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New Contributor
750Hopeful
Posts: 152
Registered: ‎02-07-2013

Re: Having trouble getting loan even with 40% down

By the way, how the heck do I quote other people's post when I'm responding to it? I click the "Reply" button underneath their post and the next screen confirms that I'm responding to the post I clicked on, but their post isn't shown in quotes when I make mine.

New Member
Roeshell
Posts: 3
Registered: ‎03-27-2010

Re: Having trouble getting loan even with 40% down


750Hopeful wrote:

By the way, how the heck do I quote other people's post when I'm responding to it? I click the "Reply" button underneath their post and the next screen confirms that I'm responding to the post I clicked on, but their post isn't shown in quotes when I make mine.


When you click reply,click on the  "quote" button. It is  located next to the spell check button at the top of the text box.

New Contributor
750Hopeful
Posts: 152
Registered: ‎02-07-2013

Re: Having trouble getting loan even with 40% down


Roeshell wrote:

750Hopeful wrote:

By the way, how the heck do I quote other people's post when I'm responding to it? I click the "Reply" button underneath their post and the next screen confirms that I'm responding to the post I clicked on, but their post isn't shown in quotes when I make mine.


When you click reply,click on the  "quote" button. It is  located next to the spell check button at the top of the text box.


Aha! Thank you!!

New Contributor
750Hopeful
Posts: 152
Registered: ‎02-07-2013

Re: Having trouble getting loan even with 40% down

[ Edited ]

By the way, I just got another decline letter in the mail from one of the banks that I guess one of the dealers had submitted to. This one is from US Bank.

 

Says they pulled a 669 credit score and declined because: SERIOUS DELINQUENCY, AND PUBLIC RECORD OR COLLECTION ITEM FILED, NUMBER OF ACCOUNTS WITH DELINQUENCY, LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED, TOO MANY INQURIES LAST 12 MONTHS.

 

Couple questions on that...

 

1. Do you think the NUMBER OF ACCOUNTS WITH DELINQUENCY would be because of the 3 CO Amex accounts (even though they have a $0 balance and were paid) or is that the 30 day late on my Shell card from 3 years ago, or both?

 

2. LENGTH OF TIME ACCOUNTS HAVE BEEN ESTABLISHED - My AAoA of just open accounts (from CreditKarma) is 8 years and 4 months. Is that really considered a short time? My oldest TL is 16 years, 8 months (thanks to being added as a joint account holder on a family member's Discover card).

 

Also, this was very interesting... the letter says that they pulled my report from Experian, TransUnion, and some company called CSC Credit Services. Who is that? It seems like it should say Equifax since that's the 3rd CB, but it says CSC Credit Services. Any idea what that's about?

 

EDIT: Looks like CSC used to be independent, but as of just two months ago they are now owend by Equifax so that makes sense. I guess CSC Credit Services and Equifax are the same thing just under a different name, but still your Equifax report.

Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009

Re: Having trouble getting loan even with 40% down

1.  Probably both.

 

2.  The reasons that are listed are automatically generated.  Those are the things that are holding your score down in descending order of importance.  So it is the first three that are really having an effect.  The last two are minor dings to your score and are just included because the computer just spits out the things lowering your score.  At least that is my understanding of how it works.

 

Not sure about CSC, but sounds like it might be EQ as you suggest.


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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New Contributor
Paperboy999
Posts: 73
Registered: ‎10-06-2012

Re: Having trouble getting loan even with 40% down

What don't you get a used one? Just looked on craigslist 08-09 are going from 30-40k. You could do an 18 month loan for 10 grand and then sell it and get your money back and you would have some auto loan history.
11/09 EX 564
10/12 EX 673 TU 674
1/13 TU 686
2/13 EX 701
Goal 750+
New Contributor
750Hopeful
Posts: 152
Registered: ‎02-07-2013

Re: Having trouble getting loan even with 40% down


Paperboy999 wrote:
What don't you get a used one? Just looked on craigslist 08-09 are going from 30-40k. You could do an 18 month loan for 10 grand and then sell it and get your money back and you would have some auto loan history.

I know you're just trying to help, but I have ZERO interest in a used car. Frustrated because EVERYONE I've talked to suggests just getting a used one. I don't compromise when I want something bad. I set out to get something and I do it. I don't take the lowest hanging fruit just because that's easier. The path of least resistance is amost never the best path.

Regular Contributor
coreyb80
Posts: 106
Registered: ‎07-26-2012

Re: Having trouble getting loan even with 40% down

Sometimes you have to crawl before you walk.  I understand you want it bad and that's fine, but if you're hearing the same advice for quite a few people then that may just be the path to consider.  Best of luck to you OP.

New Contributor
750Hopeful
Posts: 152
Registered: ‎02-07-2013

Re: Having trouble getting loan even with 40% down


coreyb80 wrote:

Sometimes you have to crawl before you walk.  I understand you want it bad and that's fine, but if you're hearing the same advice for quite a few people then that may just be the path to consider.  Best of luck to you OP.


If a lot of people say the same thing, it's wise to take a hard look at that advice. But it doesn't mean to follow it. "To get nowhere, follow the crowd." I think Charlie Brown said that.

Senior Contributor
drkaje
Posts: 3,482
Registered: ‎07-25-2008

Re: Having trouble getting loan even with 40% down

Have you tried writing Amex to ask for goodwill on the paid collections?

 

It's great things came back together but our credit histories don't automatically reset themselves with financial turnaround.

 

You could rebuild, wait, or pull together more cash and see if a better deal is possible.


Starting Score: 675
Current Score: EX ? FICO, EQ 708 FICO
Goal Score: 776 FICO


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