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| I lost my job and am a single mother. I couldn't pay my monthly payment starting a year ago. They are keep bugging me now. Based on your experience please advise me. Thanks in advance.... |
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 Declined loan again? |
| I have tried 2nd time to apply for loan with different company but it has been declined again. what shall i do? i need 3000 pound..help me how to and where to apply as i believe its my credit history ... |
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| Although I give payment monthly but not on the minimum due amount.... |
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 Are you in credit card debt too? |
| Obviously a large portion of the American population is in debt...I’m approaching my mid-twenties and the whole idea of owing credit card companies $$ and starting to save for a house (and I live ... |
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 Should i file for bankruptcy? |
I currently owe $3400 in hospital bills. But have no way to pay them off. No one in my family has much to give, even if they were willing to help out.
I am currently 24 years old, with just a ... |
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 Im stuck in payday loans and have no way out . I live pay day to payday as it is .? |
| I I have taken 4 paydays loans out and im unable to pay them off . They call my job and harress me everyday . I dont have any money to pay them off . They keep reminding me that i have sign a legal ... |
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 I want my car to get repo so I can get rid of money I owe, can I do that? |
| I have my car as a collateral at a credit agency but my car is not working as well anymore and I need a new one (used of course) but I want to get rid of this loan I have with this people before I ... |
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 I am so happy I am about to pay my $4000 worht of debts! Now what? |
| I saved up $4000! I am negotiating with the collection agencies now, getting everything in writing.. After I'm done paying off my debt what should I do next? Get a credit card so I can build ... |
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 Credit report question.....Please respond? |
| I was going over my credit report and I have 5 accounts that are still open, but have been paid for quite some time. Would it be smart for me to close them or just leave them? I have no intentions ... |
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 Credit cards? |
I have never had anything on credit before and therefore have no history,
does anyone know the best company to approach for a credit card in my circumstances
mmany ... |
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 Can i get a credit or debit card at my age? |
| I'm 14 and im gonna get a job soon, so the money i make i want to like be able to spend it wisely, i thought of the bank and would i be able to get a credit or debit card and if yes how and ... |
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redsxgal32 | Does it make sense that my lack of credit affects a car loan? |
I am 23 years old and I applied for a loan yesterday to buy a new car. My credit score is 749 and I was refused the loan becuase of my "lack of credit." Most items on my report are less than 3 years old, but I thought that was taken into account on your credit score. I was just wondering if this makes sense. |
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FozzieBear
 |
Unfortunately, credit agencies only like to loan money to people with long, clean credit histories. Join a credit union and get a car loan through them. They are the most friendly for loans. You won't get a great rate because of your short history, but you will most-likely get the loan, and the rate will be better than other agencies.
Keep your credit spotless, and once you've paid on it for a year or so, ask to refinance at a lower rate.
The other option is to get a co-signer who is older and has a good credit rating, but it's best to get credit in your name only so that you won't have this problem in the future. |
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Gwendolyn W
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No that is crazy. "Lack of credit"=no loan. But if you get too many loans then you are considered a "risk" as well. I mean, what do you do? |
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wjdoyle35
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not really |
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KL
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I was denied a loan through Saab years ago because of my lack of history (I also had high scores.) Get the loan through your bank or credit union (their rates are usually better anyways!) |
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Heather N
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They can be really funny about getting a loan on a car. I went through the same thing, and has to go to one of those places that guarantee credit to anyone. |
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davidosterberg1
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A new car loan is especially tricky. Because of the rapid depreciation, a lender could easily get stuck with a car thats worth less than the amount of the loan. The lender must be absolutely certain that that wont happen. Your options are 1) a greater down payment, 2) a "used car" [which doesn't depreciate so fast] 3) another lender with a higher interest rate to compensate him for the risk he's taken. No, it doesn't seem fair if you are an upstanding, consciensious consumer. You're suffering for all the jerks that over buy on credit and use bankruptcy to get out of their mistakes. |
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Tina
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Yes it makes sense.You credit report shows that you have had trouble paying for things more than you have paid things off or kept them in good standing. Mine was that way too when I first tried. I only had one bad thing on mine and also "no credit". I got a co signer on my car and then paid it off. After that I had no trouble getting any kind of credit. |
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angelbaby
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It makes sense. I had to have a co-signer because I had no previous credit. At least that's better than having bad credit! If you don't already, get a credit card just to use once in awhile for normal expenses, and pay off the whole amount when it comes in. That's one way to get credit. |
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tyler143637
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This has been a problem of mine in the past. Im tired of individuals answering questions NOT GIVING YOU DIRECT ANSWERS and writing BS only thinking of themselves. F*** the rude people who responded to this question. They are mostly uneducated and broke as hell. To that girl who stated that "how could you have a lack of credit history with a 749 score" obviously she knows nothing about credit. A year ago I had a score of 730 with less than a year of credit. Only 2 payments on my credit report. The length is very important. You need to be concerned on your own situation instead of others. You probably drive a KIA with a louis vuitton bag on your arm. Broke B****.
For an auto loan, you need to show 2 years of substantial credit history + the income to pay for the car. It's that simple. You need to have 1-3 credit cards and 1-2 installment accounts. Get a secured loan to take care of the installment loan. They also want to see a mortgage, but most young lendees do not have this. Diversify your credit report. Just like diversifying your portfolio of stocks. Go in and state that you make more income than you actually do. Usually auto dealerships verify employment but not the amount of income you make. Make sure that you state all the income you make from outside sources. Any dime. It could have been the dealer that you went to, some require more credit than others. I financed a Mercedes CLK500 recently, with 1 year of credit history, my job is very good though. I also put down 8K on the car. Consider a large downpayment and they will know that you are serious about paying the payments. Go to another auto dealer and make sure they know your situation before attempting to pull your credit. Do some research on credit, I somewhat find it hard to believe that you got denyed for credit with that score and over 2 years of history.
Good Luck |
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jstrain5676@sbcglobal.net
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it makes perfect sense you don't have a long enough "good" credit standing. |
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zippythejessi
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It makes perfect sense. Here's why:
Your credit score is only part of the equation. They also look at the amount of credit you have available vs. what you owe. In other words, if you have three credit cards, each with a $10,000 limit, it doesn't matter that you've never used them and they have a zero balance. Creditors look at that as you have a potential to have $30,000 in debt and that's less money you'll have to pay them back. But if you have three credit cards, one with a $1000 limit and zero balance, two each with $500 limit and damn near maxed out, that somehow works better for you because they see you only have $2000 in other obligations, and unless you're jobless, they'll get their money from you.
The other part they look at is the age of the items on your credit report. Less than three years is like being "brand new" in many cases. They see it as they don't know you well enough type of thing. That's why, if you EVER have to cancel a credit card, try not to cancel the older ones, cancel the newest one. Longevity is good. |
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TN girl
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yes, your credit score can be great, and you still have a lack of credit, do you or have you ever had a credit card, do you have any bills in your name (house, electricity, water, cable)
if you have 1 thing like a credit card that you pay for like you're supposed to, then your credit score will be good, but you still only have 1 thing on your credit score, so it may be lacking |
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Their Mom♥
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No it does not, how can you have a credit score of 749, but be turned down for lack of credit - that means you have no credit, and if they ran your credit and determined that ....you HAVE NO credit. Let alone a credit score of 749 ...*wink* somebody's fibbing ... |
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thetoothfairyiscreepy
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no, it doesn't. unless you cannot afford the payments!
with a 749 score, you should be approved, so long as you can budget for the payments based on your monthly income.
keep open a credit card with a low balance (less than 30% of the credit limit) to keep an "open tradeline". this will help in the long run as far as showing you pay on time.
if you have NO credit, it's difficult to determine creditworthiness however. in that case, i could understand them denying you a car loan. |
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meggiek97
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A 749 credit score is actually pretty good. I think that you were turned down for something else. Are you in default on anything? Is your income high enough to make the payments? How far less than 3 years is the stuff on your report? If they were things like cellphones and stuff it will have very little affect on your credit. Try another car dealership. Good Luck. |
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B-Dub
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i mean if u didn't make the payments..they could always repo it! lol |
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