler alone and save up a down payment for something else. Next, figure out whats keeping your score so low. Then get old outdated negative info removed/deleted (keep all of your -paid /current items). Thats what i did before i made my last car purchase which felt like instant approval.