This may not be popular advise but, use the credit you have, to increase your score.

If you have a Visa/MC etc. take a cash advance, hold the cash and pay it off by the cycle date. DO NOT spend the cash. Stagnant credit hurts you just like active bad credit. Make the credit you have active, but don't carry balances, pay it off in full by the next due date. If you have family that wants to go shopping at Macy's, take the shopping and pay for it on your active Macy's card. Have them pay you for the items them pay off the balance next month.

It's one way of getting your score up. Just don't be tempted to carry a balance, pay it off.

MILD THUNDER, there is alot of good advice on this thread. I've been in auto/marine finance for 13 years. Like audiofn said, if you really want a boat; then, pay the rate for now (as long as you are comfortable with the other terms). In two years or so, look at refinancing it. All the while, taking into account the other advice these folks are giving you.

Oh yeah, one of the easiest ways to raise your score, is ask your credit card companys to raise your limit (as long as you don't use it!). Always try to keep your revolving debt less than 50% balance to limit.

Ok. For starters, I dont live at home with my dad. I live in his apartment building. I agree the bank looks at someone who owns a home less of a risk.

Here's a scenario. You have a guy that takes home 5000 dollars a month. No mortgage, no child support, no kids. Just a car payment and about 2000 dollars in credit cards. Credit score is 575. Looking to borrow 25k on a 40k boat.

Another guy, takes home 4000 dollars a month, three kids, 1500 dollar mortgage, 600 dollar car payment, and a credit list 10 pages long. He has made his payments. His score is 750. Looking to borrow 40k on a 40k boat.

The guy with 3 kids, a mortgage, and a boat load of bills, will get approved. Why,because he pays his walmart bill on time.

Dont lenders look at what a person's income is? Or what he owes? Its like all they care about is the score. You can make 10 bucks an hour at walmart, but as long as you pay your sears card on time you can sign on the dotted line for 100k boat. No questions asked. I knew a guy that had excellent credit. He had a business. He racked up about 3 million in credit in two years span, he bought a big home in florida, a 50ft sea ray, some fancy cars, and guess what, he filed bankruptcy.


I appreciate the advice, I really do. I am working on getting these credit problems of mine fixed. But as we know, it takes time. I found a good deal and would like to jump on it. And to dish out 25g cash right now isnt practical for me. I just want to know if there are any lenders on the board who can give me a idea of what they can do, Or if anone with a score like mine that was approved, by whom, so on and so forth.

I get p'd off when people try to make you feel like your stupid, or a deadbeat because your credit is bad. I remember when I bought a 2001 Pontiac Ram Air T/A in 2001. I wanted the car. It was about 32k. I figured I would throw a few grand down and finance the rest. The salemen was an older guy, he ran my credit, came back with a snicker, and said, Joe, I dont think we can get you in this car, your credit is too bad. He started giving me a lecture on paying bills, and he was being a smart a$$ while doing it. He was puttin me down indirectly. So I told him, ok forget it. I came back the next day with a check for 29k and dealt with another salesman. The same guy who was lecturing me about paying bills, and making fun, was sittin in the dealers coffee room with his bagged ham sandwich lunch and driving his 10 year old ford taurus. He must have felt like a jerk when a 21 year old kid buys a 30k dollar car cash.

Pay cash for toys.
always pay full amount on credit cards.

take home 5k a month and no bills....... pay for the boat in cash?

Atts what im sayin ..story doesnt hold up .. Lilduece ??

Yes the guy with all the debt, kids and everything else DOES get the loan. Why? Because he has proven historically that he is responsible and does not take debt that he can not pay off. Your bad score speeks volumes about your credit risk. Yes they do look at how much you make along with a lot of other things. But you have a HORRIBLE score so you will not get a loan unless you are willing to pay STUPID rates. These bad rates are likely to get you in worse trouble. Take your 5K a month and pay all your debt down then save your money and buy a boat cash if you ask me.

Jon

I dont have a shi++y attitude at all. I asked a question about whether I would be able to qualify for a loan for what im looking for. Right away you jump in and start telling me pay my bills, and critcizing me saying I live at home with dad. Bills have been paid. The only debt I have now is my truck payment. Get off the soap box. Unless you have some info that will help me, like the others saying "pay the higher rate, then refinance in a year", than don't be so quick to "teach me about life". I'm 24 years old, worked since I was 13, put in 12 hour days "MY" business, got a boat and a King ranch diesel superduty and a nice retirement fund going for me. If mom and dad were so wealthy, I wouldnt have had to have a job since I was 13 years old, working 5 days a week after school and weekends. I know what hard works all about, so if I dont take your critical comments well, then I dont know what to tell you. I can only dream of being as successful and knowledgeable as you some day.

As for everyone else, thank you. I appreciate the insight you have. I try to help people out when they need it, not knock them and have the "I told you so attitude"

I'm 24 years old, worked since I was 13, put in 12 hour days "MY" business, got a boat and a King ranch diesel superduty and a nice retirement fund going for me.
dont forget the 5K a week ..
And you cant swing a 25K boat
Im callin out the hooey wagon dude !! Let me go get my boots