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Catch-22 with my credit score

Date: Thu, 09/29/2005 - 06:55
Submitted by Lindsey on Thu, 09/29/2005 - 06:55
Posts: 362
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Ever since my last car was basically repossessed (I gave it back to the bank), I've needed a new car. I figured with my recent salary increase, that I could afford the payments on a used vehicle, if I financed with the dealer. Because of my terrible credit, I knew that acquiring a loan with a bank was out of the question.
I found a great car online that was cheap, and in good condition. I went to the dealer, who seemed promising. I test drove the car, fell in love with it...then sat down for the financial part of it all. Before he checked my credit report, I should have just said, "Hey, buddy...don't waste your time!" Anyway, I filled out a form and he ran my credit report. What ticked me off is that he ran Equifax, where the score is much lower than if you had ran Experian. My Experian score is about 505, Equifax is 396. He basically, in so many words, told me to bug off. There was no way I could finance with them in a million years. So...I left, defeated and without the car. I tried to apply for auto loans with some companies, to no avail.

It just blows when you know you can afford the payments, but they base everything off your credit score--which is due to PAST problems. How unfair :x


On the contrary, the reason my irate feelings towards the situation are merely circumstantial. I've always hated the "system" hence my hippie tendencies. The "system" is directly linked to the "Man" aka the Government. That very government which does not act on what it stands for.

Cons? Not allowing a hard working person in society TRY to acquire a method of transportation? What a joke. Simply put, it will take years for me to improve my credit score and I do not have the money to do that right now. I also can't wait years for a car. I stand by my views.


Submitted by Lindsey on Thu, 09/29/2005 - 11:44

Lindsey

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[quote=Lindsey]Not allowing a hard working person in society TRY to acquire a method of transportation?[/quote]
I do feel your emotion. It's definitely a drawback of the system and systems can be changed but it takes decades.

For the time being why don't you try to buy a repossessed car in auction? You can get a good car at low price!


Submitted by 4u.bryan on Thu, 09/29/2005 - 12:05

4u.bryan

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I am new to this forum, but I just wanted to pass along an article that will be helpful to all who are wondering about their credit scores. Starting some time next year or later on this year, all three credit reporting agencies will all report the same credit scores. No credit score will be higher than the next one. So here is the link if you are interested in reading up on Vantage Score.

http://www.consumeraffairs.com/news04/2006/03/vantage_score.html


Submitted by ChocolateBeauty on Sun, 03/19/2006 - 10:22

ChocolateBeauty

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Hi Lindsey,

I'm sorry you had to go through this, I went through the same thing in December. That's when I decided to learn all I could about repairing my credit. Since then, I have had a few items deleted and my scores have risen a bit. That's why I am so thankful for this place!

I agree that it isn't right that you are just a number to them. I wish that some lenders would sit down with you and your credit report and you can explain to them "These are medical bills" or "I cosigned for this person and got screwed" or whatever the case may be.

~Mary


Submitted by Mary on Mon, 03/20/2006 - 12:28

Mary

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If you live in a rural area try and find a small town bank that is not connected to any of the larger institutions and talk with a loan officer there and show proof of your employment and be honest on how your credit score went down the drain. You may want to try and start out with asking for a small loan like a $1000.00 to get that first veichle and drive it for six months pay off the loan then upgrade. Once you get through that first loan it is easier to go up a bit more. Of course if you can get a cosigner for that first reasonable loan and you pay it off in good standing (I even suggest trying to get it paid off early if even only by two months looks very good) you will most likely not need the cosigner the next time.

I myself started rebuilding my banking credit slowly about 10 years ago after a bankruptcy and it worked very well.

Tim


Submitted by TimB on Mon, 03/20/2006 - 12:50

TimB

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