ROADTOYS

I have been in automotive finance for 20 years, the banks look at boats as recreational vehicles (motorcycles, motorhomes) not a nessisity, some don't offer these loans at all, credit unions are the easiest in these loans being owned by their members, they also have less controls by the government. It always seems if you don't need the money they are wearing you out, as soon as you want a loan on something like a boat..... get ready to jump thru hoops, boats over 12 years old you may get 50% of NADA trade if anything at all.

Von Bongo

I feel that Fair Issac is a bunch of BS and a cop out not to use the 5 Cs. By hiding this information from consumers more money has been robbed from consumers than the combined "crisis" in the last 20-25 years since credit scores started to be used.

Government passes all kinds of laws and rules to "protect" the consumer, yet a tool that is used in millions of instances a year to set a consumer loan rates is a closely guarded secret. Why?

If it is used to set loan rates then why aren't consumers allowed to know EXACTLY how it's calculated?


Congress passes RESPA, Fair Housing laws, sets up a new consumer agency, hundredes of new rules, require lenders to be finger printed, yet you and I as a consumer have no concrete information on how to acheve a perfect credit score so we can ALL get the best loan rates if we are willing to get our mix of credit right.

Why?

In addtion to the joke that credit scores are, the Gov says you can get your credit report once a year for free because they think it's important for you to protect your credit and to protect you from identity theft, yet, you can't have your credit score for free, that you have to pay for and if you do pay for it, you still won't know how to add 30 points to it so you can be priced by some lenders at a A+ rate.

As for the banks using credit scores to turn you down for any reason, doesn't fly because no one at a bank knows what the fair issac formula is. All the bank can do is measure the average default rate for a certian credit score number and see if they can tollerate the losses associated with that number.

I am sure there are a lot of people that banks could tollerate making loans if it was known for example a borrowers score is 620 instead of 680 because an old collection account that had been paid for 5 years but only recenly got reported as paid by the collection agencey caused their score to be 60 points lowere than if it had been reported correctly at the time it was paid. But then again we don't know the model so how can it be made sense of?

Uncle Dave

Bingo!

Mines an 805, but I have no idea why it isn't absolutely perfect (850) I have zero negative reports a high income and low debt only 2 CC and 2 term loans with enough cash to cover everything I owe.

WTF?

Thing is if I knew the underlying math I could completely manage my portfolio of money or debt any way I see fit to make it perfect.

What I do know is that its BS to make me pay an interest rate based on a formula Im not privy to.

This is plain old fashioned Huxterism at its finest right here in the good old US of A.

UD

Raylar

Yah Dave and we taxpayers and consumers dumped a lot of OUR DOLLARS into the pockets of these sleezy crooks in the form of "Bailout", hell they should have just called it felony grand theft with a briefcase and some political special interest! EH!

L-O-A-N = Lost On Another Nonsense !

Best Regards,
Ray @ Raylar

dreamer

Right

That's why Cramer from mad money can't get his home refied

Or we can't get a refi for a 300k condo that we already paid cash for

THE 288 KID

Housing is a totally different entity. Were on oso here. Were talking boats, and in this case boat loans.

The housing market is in far worse shape than the boat market. Every Tom Dick and harry thinks they should own a house. Generally speaking when someone is trying to buy a highend performance boat there should I say, doing ok in life and know its within grasp or not.

As for the collateral thing, I've never been asked to show assets. And as for the character(this is reflected in your credit score but ill make a joke of it instead) portion, I don't think they cared what kind of ******* I was or wasn't when they approved my boat over the phone in 20 minutes start to finish.

They want to know your income amount, credit score, time on job, income to debt ratio. If you have to jump through anymore hoops than that its time to find a new primary financial institute.

dreamer

THE 288 KID

Laugh it up. I don't see too many guys on here with highend boats working at McDonald's. Everyone I know down at lake st. Clair is doing pretty good in their line of work and that's why there able to live the offshore lifestyle in the summer.

JETDOC

The mega banks are not easy to deal with. I used a small town bank & was approved in literally less than 5 mins. Had 35% down & credit score over 800

Uncle Dave

Raises for failure- what a concept.
Trillions gone and not a single indictment handed down.
Yup- felony grand theft.

UD