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Help me understand credit

HybridSquirrel

HybridSquirrel

Diamond Member
So, I went and got myself a decent credit card back in February. My credit rating was at 680, I checked again today and it was at my credit union to see about an auto loan and they said 700.....so I qualified for the 2.9% apr 36 month loan.


I went to go see how much this auto loan would cost me at my dealership (shopping rates), and they say that I have no credit at all..



so what gives?
 
Run your credit at MyFico.com and see for yourself.

MyFico is the only place you can get your real credit score, all those "free credit report" sites give you a score based on their own invented system, it's a scam. MyFICO is directly from the FICO Corp and is the same one the banks use.
 
HybridSquirrel said:
thats not the point.....i am just wondering why some places are saying I have credit, and other places say I don't.....
Click to expand...

That whole credit thing is stupid. So I have to take on debt or use credit cards so i can get a cheaper rate on a car? You can buy a house and car without a fico score.

Anyway... there are three credit reporting agencies... each may have a different file on you. You got info from one and the dealer got info from another possibly.
 
HybridSquirrel said:
thats not the point.....i am just wondering why some places are saying I have credit, and other places say I don't.....
Click to expand...

They are scamming you. When I got my first auto loan my credit was 700+ and the stealership wouldn't give me a good rate because i hadn't had a auto loan yet. They offered their best rate at ~8%, I just laughed at them because the my CU had already approved me at ~5.
 
OP, different places check credit history differently. All 3 (Experian, Equifax, TransUnion) credit bureaus have different ways of calculating your scores.

I recommend that you go to https://www.annualcreditreport.com/cra/index.jsp and check for any errors. If you find any, ask to get it fix.

Another thing, good credit scores take time to build up.

Do a search of my nick, I made a nice finance/credit card thread a few months ago. Good stuffs to read.
 
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rudder said:
That whole credit thing is stupid. So I have to take on debt or use credit cards so i can get a cheaper rate on a car? You can buy a house and car without a fico score.
Click to expand...

Won't doing the whole purchase and pay off method give you a decent boost in credit too? From what I read, having some balance is good, but it's only worth a few points which isn't worth the interest payments compared to just paying it off.
 
SandEagle said:
its exactly the point. they want u to take a loan through them and not your bank. get your head checked
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they won't even give me a loan because they think I don't have credit. how is it a scam if they aren't offering me anything?

both places say they report to experian...and my experian score is 705
 
if its your dealership then you should be able to ask what the process is and see what it is they are doing? then figure out what the gap between your experian score report is and what they get. you could also print out the copy and bring it in.
 
HybridSquirrel said:
i get an employee discount at the one i work at?
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apparently you are beyond help as you cannot appreciate any advice that is offered. you are rude, condescending, and ungrateful. i'm sorry, but i cannot help you any further. good luck with whatever the fvck it is that you want to do.
 
Different lenders have different minimum standards. Also, there's more to it than just credit score... Things like debt to income ratio, how long you've been at your current job, etc. Most times, a credit union will be more leniant and give better rates.
 
SandEagle said:
apparently you are beyond help as you cannot appreciate any advice that is offered. you are rude, condescending, and ungrateful. i'm sorry, but i cannot help you any further. good luck with whatever the fvck it is that you want to do.
Click to expand...

lol, where did this even come from?
 
HybridSquirrel said:
they won't even give me a loan because they think I don't have credit. how is it a scam if they aren't offering me anything?

both places say they report to experian...and my experian score is 705
Click to expand...

Double check to make sure they have your correct personal information. It's odd they're saying you have no credit.
 
There are multiple companies that produce credit reports. There are multiple companies that produce credit scores. And there are millions of companies that use the scores. You need to keep these separate.

Just because you have a score of XYZ doesn't mean that is sufficient for a company to want to let you use their money. A credit score is just one part of their decision. The dealership really meant to say "you don't have sufficient credit for a sufficient amount of time and sufficient income with a sufficient number of different companies to meet our internal standards". It is just easier to say "you don't have credit". While you do have some credit history, it isn't enough.

The credit union has different internal standards. They also have different information (like how much savings you have at their bank). Thus, they can come up with different conclusions.
 
rudder said:
That whole credit thing is stupid. So I have to take on debt or use credit cards so i can get a cheaper rate on a car? You can buy a house and car without a fico score.
Click to expand...
Suppose two people came up to you and asked you for a loan and you had to loan money to one of them. You knew neither of them. One had proof of a long history that he paid back many other loans on time and as agreed. The other person just said "trust me, I'm good for it". Who would you loan your money to?

Now is it stupid?
 
Perhaps that credit card only reports to Experian and the stealership only checks scores on equifax so that would show up to them has having a zero score.
 
HybridSquirrel said:
So, I went and got myself a decent credit card back in February. My credit rating was at 680, I checked again today and it was at my credit union to see about an auto loan and they said 700.....so I qualified for the 2.9% apr 36 month loan.


I went to go see how much this auto loan would cost me at my dealership (shopping rates), and they say that I have no credit at all..



so what gives?
Click to expand...



Multiple credit score services.

Not everyone uses the same ones.

Dealerships will try to make as money off of you as they can.

So you should use your Credit Union, who have already qualified you for a 2.9% loan.


Look up the Dealer Invoice price for the car you want - Make sure you get one with the same options. Offer the dealer "Invoice + (a reasonable sum - say $500 or $1,000), Out The Door". If they don't bite, then Fuggem. Move on to the next. If you still really want the car, then leave your number.

Trust me: They'll call you back and take your offer.
 
Maybe the dealership isn't telling you the whole truth...Not giving you a loan might be a sign that your employment isn't as solid as you think...😛
 
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