cancel
Showing results for 
Search instead for 
Did you mean: 

Not enough credit...Need advice

Senior Contributor

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

Re: Not enough credit...Need advice

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

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

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

Re: Not enough credit...Need advice

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