what exactly are they looking for is it just the score???my score is not great but most things on my credit are hospital bills and a few other things. will i not be able to get a loan?? i just got approved for a new credit card and havent had one in almost 5 yrs. only because i didnt want one. im tryin to rebuild my credit
2007-02-06 16:10:50 · 5 answers · asked by felixnstacey@sbcglobal.net 2 in Cars & Transportation ➔ Buying & Selling
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2007-02-06 16:41:21 · answer #1 · answered by Anonymous · 0⤊ 0⤋
When they preview your credit report, they're looking and both your FICO (credit) score and your credit history. Your score basically gives them an overview of how you make/made your payments, and whether or not you paid them off on time (obviously a lower score means you were lagging). When they're deciding on whether or not to let you have the car, they look at your credit history for a resource of your "liabilities"..that includes what loans or credit cards currently have a balance on them, how much the remaining balance is, and how much you pay per month. They check your credit history because it shows them what other priorities you have to pay off, while you're paying off your car every month (or paying off the loan to finance the car) as well. But don't be too worried because when they make a list of your liabilities, they also make a list of your assets. This can include anything from checking/savings accounts you have, household, 401k's...anything like that. But the score DOES have a big impact on their decision..just keep in mind that the score isn't the only thing they're looking for. If they decide to give you the car/loan, your credit score will determine how much interest you'd have to pay. Hope this helps!
2007-02-07 00:18:53 · answer #2 · answered by Kim 3 · 0⤊ 0⤋
my woman is a hairdresser and talks to lots of car dealer types and she said this one guy gave somebody a loan because they actually paid their fingerhut bill(nobody pays those if ya ever got em) so they look for a lot of things, the best thing the same guy said was to clean things up, for one make sure NOTHING goes on it anymore and then worry about the old stuff already on it like your hospital stuff. Another thing is everytime you apply for something and get rejected it goes down slightly...so if there is any recent stuff, get it off fast.
2007-02-07 00:15:43 · answer #3 · answered by lordbling55 3 · 0⤊ 0⤋
They will give you a loan, most likely.
The credit check is for what percentage you will qualify for.
Your loan, if paid properly, will give your credit score a nice bump up.
Good Luck!
2007-02-07 00:15:08 · answer #4 · answered by fade_this_rally 7 · 0⤊ 0⤋
they are seeing what it is so they can decide what interest rate to give you. the better your score, the lower your interest is
2007-02-07 00:14:01 · answer #5 · answered by Starry Eyes 5 · 0⤊ 0⤋