 How can I rebuild my credit? |
| My credit is really bad and has been for about 4 years now. I cant get excepted for any kind of credit cards and because of some old hot checks I cant get a bank account. I have tried to get a bank ... |
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 Cleaning up my credit report? |
| I have a lot of old debt on my report. Plus a few things that were added about a year ago. A few things are going to fall off this summer. I went through 2 layoffs and a car repossession ( the car ... |
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 Does anyone knoe of a FREE crdit report site.Where I DO NOT have to give a credit/debit card# to get my score? |
| I don not want to give my debit or credit card, I want an absolutely free site, where I can get my credit score. Thanks.... |
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 Credit Score? |
| I don't understand what credit score is..can someone explain in very simple terms? and what a good and bad credit score is? How do you get a good score or a bad one??... |
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 I had an overdrawn account at Lloyd's and cos of this my credit rating is bad and I cant open a student? |
| account how do I imporve my credit rating? it was a lng time ago and they closed my account at Lloyds TSB, but my credit raing is still ... |
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 Is it possible to make yourself bankrupt without losing your home? |
it's just something i was talking over with a friend recently who is in debt and is pondering this question.
Additional Details
lol@ gashotel, interesting answer, but i suspect that ... |
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 Can/will unpaid medical bills be reported and applied to my credit history? |
| I heard that a law was passed which doesn't allow unpaid medical bills to be reported on a persons credit. Is this true?... |
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 Is it worth paying off collections or using the money to get a secured credit card? |
| I have about 4K in past medical bills from 2 years ago. Would it be worth paying them off, or put a deposit on a secured credit card to help inmprove my credit?... |
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 Free stuff? |
| REALLY FREE. you know, no sponsor offers to fill out, no signing up for anything, no shipping and handling fees, no filling out any form or ANYTHING. i want free stuff where you just fill out your ... |
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 How old should you really be when you use a credit card? |
| I'm just 11 years old and I wnat to buy stuff in the internet.... |
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 Respond to debt collector? |
| Someone left a very official/legal sounding message on my phone, I found out it's some debt collecting agency. The message asks me to call them for a "business proposition" or ... |
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 How can i get good credit? |
| im 20yrs old and im tryin to esablish credit at a young age i tried applyin to cards like a jc.penny wal mart stores like that but they turned me down. also i be gettin these credit cards in the mail.... |
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 Co-sign for a relative? |
My husband wants to co-sign a loan for his cousin. How could this affect MY credit in a negative way? I have good credit and don't want it ruined.
Additional Details
My husband ... |
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 I have a car payment that I can not pay anymore. What happens to my credit if I turn it in? |
| I am in a financial bind and I will not be able to make my car payments on top of everything else I have to pay. I would like to keep my car but have lower monthly payments. I think the best thing to ... |
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 Prepaid credit card? Can anyone point out the advantages? |
| I am curious as to the advantages of a pre-paid credit card. Surely if I had money to put on a prepaid credit card then I wouldnt need the card? Also if I had the money to put on a card surely I ... |
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 This Lady Charged me CREDIT instead of DEBIT on my visa check card?! what does this mean!?!?! help please!!!? |
I told her specifically, "I want to use DEBIT" and she charged me credit!
I told her to void it and redo it as a credit and she said that she couldn't.
I'm so pissed...<... |
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svictor24 | 650 credit score with 16% APR? Bulls**t!!!!! Finance Manager? |
I went to Toyota dealer yesterday to buy a 2007 camry. After taxes and adding a sunroof the car totalled 23000. The finance manager tried to give me a APR of 15.95% and the car note would be 618. Was heout his rabbit a** mind.
He told me my score was 650, so why was the APR that high and the payment that high. I told him to kiss my a**, and I left. I know he tried to get over.
Agree..... |
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Chris
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Yes he did try to get one over on you but that's how he gets paid. He gets an approval rate and then marks it up as much as is possible to make a big profit. His pay plan depends on it. It's referred to in the industry as backside profit. This differs from the profit made off the price of the car and accessories which is called the frontside profit. He also makes money when he marks up the roadside assistance, the extended warranty, the simonize, the vin etching and etc... All are negotiable but no one will tell you that. When I do the math $23,000 at 15.95% for 60 months is only $558.70 and in order to get 618 the amount financed would have to be $25441. That's a 10% difference which to me is a lot of money to just put in someones pocket. The average tier one rate now is about 6.86% so I would assume that you might have to pay more than that since your score (according to him is 650). The average credit score is 675 and tier one is over 720. So let's say you have to pay 11% for 60 months on 23000 that is only $500.08 a month which is 20% less than you would have been stuck with if you stayed there.
I just bought a car and you can be sure that I brought my ipaq with excel with me just to be sure his math wasn't "fuzzy".
I love the new Camrys but I really love my Yaris. Good luck with the purchase. I'm pretty sure you can do a lot better. |
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da_red12
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Try Capital One Auto. I applied online and was approved. My score was 627 with a few cards but no car loan. What may have helped me was the fact that my income/debt ratio was really low (which they surprisingly never asked me to verify). I got a used car with an 8% rate which I know is not the greatest but at least single digit for a first car. They send you a check to take to the car lot and that's it.
Good Luck! |
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lilpuppy6
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Always get pre approved from your bank BEFORE heading out to the dealership if your are pessimistic about car financing through dealerships.
Alot less stress and BS that way. Good luck. |
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$m¤¤v¥ £¤¢¤
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Hey, I feel your pain, but I gotta go with Chris and my man Spifiman on this. I used to be a credit analyst/underwriter and I sold cars as well. 650 is an okay score, but it's not going to get you the rate you're looking for. Plus it didn't help that the car dealer did in fact try to stick it to you when you weren't looking since they knew that you weren't in a prime position for financing. Did you have a trade or a down payment? Just that alone will knock off a point or two off the financing. Another thing, did you settle for the "sticker price"? There's a difference between the sticker (MSRP) and the invoice price. You should NEVER pay what's on the sticker. Just those things alone will make the difference in what you're financing.
Also, shop around at other dealerships before settling. Find out what others are doing. If a dealership is selling more cars than another, at times they may have a little more wiggle room to wheel & deal than the one that's hurting for that next sale. Also, it helps when you go to purchase a car, speak to the SALES MANAGER. Eliminate the middle man and show them that you're serious that you're serious about buying a car. Let them know that you've shopped around for the car you want and you're serious about buying but without the haggling and you're willing to come to an agreement that everyone will be happy with. Like I said earlier, it's important that you have something to bring to the table like a down payment or a decent trade-in. It's like the old saying money talks, you know the rest. Like Spifiman said, you can't rely on credit alone. You could have a fairly high score, but it doesn't matter much when it's a bunch of different credit cards. If you haven't financed a car before, the lenders are not sure whether or not you're able to handle something like that. Next to a mortgage, a car note is heaviest weighted trade line on an account. One reason for that financial responsibility (insurance) has to be obtained in order to minimize the risk from loss. Another thing is that the length of time is longer to repay them back.
I hate that they tried to do that to you, maybe next time with the help of the answers from me and everyone else, you'll be able to get that car you want.
Good luck! |
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joshcating
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good luck finding better |
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brownidgurl
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Ya your APR shouldn't have been that high with that credit score. Try going to your bank and see what they will do for you. |
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SPIFIMAN1
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Auto finance is what I do for a living and there are several things that a lender looks at before deciding weather to loan money on a vehicle and at what rate.
They look at how much you are borrowing in relation to what the vehicle is worth, how long you are borrowing the money for, how old is the vehicle, how many miles are on it, how long have you been at your job/residence and how much money you make a month before taxes.
All of the above can effect your rate on interest. Plus a score of only 650 is not great in the first place.
Scores are made up of the following;
1. Payment history 35%
2. Time in bureau 15%
3. New credit 10%
4. Type of credit used 10%
5. Debt to income ratio 30%
As you can see, 1,2&5 are the most important as far as score is concerned. I see people every month with score a lot higher then yours that can not get approved period because their score is made up of one credit card with a $500.00 limit paid 15-times and a couple of student loans. Their score is great but they have no qualifying credit to approve them for a car. |
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JC
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Doesn't should right to me.... sounds like he is marking up the interest rate that you were actually approved for. Go to a different Toyota dealership and tell them your story and ask what rate they think they can get you with that score. |
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Sandra M
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Well I am really sorry to tell you that 650 it's not exactly a perfect score.... and car notes are for those with perfect credit, which can be considered starting at about 715 (score) up to 810. Still an 15.95 APR for a car is really high, if I were you, I would look around in other banks and ask for pre-approved loans terms and compare them. |
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sunbun
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The price of an automobile and financing are flexible...and negotiable...simply tell him u want a better rate...you CAN also seek financing on your own..with your bank, credit union, insurance company, etc...you are NOT required to go thru their finance company.
go to www.myfico.com to see an explanation regarding yoru scores....per FICO 723 is the average score in America..so therefore, you are considered below average and that is why the finance company is charging you such interest. |
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Amy
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Since you are looking at a brand new camry go around the finance department and go to your bank or even maybe look at Lending Tree or CitiFinancial. I have a lower credit score than yours and just got refinanced on my car at 11% with CitiFinancial. Go to the dealer or a different dealer with your financing in place. Also look at what the invoice price is on the vehicle and if you really are getting a good deal or not. A lot of the times you can get a new car at or close to invoice. |
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Shwoopy
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I'll say this, Toyota has AAA credit and probably the lowest capital cost of any auto mfg. In SoCal, there are usually offering 5Y promotions of <5% APR, but that is for "outstanding" credit, which often times means >700. At 650 though, you certainly are not high-risk. Try calling another Toyota dealership (getting 2nd opinion) and ask to speak with the Finance Manager. Also, talk to your bank and check there rates on automobile loans as well as a Home Equity Line of Credit (if you own a house). Check bankrate.com for comparable rates. You have to find the hungry lender. |
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