NEED THOSE GOOD THOUGHTS

[Anonymous]

I dropped off my app at the credit union on Saturday so waiting to hear what happens.  I'm really hoping to get approved with them because I understand they tend to give better rates and with my credit union they have a 60 day no pay avail when you get an auto loan.  I was pre-approved Friday with Roadloans and HSBC (who I had my last auto loan with).  Turned down by Capital One, which didn't surprise me, I owe money on my credit cards (and no, I didn't apply, it was one of the ones that went through via Lending Tree). The interesting thing is that they immediately sent me an email on Friday saying I was denied, yet there is a credit report pull from them on Saturday 11/3. I thought that was weird....and kinda makes me mad since they already denied me.  Anyhoo, hoping for the best with the credit union.  

[CreditBob]

I do have good thoughts for you. First look at your credit reports, all three bureaus, to see what is going on. Recently this year with the mortagge and credit crunch lenders are ebcoming more strict. Here is what will help you down the road.

1.  

[CreditBob]

I do have good thoughts for you. First look at your credit reports, all three bureaus, to see what is going on. Recently this year with the mortagge and credit crunch lenders are ebcoming more strict. Here is what will help you down the road.

1.   Never eb late on any account or any creditor for any

[CreditBob]

2.   Keep low balances. Instead of within the 0-9% utilization of your revovling account, have the balance around  3%. Then explain to the creditor that this methos increases the fico score a little higher. Also tell them that you have the funds to pay the accounts to a zero balance.

3.   Excessive credit, meaning no more than 4 credit card accounts unless you are running a business.

4.   Too many inquiries makes lenders think that you are a higher risk. No more than 2 inquiries within a 2 year period.

5.   On vehicle laons you need to show stable payment history by going 4 years on payments. 6 motnhs to 2 years of paymenst is not very much. 35% of your score is payment history.

Go to this site and you will see using the fico score estimator how long it takes to get to around a 800 or higher    http://www.bankrate.com/brm/fico/calc.asp?lpid=BKRATE29