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Automotive Financing

Discussion of Automotive Financing

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  • Our picks

    • So I heard that a card with high utilization can negatively impact your FICO even if your overall revolving utilization is good.  But does anyone have any more details of how exactly an individual card's utilization impacts scores?  Is it in % buckets like 90-100% very bad, 0-10% good?  Or is it a scaling % where every penny paid to a balance can help gradual increase FICO.
       
      Im asking this to help a relative who is trying to fine tune their FICO before getting a car loan.  Their overall revolving credit is at about 39% but they have one card thats 95% utilized. Im trying to figure out is there a magical % they should pay that card down to see a noticeable improvement on their FICOs.
      thanks
      • 15 replies
    • Wasn't sure where to post this, as it's kind of a unique situation:  
       
      - I am in the midst of rebuilding my credit. My (real) FICO is around 660.
      - I needed a new car, and on a whim, applied online for a lease.
      - Lease is through the car manufacturer. 
      - Was assigned a delivery date, went in and signed loan docs, made the payment for fees / taxes / registration, etc.... ($~3600) and took delivery of the car.
      - Got the car, and have been happy as a clam ever since.   

      Got home today to find a letter from the finance company (dated 10 days ago) saying that they "carefully assessed my application and concluded' they are 'unable to extend credit, or have offered you credit at less favorable terms than you requested."  
       
      Uhhhh. ....what?
       
      I have reviewed the loan documents carefully, and there is nothing in them about "contingent on final financing approval" or anything of the sort. 
      The letter I received doesn't make any mention of needing to return the car, or anything about modifying the terms of the contract. 
       
      - I've had the car for 3 weeks.
      - They have already cashed my check, and I've made the first month's payment...
      - In 2 weeks, the second payment is due. 
       
      Do I call them up and ask what's going on, or should I just assume it's a clerical error and continue to make payments? 
       
       
       
       
      • 17 replies
    • My first Shop Discover purchase failed to give me cash back credit: http://creditboards.com/forums/index.php?showtopic=518247. So far I haven't had the strength to try to contact them about this and track down an amount less than three dollars. This should just work...
       
      Now I've taken the damn card out of the sock drawer one more time to get 5% for online shopping. YES, I registered for the 5% promotion.
       
      So far:
       
      Amazon.com gift card, purchased directly from Amazon - Qualified
       
      Chefs.com purchase - Does not qualfiy
       
      Soap.com purchase - Does not qualify
       
      Overstock.com purchase - Does not qualify
       
      Amazon Payments (for purchase made from Amazon.com) - Does not qualify.
       
      This card is a #@$^@%^$ joke.
      • 415 replies
    • From EXP
      EXP - 662
      EQ - 643
      TU - 649
       
      From EQ
      EXP - 587
      EQ - 621
      TU - 588
       
      From Credit Karma
      EXP - NA
      EQ - 639
      TU - 629
       
      Why is EQ so low? All the info is the same between them and the dates of the most recent pull is within a day or 2 of each other. 
      • 8 replies
    • I want to use a balance transfer promotion from Chase but it has a 5% balance transfer fee. Looking to get around that if I can so I thought I'd pay my spouse with paypal using the Chase credit cards which will cost 2.99% but then we'll get 1% of that back with rewards so it'll be 2% total. Would Paypal or Chase have a problem with a payment to an individual with the same address?
      • 25 replies
  • Posts

    • They do, but real payees would have no problems. For payees that are not businesses like a caregiver for e.g. youd need to send them an invoice from the payee. 
    • As I recall Woolworth and Woolco went out of business around 1983 or 1984. Where I lived at the time, W*****t ended up taking over the retail spaces. No doubt some sort of sweet deal that Sam worked out with landlords.
    • I get online / pdf statements.  And yes, I had a pdf that showed "$0" and then 2 days later, another one the showed the interest.  That was why I was so pissed about it - a statement cut and then was "replaced / updated with a new one".  It is like they are totally lost as to what they are doing at the moment due to the account transitions.   Well, after I paid it - now they have gone back and "credited" the interest so now I have a balance of -$110.  Assuming that they don't go back and reverse it.  So they show a transaction of adding the interest on Oct 16, paying it on October 18 and also removing it on October 18... leaving a negative balance now.  And this is without ever actually getting to discuss the actual issue with anyone.   And just because I haven't been active on here in a while - I have still been reading over the years - just not usually logged in when I did. I remember when this site was started and many people came from that other site - I go that far back.  So I am definitely not a newbie to credit. Like many, my credit was bad, back then, due to a Ch7 BK.  Been carrying balances due to time spent in ER and ICU and some other Dental / Medical things that happened - you know, life in general.  Recently was able to get a low rate loan to pay off cards - all but a couple of cards.  They will be paid down and off quickly and then will focus on the loans.  Plan to use cards for normally bills and pay them like I normally would directly from my checking account each month.
    • Welcome to Creditboards! We hope that you find what you're looking for here. Some helpful tips: Your post may not get a reply right away. Don't be discouraged, this is a very busy board. If it falls off of the first page, feel free to reply to your post yourself, with the word *bump* in the text. This will *bump* your post back up to the top of the board. If you haven't yet, take a peek at out Newbies Section. Everything that you need to know is in that forum, for the most part. It's a lot of reading, we know, but this credit stuff can have a steep learning curve. In no time, you'll be posting like the pros! If you find that someone is discourteous to you, use the REPORT button at the top right of every post - that will ensure that a moderator or admin looks at the post and decides if it is against the TOS. Off -topic posts should go in the General Forum.   Again, welcome to the CreditBoards family! CB Admin: LKH, Pam, radi8, breeze & MarvBear  
    • I got a voicemail forwarded to me last week of a collection agency threatening to sue me.    Finally find out it’s from an account closed in September 2009 (from a bank, if that matters). It’s never shown on any credit report.    He couldnt give me any details on the collection, just the date and what company.    Nor could he send me any bill or statement regarding the collection.    It seems odd, ten years later I am now being threatened to be sued over this and have no info backing it.    Help! 

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