Credit history.

[Joelstradamus]

I'm looking to buy a new truck soon. My credit history doesn't have much on it because I've always just paid cash for items. I tried about a year ago and was either denied or not offered a loan large enough to cover the vehicle I wanted. I opened a secured Visa through BOA on 2/18/10 and I've had some furniture financed from a local store. Both were paid off this month. Next week I am going to try to get the Visa card unsecured. I make 45k a year and I'm looking at a 2011 Nissan Frontier for about 29k. My credit scores range from 680-711. I also have one loan on my report that was payed as agreed 11 years ago. My question is, how long does it take to establish credit history?? The vehicle I own now is costing me as much to keep running as a monthly payment would be anyway. I have to do something soon. Thanks in advance for the help! 

[Anonymous]

You should have one at this point - are you sure that loan that you paid off 11 years ago is still reporting? If you want to know your score, you can sign up for the free trial of ScoreWatch and see your EQ score.  You could also purchase either an EQ or TU report from here or transunioncs.com.  If you go that route, I recommend googling for a discount code - you can find them for ~25% off.  The scores should give you a rough idea, since apparently auto loans use an "auto-enhanced" FICO.  

[Joelstradamus]

The 10 year old entry is still on my reports. I have no idea why. I've already purchased my scores from this site. They range from 681-711. My experian fako is 746. All of my reports are free of any derogatory entries. I don't wish to put another inquiry on my reports at this time outside of auto lenders. My credit union is DOCO Federal. Does anyone have any experience with them? I'm getting kind of frustrated. Just trying to weigh my options. Thanks!

[Creditaddict]

I would try to get a pre-approval from your CU and take that with you when you go shopping... Pretty sure Nissan is offering some special finance rates which would probably be better and you should qualify for.

[Joelstradamus]

There's another problem. My CU won't give an amount that I can borrow. They told me to go out and find something and have the dealer contact them. I thought maybe it was just the person I was speaking to so I tried a few days later on someone else at the office and was told the same thing. I think it would be easier to just get a pre-approval letter and shop. They don't work that way though.