one score came from Trans Union and the other from Experian. I have been a trucker for alot of years and just haven't applied for much credit. they tell me I am a ghost. The only thing on my report is old medical bills,(which I have heard doesn't count much). But I have no open or revolving accounts. I have a pretty good income, but don't know where to get credit if no one will give me any. The only positive I have is Sprint, and they haven't reported yet. But need a newer car. I would appreciate any advice or suggestions.
2006-06-25 17:39:24 · 9 answers · asked by Little Tree 2 in Business & Finance ➔ Credit
What's up buddy... Yes, you will be able to pull some financing for a newer vehicle; however, you will pay for it through you interest rate. My younger sister just bought a car at a Nissan dealership and her credit score isn't so hot (not sure what the score is...) but she got a nice car and a 17% or so interest rate. My suggestion would be go to something like truecredit.com and pull all three reports & see if you have anything at all on all three. I see where you pulled two reports, but this will let you see all three as diff. places pull diff reports. I know Equifax is used frequently when reports are pulled. This, too, will allow you to see if you have any derogatory payments out ther or any other negative information. Other suggestion would be buy a used car in the 5-10k range take the interest for several months - long enough to pull your score up, pay everything else on time, then get what you want. Your debt to income ratio will also be looked at when applying for your car loan
2006-06-25 17:52:46 · answer #1 · answered by sneaky 1 · 2⤊ 0⤋
You need to open some revolving accounts somewhere! I would suggest Sears, Penney's, Home Depot, etc. I guess since you are a trucker a Gas Credit Card, ....lol.
Maybe after 6 to 8 months of use your score will be higher.
and by use I mean you MUST charge on them. Always pay on time, bill pay is the best way to pay since your on the road!!!!
If the Car is a must soon you can get a loan for it as well.
I would suggest a Credit Union if you are able. Their finance charges will be lower. In time,12 months or so you can refinance. And should get a lower rate.
I wish you luck.
Dave k
2006-06-26 01:26:31 · answer #2 · answered by dave k 2 · 0⤊ 0⤋
There are some companies that specialize in financing auto loans for people with lower credit scores. Look on line for that.
If you go to a dealer ship they will help you. A car dealership WANTS to sell you a car. They will probably do everything they can to find financing for you.
Or you can go to your own bank or credit union.
If you have time (I don't know how bad your car is) you could apply for a credit card or two (Visa, Discovery, Master Card, or store credit card). Make charges every month and pay off the balance every month. Even if you use it for groceries or gas - just set the cash (for the amount you send) aside and you will have the funds to pay off the bill every month. This will build your credit.
At any financing place you coule try to get credit yourself, and if that doesn't work you could try using a co-signer.
A couple of tips if you go to an auto sales place. I read in Consumers Report that the best time to buy a new car is toward the end of the month. Since car sales (wo)men work on commission from the month prior they are a little more motovated to sell at the end of the month because it affects their income for the next month (and everybody wants a larger income). Also (from the same article) it is apparently better to go on a Tuesday or Wednesday. (On Monday people are finishing up work from the Friday prior. On Thursday and Friday they are busy trying to get all their work done before the weekend comes. This leaves Tuesday and Wednesday where they usually devote more time to you. (This also works for business meetings, asking for a raise, etc...).
Good luck with your quest, and don't give up.
2006-06-26 00:55:54 · answer #3 · answered by sisbee8 3 · 0⤊ 0⤋
Obviously you have paid cash for the majority of your purchases over the years, and now your considered a "ghost". That means exactly what? If you need a car, just go to a dealership (or dealerships) and see what happens. You may be a ghost in terms of credit input, but you are still a consumer when the money talkssssssss. Just think about it, you are not consider a person with "bad" credit, but your a considered a "ghost". It sounds like another form of categorizing that is not consistent. Another approach is to save enough funds and either have a large down payment or pay cash (for the car) again. Of course, do not spend above your means. Later
2006-06-26 00:58:01 · answer #4 · answered by bamboozled 1 · 0⤊ 0⤋
Some place just require that you are employed. If you have bad credit (under 600) I know you might need to make a higher down payment on the car. They'll let you purchase a car, most likely. Sometimes they're flexible with the down payment.
2006-06-26 00:51:37 · answer #5 · answered by Linda H 2 · 0⤊ 0⤋
Try a buy here pay here in your local area until you can pay down some of your bills. They may be a bit higher but if you need a car this is the best way to go.
CT here.
www.buyherepayhereauots.net
2006-06-26 00:43:40 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Check out your nearest credit union. They're willing to help you get the credit you deserve, at a rate that's very fair.
My credit union has this info on their web site about credit scores that I thought you might like to see: http://www.fuzeqna.com/watermarkcu/consumer/kbdetail.asp?kbid=679
Check out their calculators, too, to see how much car you can afford: http://www.fuzeqna.com/watermarkcu/csr/Search.asp?catID=104&simplesearch=true
Good luck!
2006-06-27 02:48:17 · answer #7 · answered by intensefirejr 3 · 0⤊ 0⤋
All car dealers are looking for you. A car is a secured note.
2006-07-01 14:38:08 · answer #8 · answered by ed 7 · 0⤊ 0⤋
If you put 100% down I'll guarantee you'll get a loan. And if you mention my name, you'll even get a decent interest rate!
2006-06-26 01:35:41 · answer #9 · answered by Anonymous · 0⤊ 0⤋