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-Cain-
Posts: 1,283
Registered: ‎04-06-2011
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Re: First Time Credit

The way i like to see it is your credit report/file is building, but FICO likes 6 months in order for it to make its first assessment of the type of risk you'll be to creditors.

Sort of like college football, where the BCS polls/computers do not publicize their rankings right away, they'll start at some point into the season to factor in more numbers.

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 734 11/2012 (PSECU), TU98 695 9/2012
Goal Score: 725+ across the board


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Community Leader
Valued Contributor
-Cain-
Posts: 1,283
Registered: ‎04-06-2011
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Re: First Time Credit

I was pre-approved for a $15k loan on a $19k purchase at 8% APR. American Honda offered something like 16.25% to me. I did have some history with my CU already though. Again, this was my personal experience, so YMMV. Just letting you know it is possible.

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 734 11/2012 (PSECU), TU98 695 9/2012
Goal Score: 725+ across the board


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Member
slick_4u
Posts: 11
Registered: ‎01-08-2012
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Re: First Time Credit

I have a credit card with CAP ONE and they have auto loan programs too. I might give it a try. But i read some bad reviews about it
Community Leader
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-Cain-
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Registered: ‎04-06-2011
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Re: First Time Credit

I have no experience with Cap1 auto loans, but just do research on it. I'm sure you'll find plenty of reviews and you'll get a good idea of them from what the majority of people feel. I don't think everyone will please 100% of people all the time, so you'll have to read that review and form your opinion of what happened and decide if it's good for you.

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 734 11/2012 (PSECU), TU98 695 9/2012
Goal Score: 725+ across the board


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Community Leader
Valued Contributor
-Cain-
Posts: 1,283
Registered: ‎04-06-2011
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Re: First Time Credit

Another possibility is going through Cap1 to get your loan, then 6 months-1 year down the line go shopping for a refi at a better rate with your bank or CU.

Starting Score: EQ 681 5/2011, EX 656 6/2011 (PSECU), TU98 642 6/2011
Current Score: EQ 741 12/2011, EX 734 11/2012 (PSECU), TU98 695 9/2012
Goal Score: 725+ across the board


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Member
slick_4u
Posts: 11
Registered: ‎01-08-2012
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Re: First Time Credit

Thank you so much for your responses/advices and helpful informations. :smileyhappy:
Member
slick_4u
Posts: 11
Registered: ‎01-08-2012
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Re: First Time Credit

Well bad news. I got denied. :smileysad:
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Revelate
Posts: 9,549
Registered: ‎12-30-2011
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Re: First Time Credit

[ Edited ]

slick_4u wrote:
Well bad news. I got denied. :smileysad:

I'm not surprised: cap 1 auto is not nearly as "subprime" as they used to be, and nowhere close to what their cards are.  I wouldn't sweat it that much, I don't know anyone that has any interaction with cap 1 and comes away smiling.  

 

If you have a decent downpayment, you can absolutely find someone to give you a loan.  Just make sure it reports, and go open another card as well somewhere, secured or otherwise.  

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Member
slick_4u
Posts: 11
Registered: ‎01-08-2012
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Re: First Time Credit

This sucks. I already have 8 hard inquiries coz i had no idea that everytime you apply for a cc autoloan etc affects you credit report and score. I just established 3 months and i already have a bad record :smileyindifferent:
Moderator
Revelate
Posts: 9,549
Registered: ‎12-30-2011
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Re: First Time Credit

[ Edited ]

slick_4u wrote:
This sucks. I already have 8 hard inquiries coz i had no idea that everytime you apply for a cc autoloan etc affects you credit report and score. I just established 3 months and i already have a bad record :smileyindifferent:

Well if you just pulled the auto one on Cap 1, I can pretty much guaruntee you they pulled all three bureaus: so you now have a 13ish day clock starting basically tomorrow morning - go shop for auto loans and it won't impact your score any further as though auto loan inquiries will roll up into one score wise.

 

Beyond that, you're doing fine, you know far more at your current stage of life than I did at that time.  You'll be OK, inquiries don't kill you, and they fade off the scoring faster than anything other thing which actually gets on the report.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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