On our local news last night...

fishbjc · ‎01-01-2009

GM announced that they were lowering the fico requirements from the former 700 to 621. Ok, but Mr. Newscaster...where is the rest of the story? They're lowering them to 621, ok but auto-enhanced and at what interest rate?

I hope this isn't a b.s. ploy to get people in there to sell cars to who really get into a bind. Guess we'll see where this all heads.

Anonymous · ‎01-03-2009

Seems to me GM should do what ever it takes to gain back the trust of the American buyer again. I read somewhere that GM only makes up 20% of the auto industry. At this point I would need to see a little more from GM to feel confident to buy there product. Im not sure if GM is going to even make it with the Bail out..

Just my 2 cents..

Anonymous · ‎01-03-2009

@fishbjc wrote:
GM announced that they were lowering the fico requirements from the former 700 to 621. Ok, but Mr. Newscaster...where is the rest of the story? They're lowering them to 621, ok but auto-enhanced and at what interest rate?

I hope this isn't a b.s. ploy to get people in there to sell cars to who really get into a bind. Guess we'll see where this all heads.

I seen this on the world news the other night as well, they weren't very specific by no means! I don't think the 621 scoring will be for promo deals. Today I seen a GM commercial for the new Malibu and it said that 4.9 apr was available for well qualified buyers! Guess it's going to be like Honda's financing... crs/auto scores + model vehicle = % apr It's going to be interesting to see how all this plays out....

Watchmann · ‎01-03-2009

This is just one of the first bailout problems that has surfaced. GM knows that they now have a perpetual money drip from the US taxpayer. If going back to sub-prime territory bombs out with high defaults what do they care? They'll just call Congress up and ask them to send over another boatload of money.

Anonymous · ‎01-03-2009

Except 621 isn't entirely sub-prime. It's certainly not the cream of the credit score crop but it's not the bottom of the barrel either. I personally see this a good thing and what the money they got in their bailout was meant to do. Now if they start going down to say 550? They you're talking really risky and a lot of potential defaults.

bott6698 · ‎01-03-2009

LOL After I read this I apped online through GMAC and it says their system is down right now. I will

try another day.. I was approved at my CU who pulled EQ but at 16.9% which I told them just to cancel it

but I still have a 14 day window to app so thought why not, I am at 625 on EQ right now so as long as they pull

EQ I would have a chance.

10/11/2017 EQ 640 TU 639 EX 652 12/10/2016 EQ 621 TU 607 EX 626 10/10/16 EQ566 TU591 EX 587
01/31/2008 EX 502 EQ 466 TU 481
3/14/2008 EX 578 EQ 539 TU 543
4/16/2008 EX 622 EQ 532 TU 578
5/19/2008 EX 604 EQ 591 TU 592
1/1/2009 EQ 625 EX 576 TU 569
02/13/2009 EQ 648 EX 617 TU 590
09/28/2009 EQ 568 TU 591
Thanks to all Fico supporters for your encouragement and advice

ScoreBooster · ‎01-03-2009

Interesting news!

I'm curious what/if other pre-conditions will be included. BK OK? Repos OK? Will they ONLY go by score or will they have a look at these other things? We all know that a 621 can have many "faces"...

Message Edited by ScoreBooster on 01-03-2009 08:24 PM

Anonymous · ‎01-03-2009

@ScoreBooster wrote:
Interesting news!

I'm curious what/if other pre-conditions will be included. BK OK? Repos OK? Will they ONLY go by score or will they have a look at these other things? We all know that a 621 can have many "faces"...
Message Edited by ScoreBooster on 01-03-2009 08:24 PM

You can believe they are going to be looking at everything.. they do this even with very well qualified borrowers.

fishbjc · ‎01-05-2009

I may consider GM because of financials. I can get friends/family discount + they're offering to boost our gm rewards from $500 to $1500.

If the *interest is good* we may go with gm.

These *half truth* newscasts are ANNOYING to say the least. Tell the whole story why doncha!!!!

ScoreBooster · ‎01-06-2009

@Anonymous wrote:
@ScoreBooster wrote:
Interesting news!

I'm curious what/if other pre-conditions will be included. BK OK? Repos OK? Will they ONLY go by score or will they have a look at these other things? We all know that a 621 can have many "faces"...
Message Edited by ScoreBooster on 01-03-2009 08:24 PM
You can believe they are going to be looking at everything.. they do this even with very well qualified borrowers.

That would raise the question why they lowered the score to qualify in the first place!?

If you have a perfect credit-history and didn't max out your CCs, your score should be higher...