Credit Cards Center Credit cards from our partners
Reply
Established Contributor
Posts: 556
Registered: ‎01-09-2008
0

I need a car really bad... anyway of financing a car without them reporting the the CB's?

I need to purchase a car something 10,000 or under.  I am buying a house at the end of the year... is there anyway around them not reporting to the CB's?  Or anyway around now showign that I have a loan out?
 
My mortgage lender said it would look bad if I purchase something right now... but Im desperate.  We are down to 1 car and if something happens to the car im in now I have no way to work.
 
Please help!
Super Contributor
Posts: 7,129
Registered: ‎07-03-2007
0

Re: I need a car really bad... anyway of financing a car without them reporting the the CB's?

Whether it reports or not..... You would be committing Mortgage Fraud if you didn't disclose the new debt.
Remember, you have to sign the loan application to certify it true & accurate.
Are your scores borderline? Or is this a debt ratio issue?
Is your loan officer worried about the new account and how it affects scores?
Or are they coaching you into fraud?
 
* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' (and now Louisiana)since 2004

Established Contributor
Posts: 556
Registered: ‎01-09-2008
0

Re: I need a car really bad... anyway of financing a car without them reporting the the CB's?

ok OMG... no not at all.   they are just telling me to not buy anything until the house but i am stuck.  I am not trying to commit any kind of fraud.  I just thought i saw on here there is a way around it. 
Frequent Contributor
Posts: 473
Registered: ‎03-06-2007
0

Re: I need a car really bad... anyway of financing a car without them reporting the the CB's?



glamchick wrote:
I need to purchase a car something 10,000 or under.  I am buying a house at the end of the year... is there anyway around them not reporting to the CB's?  Or anyway around now showign that I have a loan out?
 
My mortgage lender said it would look bad if I purchase something right now... but Im desperate.  We are down to 1 car and if something happens to the car im in now I have no way to work.
 
Please help!


Your best bet is one of those buy here pay here places.  Usually they dont report to the cb's
New Contributor
Posts: 101
Registered: ‎10-10-2007
0

Re: I need a car really bad... anyway of financing a car without them reporting the the CB's?

We bought a car in October and are closing on our house this week... Not the best situation, but our broker never had a problem with the newness of the purchase (dti, scores, etc are in good shape).
Senior Contributor
Posts: 3,240
Registered: ‎04-03-2008
0

Re: I need a car really bad... anyway of financing a car without them reporting the the CB's?



glamchick wrote:
ok OMG... no not at all. they are just telling me to not buy anything until the house but i am stuck. I am not trying to commit any kind of fraud. I just thought i saw on here there is a way around it.





Why can't you wait until after the house purchase before buying a car?
TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Highlighted
Super Contributor
Posts: 7,129
Registered: ‎07-03-2007
0

Re: I need a car really bad... anyway of financing a car without them reporting the the CB's?

Depending on your profile, you may be able to buy a car now and it not affect your mortgage loan one bit.
I have alolowed some clients to buy things before mortgage..... but others, I advised to not buy.
Most loan officers tell you to not buy because it is safe.
* While I try to visit the forum often, please feel free to contact me directly with a link to your post if I fail to answer a follow up question.

* Lending across the entire 'Great State of Texas' (and now Louisiana)since 2004

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

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.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

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.