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Frequent Contributor
bruiseviolet
Posts: 416
Registered: ‎03-08-2011

I feel like this nightmare will never end.

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.  =(

►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 =(
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FrugalRican
Posts: 2,876
Registered: ‎02-02-2012

Re: I feel like this nightmare will never end.

Hey, chin up. There's no shame in trying at all.

 

Second, have you tried getting a secured card?

Or joining a credit union?

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

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Established Member
Tropic
Posts: 22
Registered: ‎03-25-2012

Re: I feel like this nightmare will never end.

What RugalRican said,

 

You can get a secure card as low as 200.

Worked for me with USAA a few moons ago. :smileyhappy:


Starting Score: 616
Current Score: 616
Goal Score: 720


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Frequent Contributor
bruiseviolet
Posts: 416
Registered: ‎03-08-2011

Re: I feel like this nightmare will never end.

[ Edited ]

Yes, I actually applied for a Capital One Secured and was approved with a $99 deposit.  I just have to mail in the deposit to them.  LOL

 

I belong to a credit union- and spoke with them over a month ago about getting a secured card or a card to rebuild ym credit with adn they denied me and said they couldn't give me a card until everything on my reports was paid.  **bleep**?  lol

►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 =(
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FrugalRican
Posts: 2,876
Registered: ‎02-02-2012

Re: I feel like this nightmare will never end.

Mail in that deposit, ASAP.

 

Get a second secured card, if need be. I have zero experience with secured cards (I apologize) but I am sure others will chime in...
Because the only ones I know of are Capital One and Orchard Bank. They suck to deal with, but with rebuilders, they are heaven sent.


This nightmare WILL end, even if it takes a collective effort to do so.

I think the secured credit card is a positive step towards doing so.

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Regular Contributor
proudnavymom
Posts: 237
Registered: ‎11-29-2008

Re: I feel like this nightmare will never end.


bruiseviolet wrote:

Yes, I actually applied for a Capital One Secured and was approved with a $99 deposit.  I just have to mail in the deposit to them.  LOL

 

I belong to a credit union- and spoke with them over a month ago about getting a secured card or a card to rebuild ym credit with adn they denied me and said they couldn't give me a card until everything on my reports was paid.  **bleep**?  lol


Have you talked to the credit union about a loan for the car?  Usually they are easier to get one financed with.  I feel your pain.  I also have lots of medical collections, although no judgments but do have several collections (unpaid).  I just bought a new to me vehicle in November at the Ford dealership here in town.  Ford wouldn't finance me, but they did find a bank that would although I did have to put down a little more than I was planning on.  

Starting Scores TU 7/30/09 FICO 493 EQ 9/5/10 FICO 477 EX 11/14/2011 (lender pull) 575
Current Scores TU 5/31/2014 FICO 671 EQ 7/5/14 FICO 667 EX 5/31/2014 658 FICO
Goal Scores 700 across the board
Frequent Contributor
cassembler
Posts: 470
Registered: ‎02-07-2011

Re: I feel like this nightmare will never end.

An alternative, if the "new" car is paramount for your family, is a "Drive-Time-like" dealership. I signed up for the worst auto loan of my life two and a half years ago, but the impact on the credit at this point is arguably worth the 19% APR... ... sorry, I had to re-read that to realize what I have done :`(

 

Regardless, we've made aggressive payments and will have it paid off before the third year of a four-year note, saving well over $1k in interest... and insurance...

 

If you go this route, make sure to stay on the "cheap" side of the lot, make sure to put as much down as you can, and make sure to pre-pay like a mf-er...

 

Of course, as per the above fine folk's advice, a secured card is absolutely much cheaper and will provide similar credit benefits in a few years.

"Credit is purely a cash flow tool. Thinking of credit as extra money you didn't have before makes it an EXPENSIVE cash flow tool."
Valued Contributor
Crashem
Posts: 3,098
Registered: ‎01-26-2012

Re: I feel like this nightmare will never end.

BruisedViolet,

 

Based on what you have said.  In my opinion, you are handling your credit repair journey incorrectly.  I see some classic mistakes such as applying for credit you won't qualify for which just lowers your score further.  My advice is for you to post a redacted version of your credit report and credit score and ask people what they would do.  Approaching the credit rebuilding process correctly is what allows someone to recover much faster than others.

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Valued Contributor
annielorie
Posts: 1,207
Registered: ‎02-19-2012

Re: I feel like this nightmare will never end.


Oh my god your doing awesome the biggest mistake though is the secured card go capital onefirst and if they say no / first premier they are the worst but for 95 deposit and 75$ fee you will get 300 credit limit put 20/27/10 dollars first three months pay before statement cuts ) then look through threads on Hippa process for medical accounts. Most nmedical collections are mistakes overlooked by health ins. companies. If you were in hospital see if you qualify for charity care (based on income at time of medical bills)also do you have 1 judgement paid and anothe not paid or just one judgement on reports and is that paid or unpaid?  I dont know if this helps but enterprise rents cars for 9.99 on weekend 250 security deposit returned at end of rental you can use a debit card just have 2 proofs of address utility or ins. bill etc. the total for fri sat and sun is 45.00 plus applicable taxes for your state.  The reason I say your doing awesome is that you had all those addresses and name variationa deleted and not everyone has luck with that. Hurry and get those letters out so nobody updates any accounts and old addresses return.  And yes this to shall pass:smileyhappy:

 


Starting Score: 0
Current Score: TR??FICOEQ ?? FICO
Goal Score: 760

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New Contributor
Harrison0550
Posts: 59
Registered: ‎03-14-2012

Re: I feel like this nightmare will never end.

Don't give up on the car loan as from your OP it seems that is a must have right now and will add an installment line of credit to your report. I would step away from the banks and start looking at smaller finance companies in your area. Most have the word "finance" in their name or "savings and loan" and will just about approve anything as long as the loan value of the vehicle doesn't exceed the amount you are trying to borrow. Most all of them report monthly and that will help with your rebuild. Worst case scenario is the buy here pay here lots. Good luck.
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