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Moderator Emeritus
beamMEup
Posts: 4,473
Registered: ‎12-31-2008
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Re: I feel like this nightmare will never end.

And remember that not all credit unions are the same.

 

We are a member of one credit union that wouldn't give us a card.

We're a member of another credit union that gave us a card and a great deal on a car loan.

 

Most areas have a credit union that does a lion's share of the car loans in that area.  Check out another CU.

And I agree with frugal, send in the deposit for the CapOne secured yesterday.  That is going to be helpful.  And congrats on being approved.

 

And my sympathies on the car issue.  We had one very small pickup that carried two adults and a box of popcorn - for a family of four.  It gets old quickly.  

This won't last forever.  I do agree with the poster that advised posting a redacted version of your CR.  Folks will chime in with lots of helpful advice.

Just puttin' syrup on something, don't make it pancakes.
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RW771
Posts: 311
Registered: ‎08-16-2011
0

Re: I feel like this nightmare will never end.


bruiseviolet wrote:

I am seriously bummed out.  While hopes of a house are still a long ways away in our credit repair journey (been repairing for over a year)..  In the meantime my old van clunked out and we've been stuck with one car (we have a family of 5) and after 2 months it's turning into more and more of a hassle.

 

So since I have NO revolving accounts or loans, (and every simulator says thats one thing I can do to have the biggest positive impact on my scores now) I thought I might be able to get a car loan and get a "new" (used- but new to me) car.  I thought I would be able to get approved no problem (my sister got a car loan within the past year with lower scores than I did- however she makes more than double what we make too).  

 

So imagine my shock when THREE banks all turned me down today and said they would not be able to give me an auto loan for any amount right now.  =(  I could have cried.  

 

I just don't understand.  It's a catch-22.  I've been turned down for store cards recently for NO REASON other than, "no current revolving credit"- but when I try and get a loan or any revolving credit- I get turned down.  =(  

 

I feel like this nightmare is never going to end.  All I hear is NO and I'm so tired of it.  My credit report even shows a car loan- that never had a missed payment on it from about 5 years ago and was paid off.  =(

 

I feel like I've put my heart and soul into my credit repair-  my income has more than doubled in the past year- I am able to completely support my entire family, while my husband stays home- and yet I still can't get approved for even a car.  =(


I know what you mean. Kind of like getting a credit card...you get a credit card to help build your credit, but can't get one until you've established credit lol.

 

Have you tried going back to the bank that you had your first car financed with? Seeing that you had a positive history with them, they may be willing to give you a chance?

 

I have had a great deal of success with secured cards. I went to 2 CU's here in my town and opened one up in March 2011 and one up in June 2011. My scores started to increase after about 3 months of reporting and I bought my first home in December! Then, just this week, I called the CU I opened the secured card with in June and asked if I'd qualify for an unsecured card. They ran my credit again, but approved me for a Platinum MC with a 6K limit! Others may have had different experiences with secured cards, but IMO, they do nothing but help (if you use and pay them as you should of course). Just remember if you decide to get any secured cards to make sure they report to all 3 CB's. And the amount you open them for doesn't matter...I had one with a $300 and one with a $400 limit. Still reports the same as if they had $3k or 4k limits.

 


 

05/31/2013 672 EQ (Fico), 03/08/2012 697 TU (Fico)

Closed on my first home 12/07/11! Officially a homeowner, thanks to this forum!!!

Established Member
henchita
Posts: 23
Registered: ‎03-29-2012
0

Re: I feel like this nightmare will never end.

Dont know if this will help but you can try Lendingtree.com I did and got a loan.  The way it works is people lending you money, not banks.  Otherwise, do you have anyone in your family who would be willing to co-sign for you?  Obvioulsy you have to keep up with your payments otherwise you would affect them too. 


Starting Score: 590
Current Score: 685 TU, 650EQ
Goal Score: 720 ALL


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js0319
Posts: 368
Registered: ‎02-27-2012
0

Re: I feel like this nightmare will never end.

My wife's credit and my credit are both pretty bad, but we have co-signed for each other and purchased a new car (financed by Capital One) in 8/2011 for her, and I got a used car (financed through Americredit - which is now GM Financial) in 11/2011. We were in the same boat, and we pay high interest rates (she's at 15.83%, and I'm at +20%), but we realized that at this point that is unfortunately the cost of paying for our past mistakes.

 

Do you have Drivetime or any other "guaranteed approval" dealers in your area?

 

Also, are you being denied strictly due to your credit, or are you being denied due to credit and affordability? 

 

My wife and I, combined, make enough to cover the payments - but neither of us would have been approved had we not applied for a joint-account.


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Established Member
henchita
Posts: 23
Registered: ‎03-29-2012
0

Re: I feel like this nightmare will never end.

sorry i meant lendingclub.com NOT lendingtree.  good luck


Starting Score: 590
Current Score: 685 TU, 650EQ
Goal Score: 720 ALL


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bruiseviolet
Posts: 416
Registered: ‎03-08-2011
0

Re: I feel like this nightmare will never end.


js0319 wrote:

My wife's credit and my credit are both pretty bad, but we have co-signed for each other and purchased a new car (financed by Capital One) in 8/2011 for her, and I got a used car (financed through Americredit - which is now GM Financial) in 11/2011. We were in the same boat, and we pay high interest rates (she's at 15.83%, and I'm at +20%), but we realized that at this point that is unfortunately the cost of paying for our past mistakes.

 

Do you have Drivetime or any other "guaranteed approval" dealers in your area?

 

Also, are you being denied strictly due to your credit, or are you being denied due to credit and affordability? 

 

My wife and I, combined, make enough to cover the payments - but neither of us would have been approved had we not applied for a joint-account.


I'm assuming I make more than enough myself to cover the payments.  My income right now is around $3k a month.  I'm living with relatives while I get things back in order (credit wise so i can buy a house) so I do not have any rent or mortgage payments.  I pay the gas/electric/internet bills though.  My current car was paid for in cash- so aside from PLPD insurance-  there is no payment on that or anything.  I'm trying to get less than 20k- more around 13-15k- so I figured my 3k a month was sufficient enough to cover payments.  

 

I'm going to look at dealers tomorrow and see waht I can do.  Since I need a car right now- waiting isn't an option.  As much as I hate to have to get outragous interest- im hoping with the good payments that in 6 months or so I can refinance.  By then my judgements will be off/paid and as soon as those are done- one of the banks will give me a loan for a much lower interest rate and I will refinance.

►START March 2011 (FICO) EQ: 537 • EX: 551 • TU: 574 | 3 Collections | 34 Medical Collections | 2 Judgements | 1 Paid Collection | 11 name/address variations
►January 2012 (FICO) EQ: 564 • EX: 643 • TU: 576 | 1 Collection | 18 Medical Collections | 1 Judgement | 0 Paid Collections | 0 name/address variations
►February 2012 EQ:??? • EX:??? • TU: 580 | 0 Collections | 17 Medical Collections | 1 judgement | 0 Paid Collections | 0 name/address variations
►March 2012 EQ: 550 =(
Valued Contributor
rckstrscott
Posts: 2,659
Registered: ‎04-25-2011
0

Re: I feel like this nightmare will never end.


bruiseviolet wrote:

js0319 wrote:

My wife's credit and my credit are both pretty bad, but we have co-signed for each other and purchased a new car (financed by Capital One) in 8/2011 for her, and I got a used car (financed through Americredit - which is now GM Financial) in 11/2011. We were in the same boat, and we pay high interest rates (she's at 15.83%, and I'm at +20%), but we realized that at this point that is unfortunately the cost of paying for our past mistakes.

 

Do you have Drivetime or any other "guaranteed approval" dealers in your area?

 

Also, are you being denied strictly due to your credit, or are you being denied due to credit and affordability? 

 

My wife and I, combined, make enough to cover the payments - but neither of us would have been approved had we not applied for a joint-account.


I'm assuming I make more than enough myself to cover the payments.  My income right now is around $3k a month.  I'm living with relatives while I get things back in order (credit wise so i can buy a house) so I do not have any rent or mortgage payments.  I pay the gas/electric/internet bills though.  My current car was paid for in cash- so aside from PLPD insurance-  there is no payment on that or anything.  I'm trying to get less than 20k- more around 13-15k- so I figured my 3k a month was sufficient enough to cover payments.  

 

I'm going to look at dealers tomorrow and see waht I can do.  Since I need a car right now- waiting isn't an option.  As much as I hate to have to get outragous interest- im hoping with the good payments that in 6 months or so I can refinance.  By then my judgements will be off/paid and as soon as those are done- one of the banks will give me a loan for a much lower interest rate and I will refinance.


Don't stress too much -- in Nov 2010 I attempted to get a car loan... real modest one too.. the car was 6k, I had 2k down. Figured it would be a no brainer...

 

no lender would give me a loan at all...  funny part was, my GF, who had no employment at the time, was able to get the car under her name.. with no job........

 

That made me feel like complete crap ha..

 

BUTTTTTT 16 months later I am closing on a home, so ya know... it will turn around, just keep fighting.

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 05/12: TU: 722 | EQ: 712 | EX: 686
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession

Still Working On: Illinois Paid Tax Lien,
Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $3900, Citi/Home Depot $2000, Capital One Cash Rewards $1500, Capital One Secured $500, Credit One Bank $500. Total Utilization: 6%. AAoA: 1yr, 7mth. INQS: 8 TU, 8 EQ, 4 EX
Frequent Contributor
bruiseviolet
Posts: 416
Registered: ‎03-08-2011
0

Re: I feel like this nightmare will never end.


rckstrscott wrote:

bruiseviolet wrote:

js0319 wrote:

My wife's credit and my credit are both pretty bad, but we have co-signed for each other and purchased a new car (financed by Capital One) in 8/2011 for her, and I got a used car (financed through Americredit - which is now GM Financial) in 11/2011. We were in the same boat, and we pay high interest rates (she's at 15.83%, and I'm at +20%), but we realized that at this point that is unfortunately the cost of paying for our past mistakes.

 

Do you have Drivetime or any other "guaranteed approval" dealers in your area?

 

Also, are you being denied strictly due to your credit, or are you being denied due to credit and affordability? 

 

My wife and I, combined, make enough to cover the payments - but neither of us would have been approved had we not applied for a joint-account.


I'm assuming I make more than enough myself to cover the payments.  My income right now is around $3k a month.  I'm living with relatives while I get things back in order (credit wise so i can buy a house) so I do not have any rent or mortgage payments.  I pay the gas/electric/internet bills though.  My current car was paid for in cash- so aside from PLPD insurance-  there is no payment on that or anything.  I'm trying to get less than 20k- more around 13-15k- so I figured my 3k a month was sufficient enough to cover payments.  

 

I'm going to look at dealers tomorrow and see waht I can do.  Since I need a car right now- waiting isn't an option.  As much as I hate to have to get outragous interest- im hoping with the good payments that in 6 months or so I can refinance.  By then my judgements will be off/paid and as soon as those are done- one of the banks will give me a loan for a much lower interest rate and I will refinance.


Don't stress too much -- in Nov 2010 I attempted to get a car loan... real modest one too.. the car was 6k, I had 2k down. Figured it would be a no brainer...

 

no lender would give me a loan at all...  funny part was, my GF, who had no employment at the time, was able to get the car under her name.. with no job........

 

That made me feel like complete crap ha..

 

BUTTTTTT 16 months later I am closing on a home, so ya know... it will turn around, just keep fighting.

 

-scott


TY Scott =)  Congrats to you on the house =)

►START March 2011 (FICO) EQ: 537 • EX: 551 • TU: 574 | 3 Collections | 34 Medical Collections | 2 Judgements | 1 Paid Collection | 11 name/address variations
►January 2012 (FICO) EQ: 564 • EX: 643 • TU: 576 | 1 Collection | 18 Medical Collections | 1 Judgement | 0 Paid Collections | 0 name/address variations
►February 2012 EQ:??? • EX:??? • TU: 580 | 0 Collections | 17 Medical Collections | 1 judgement | 0 Paid Collections | 0 name/address variations
►March 2012 EQ: 550 =(
Valued Contributor
rckstrscott
Posts: 2,659
Registered: ‎04-25-2011
0

Re: I feel like this nightmare will never end.


bruiseviolet wrote:

rckstrscott wrote:

bruiseviolet wrote:

js0319 wrote:

My wife's credit and my credit are both pretty bad, but we have co-signed for each other and purchased a new car (financed by Capital One) in 8/2011 for her, and I got a used car (financed through Americredit - which is now GM Financial) in 11/2011. We were in the same boat, and we pay high interest rates (she's at 15.83%, and I'm at +20%), but we realized that at this point that is unfortunately the cost of paying for our past mistakes.

 

Do you have Drivetime or any other "guaranteed approval" dealers in your area?

 

Also, are you being denied strictly due to your credit, or are you being denied due to credit and affordability? 

 

My wife and I, combined, make enough to cover the payments - but neither of us would have been approved had we not applied for a joint-account.


I'm assuming I make more than enough myself to cover the payments.  My income right now is around $3k a month.  I'm living with relatives while I get things back in order (credit wise so i can buy a house) so I do not have any rent or mortgage payments.  I pay the gas/electric/internet bills though.  My current car was paid for in cash- so aside from PLPD insurance-  there is no payment on that or anything.  I'm trying to get less than 20k- more around 13-15k- so I figured my 3k a month was sufficient enough to cover payments.  

 

I'm going to look at dealers tomorrow and see waht I can do.  Since I need a car right now- waiting isn't an option.  As much as I hate to have to get outragous interest- im hoping with the good payments that in 6 months or so I can refinance.  By then my judgements will be off/paid and as soon as those are done- one of the banks will give me a loan for a much lower interest rate and I will refinance.


Don't stress too much -- in Nov 2010 I attempted to get a car loan... real modest one too.. the car was 6k, I had 2k down. Figured it would be a no brainer...

 

no lender would give me a loan at all...  funny part was, my GF, who had no employment at the time, was able to get the car under her name.. with no job........

 

That made me feel like complete crap ha..

 

BUTTTTTT 16 months later I am closing on a home, so ya know... it will turn around, just keep fighting.

 

-scott


TY Scott =)  Congrats to you on the house =)


thank you! :smileyhappy: its been a hard fight... until I am sitting in the house, I won't rest haha..

 

It took a long time.. at least 9 months until I stopped treading water.. I was in a very similar situation..

 

The Cap1 secured card is honestly what turned it all around. I got that, then 4 months later an unsecured Credit One -- those cards suck, but I paid ontime for over a year on both, and as I PFD and tackled the debt, I was able to see score improvements pretty fast, then I was added on one AU card, and boom, 700. It was crazy.. haha

 

-scott

Starting FICO Score: 10/10: TU 498 | EQ: 502 Current FICO Score(lender pull): 05/12: TU: 722 | EQ: 712 | EX: 686
Collections Removed: Hunter Warfield, CBE Group, Merchants Credit Guide, EOS-CCA, Enhanced Recovery, Portfolio Recovery, UCB, American Collection Company, Medical Business Bureau, Jefferson Capital, Credit Portfolio Associates, FCO, LVNV, Convergent, Armor Systems
Other Negative Entries Removed:Plains Commerce CO, HSBC CO, 2008 Judgment Santander Reposession

Still Working On: Illinois Paid Tax Lien,
Positive Accounts:10/10: 0 | 07/12: 6 | Mortgage Closed 5/12, Macy's AMEX $3900, Citi/Home Depot $2000, Capital One Cash Rewards $1500, Capital One Secured $500, Credit One Bank $500. Total Utilization: 6%. AAoA: 1yr, 7mth. INQS: 8 TU, 8 EQ, 4 EX

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