Credit Card Center Advertiser Disclosure

Reply
Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008
0 Kudos

Re: Not enough credit...Need advice

The better your credit and score, the better you will be treated.  And the income will also depend on the size of the loan....that's why I said SAVE.

 

If you think about it, if you bought a car now, you would be making those payments over the next year.  Any amount you are not paying to car note, save it.  The more you pay down, the less financing you need and the less interest you will pay and the lower your payment will be.  It's all good that way.

 

Use this time to position yourself and your finances so that if you aren't making more income, you don't need it because you will borrow less.

 

But in the end, you ability to get credit is going to be limited to what your income can handle. 

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Valued Member
Posts: 44
Registered: ‎04-03-2009
0 Kudos

Re: Not enough credit...Need advice

[ Edited ]

So basically if I go in there with a few grand down and a good credit score off like 750+ they won't really ask for proof of income?

 

What's hard to understand is that my current payment is higher than than the one that I was going to get and they told me that my income couldn't handle it. 

Message Edited by corysti on 04-14-2009 02:00 PM

Starting Score: 475
Current Score: 517
Goal Score: 650


Take the FICO Fitness Challenge
Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008
0 Kudos

Re: Not enough credit...Need advice

Pick a good Credit Union and open a savings account.  Put some money in it.  Then keep adding it (your savings for car down).  When you have $500 in savings, take out a personal loan against your savings and pay it off over the next 6 months (yes you'll pay a little interest) but also keep adding to your savings account toward your eventual down payment.

 

When it is time to buy, you will have a year's history with the CU, savings with regular deposits and a short personal loan.  When you ask them for a loan, having a sizeable down you will be in a good position, especially when you have a 700 plus score. 

 

Let them know what you are working toward, they will work with you and help you achieve it.

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549
Valued Member
Posts: 44
Registered: ‎04-03-2009
0 Kudos

Re: Not enough credit...Need advice

Yea thank's I'll do that. Today I decided to see what my credit score were and they all posted up close to 60 points per company. Im so happy.

Starting Score: 475
Current Score: 517
Goal Score: 650


Take the FICO Fitness Challenge
Senior Contributor
Posts: 4,214
Registered: ‎09-12-2008
0 Kudos

Re: Not enough credit...Need advice

[ Edited ]

Super Congrats!  And Happy FICO day! Smiley Happy

 

Don't let that side track your plan....just think what they will look like a year from now....cash in the bank...er, ah, I mean Credit Union, an evern higher FICO and better CR and you shopping your options, choosing the best deals!

Message Edited by txjohn on 04-15-2009 05:47 PM

Credit Scoring 101 - Tuscani   *  Guide to Common Abbreviations
Frequently Requested Threads * FICO High Achievers  *  FICO Score Estimator


09/03/2009 TU: 777, EQ: 776 ($8 balance on an account dropped me out of 780's)
03/28/2009 TU: 814, EQ: 810, EX: 781 (02/12/2009)
05/18/2005 TU: 563, EQ: 580, EX: 549

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.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

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.