Canadian moved to Michigan 10 montsh ago. Need a car loan to build credit.

[Anonymous]

I'm so confuzed and really at the end of my rope here.

If anyone could be a good source of assistance I would really really appreciate it EH!

I'm a Canadian citizen who recieved my Green card January 2010 and moved to Michigan.

I had a pefect credit score in Canada.

I've worked in Michigan for the same company for 14 years,

Gross income over 100,000

300,000 in 401k and Canadian RRSP savings

Cash on hand.

I've had a secured USA Visa since January 2010

Pay Gas and Electric bills monthly

Question 1:

Why is it I get turned down for a car loan when I'm putting half up front in cash?

Question 2:

Why is it I can get a mortgage here for 150,000 but not a car loan?

Question 3:

What the hell can I do to get a car loan?

Cheers and thanks in advance for reading!

[Anonymous]

Hi adeathd! Welcome to the FICO Forums!

Your frustration is palpable. In a nutshell, your inability to get an auto loan is probably a result of your extremely short U.S. credit history. You'll, more than likely, need more time to establish good enough scores, and long enough payment history to secure an auto loan without a co-signer. However, given that you're not exactly new to credit, you may find better fortune with a credit union now (maybe). You may be able to sit down with a representative and your documentation establishing your finances and creditworthiness.

Do you know what your FICO scores are now?

[Anonymous]

Hi adeathd!

Welcome here - both to the forums and to living in the lovely Mitten State.

Having lived a chunk o time in Michigan, we had lots of Canadian friends and co-workers.  I was very surprised to hear about some of the difficulties they had in moving back and forth over that border.  Some really amazing stories and experiences - and some really frustrating ones.

Have you pulled your FICO scores from this site?  It would be helpful to see what's showing up on your reports.  It'll also help when you see the factors "What's Helping Your Score" and "What's Hurting Your Score."  Even then, I know it will be quite frustrating.  It's just good to see what's going on there.

And although I hear some folks have utilities show up on their credit reports, mine never have.  So, it will be good to see if they're in your reports.

Also, if I may ask, who are you applying for an auto loan with? 

And I'm assuming you're not working for an auto manufacturer or supplier - they often have great employee programs, but I think you would have tried those if they were available to you.

So I guess I'm back to wondering who you might be app'ing with.

And, if you're currently holding a mortgage - have you checked in with them on the auto loan?

Sorry for the frustrations.  Moves are hard enough when they go smoothly.

[Anonymous]

Thanks very much for the replies.

I have not pulled my FICO scores.  I will however do this soon.

I do not have a mortgage at this time.

I will try a credit uniion, any suggestions.

I have banked with Bank of America for many years and they suggested I come to FICO to get a loan.

Yeah, a little confuzed.

Thanks for the help...

[RobertEG]

Regardless of your citizenship or resident alien "green card" status, which FICO does not score, you need to have at least six months of reporting history with the U.S. credit reporting agency upon which FICO will base its scoring.

The key is to have your creditors report to to the U.S. credit reporting agencies, for at least six months.  Having excellent income, credit history, low util, etc. means nothing to your score, as FICO will not even see it.  The accounts must be reported to the US based  EX, EQ, or TU that FICO accesses.