03-09-2013 08:32 AM
I made a huge mistake and purchased a car from a buy here pay her lot. The car will be paid off in 9/13 but I really need a new car now. The payments have been on time since purchase but its not on my credit report. I purchased a home 7/13 which lowered my score so now I am at a 597 how can I show good payment history on my car to a lender to buy a car with a low score. I owe 1, 500 on this car and have my payment history I want to trade it for a newer car with about 2000 cash down payment. Any lender you know could help. I am also paying down 2 credit cards which showed help boost my score to over 600
03-11-2013 12:12 AM - edited 03-11-2013 12:13 AM
You could go to the same buy here pay here lot. They might be able to give you a lower rate now that you have proven yourself to them.
Go there with a particular mindset. Don't look at them as scum. Look at them as people trying to make a living like anybody else these days. Just speak to them as a returning customer. Tell them you came back looking to get a good deal. Say you have other options, but that you would like to go to them for a good rate because you are a good customer. Don't pay more than blue book and don't except a high interest rate. Negotiate, don't be a customer they take advantage of. They like moving cars, they don't need to make a killing off every one of them and they would love to keep a customer coming back.
03-14-2013 09:15 PM
03-31-2013 11:45 AM
I agree I will not be going back there or to any other lot that does not report to the CRY, I have paid for this car more than 2x I am sure. I had my mortgage lender pull my credit report just to see where I am. myfico says I am at 587 with no updates and I have since paid down a lot of debt. My friend at the mortgage co says I am at a 626 on the same day myfico reported 587 so I am sure when my CRY updates next month it should be higher. My question is if I take my history of payments to the dealer for the car I have from the pay here buy here lot, which shows no late payments and only 2, 100 balance left will they factor that in to my payment history. I am also trading in this car and the kbb has it at 3700 but I know they will say its less but at least I am not upside down and I have a down payment of 10% for the car I want. What will be my chances of getting approved for a good used car less than 20,000
04-03-2013 05:28 PM
"but I really need a new car now"
FICO EX 827, 2015 Feb; FICO EQ 836/900 (Citi), 2014 Dec; FICO TU08 818, 2015 Feb.
BofA Cash Rwrds Sig V 2013 10k; Fidelity Rewards AmEx /BofA 2013 15.4k; Chase Freedom Sig V 2002 24.1k; Chase Amazon Rwrds Sig V 2011 8k; Sam's Club MC 2002 10k; Dscvr It 2012 10k; Citi Dvdnd Plat Sel V 2013 8.9k; PenFed Plat Rwrds V 2013 20k; AmEx Blue Sky 2013 11.3k; AmEx BCP 2014 24.1k; Priceline Rwrds Sig V 2013 8.7k; PayPal Xtras GE Cap Plat MC 2012 5k
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.
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.