Posted: 10/7/2011 5:28:03 PM EDT
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Hey guys,
I've been trying to get a small loan 70% roughly I pay a 30% down payment and the vehicle is about 1k or more under blue book to begin with. Anyway I got shot down at a couple of avenues, when I applied. When i got my rejection letters I have credit scores of between 703 and 719 the highest. Is it possible that I would keep getting locked down, with basically 1% or less DTI. If it matters my accounts are only about 2 years old, not a single late payment. |
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Quoted:
have you checked at the credit union? everyone is acting crazy right now so it doesn't surprise me. Whatever you do don't go get shady financing and don't overpay an interest rate. If anything you should just save up and pay cash if you can. Appreciate it. Yeah I've tried my CU, basically a few days after transferring. Presently I am living frugal, working, and then just gonna try and cash out when I get a chance sometime next year. |
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Quoted:
Hey guys, I've been trying to get a small loan 70% roughly I pay a 30% down payment and the vehicle is about 1k or more under blue book to begin with. Anyway I got shot down at a couple of avenues, when I applied. When i got my rejection letters I have credit scores of between 703 and 719 the highest. Is it possible that I would keep getting locked down, with basically 1% or less DTI. If it matters my accounts are only about 2 years old, not a single late payment. How much is the car and what is your gross monthly income? Grove |
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Quoted:
Quoted:
Hey guys, I've been trying to get a small loan 70% roughly I pay a 30% down payment and the vehicle is about 1k or more under blue book to begin with. Anyway I got shot down at a couple of avenues, when I applied. When i got my rejection letters I have credit scores of between 703 and 719 the highest. Is it possible that I would keep getting locked down, with basically 1% or less DTI. If it matters my accounts are only about 2 years old, not a single late payment. How much is the car and what is your gross monthly income? Grove The pickup is $5k, blue books for $7k. Nothing wrong with it besides paint. I wanted to do a $1,500 down, $3,500 kind of deal. I could cash out the entire truck now but then I wouldn't have any money. I make $25k a year, of that I get about $10k to spend on personal expenses in terms of college. I'm fortunate because I live at home and have no expenses other than cell, insurance etc. I also clear about $5k in the summer. So in terms of DTI I have none. Gross yearly is $15000 in my pocket, no expenses. I have a credit card, and a revolving credit account. Small limits I think $400 on one and $500 on the other. |
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Sounds like you don't have "enough" credit in terms of history or age of the accounts you have. I would shop for another bank or credit union. If you can't find anyone to give you a loan get a co-signer. If you can't get a co-signer then ask the banker what amount they will allow you to borrow. Explain that you are trying to build credit and you could even offer to put cash into a CD or some asset that they can attach to for security.
Grove |
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Quoted:
Sounds like you don't have "enough" credit in terms of history or age of the accounts you have. I would shop for another bank or credit union. If you can't find anyone to give you a loan get a co-signer. If you can't get a co-signer then ask the banker what amount they will allow you to borrow. Explain that you are trying to build credit and you could even offer to put cash into a CD or some asset that they can attach to for security. Grove Thanks bud I really don't want to involve a co signer but I guess I may have to. I may try the cd deal also. |