My wife and I had both of our credit ratings lowered due to medical bills. We allowed a wage garnishment to go through on her wages in order to get them paid off. I am retired and recieve Social Security disability. We have are current on our mortgage payments, we have no credit cards, and no other loan payments. We have been advised to acquire a loan or a credit card to help raise our credit ratings. We now need a car loan and like credit card offers we recieve almost daily, we have also recieved an offer for auto financing which states we are preapproved. My question is how preapproved are you in these offers. They state that the preapproval is based on our credit information.
2006-09-25 08:41:21 · 4 answers · asked by taboobiker73 3 in Business & Finance ➔ Credit
OK this is not a scam. You have to have certain criteria like a job a drivers license, maybe money down, and a phone. What happens is that the dealership goes through a third party company. They tell them between this score and this score they would like to work with. The company the sends you an offer. You are the deciding factor in it. So the dealership does not know your score at all. That is why they have to pull it. Good luck I hope you find a very nice car.
2006-09-25 10:51:05 · answer #1 · answered by cargrl 3 · 0⤊ 0⤋
I would say to go and join a credit union, they offer better/lower rates most times on a credit card. Start banking with them, speak to their loan officer about getting a card with a small limit that you know is within your reach and go from their. Try to pay off the card each month even if the limit is raised.
2006-09-25 15:47:54 · answer #2 · answered by Sydney 3 · 0⤊ 0⤋
Thats a scam. I get credit card pre-approvals all the time but then when they pull my credit report, I'm not approved! I recently applied for an Orchard Bank Mastercard. They specialize in helping people with bad credit get back on their feet. I have 3 previous credit cards that went into charge-off status because I didnt pay them for about a year and I still owe about $6000.00 on them total (was $8000.00 but I've been making payments) and Orchard Bank still approved me! My credit limit is starting out low but its something to rebuild my credit and they do monthly credit increase reviews. Check them out www.orchardbank.com
2006-09-25 16:17:12 · answer #3 · answered by sem3578 2 · 0⤊ 0⤋
preapproved right up till the time they check your credit. then they make the decision based on your credit record.
2006-09-25 15:48:44 · answer #4 · answered by namkciub 3 · 0⤊ 0⤋