Biggus

iTrader: (1)

Dude, who the hell do you think you are? Get off your soap box, the kid asked a simple question.

Pantera1

Its a little more than that ..did you read the thread ?

t500hps

When I was 21 I bought my first house with a score of 780. Now (33) I refinanced my current house to a 15 yr note and had a score of 815. I was lucky that in my youth I managed to keep my credit clean. Notice this is my first reply in this thread, and I admit alot of people in their early 20's mess up their credit. Just wanted to point out that you can believe SOME of us have had perfect credit their whole lives.
Russ C.

PhantomChaos

Lucky bastard!

offshoredrillin

Well, I'll make my 2nd post on this as I posted right away to help answer the question. I never claimed to have had perfect credit. I too screwed up as a younger man, I now own 2 business's and can have a no doc loan done with a phone call. I posted what I did to help you rebuild it. I also mentioned that you may have to pay a little more to have someone take a chance on you.What ever the reason was, YOU must rebuild the trust, and that can only be by making payments on time and building a history. The example of a the guy with the family not getting it is a mute point as he has proven himself. BUT, no loan officer is going to let someone go that far, their job is to protect the interest of the bank, dont for one second think that somoen that rubber stamps loans will not be caught, look at the Mcdougals and the clintons during whitewater, not to mention the S&L scandal that was here in MD. Banks arent making the huge profit from loans that they used too, interest is how they stay in business. Yes, they have to make profit, cursing the darkness does nothing. Make contacts with the people that reported you delinquent, they legally have 30 days to respond, if they dont, then you have the right to have that debt exsponged from your report. If you must have the boat, then take the higher rate, pay on it for 12-24 months and then refinance it, then you have accomplished two goals. BUT, when it comes time to purchase a home, the bank may look at your income and what you own and request more down. Each action has a reaction, think it through and do what suits you best...Rob

MILD THUNDER

iTrader: (3)

Thanks again for the help and advice. I was starting to think I deserved this kind of abuse!

I have convinced myself to wait till my score comes up to get a loan. I have a cool boat now with a sweet 540. I just want to do some upgrades before the summer.

And again, for the guys who are sincerly offering their advice and knowledge, I really appreciate it. If you were here, I would buy you a few drinks at the local bar, as soon as I pay my bar tab off. Just kidding

mcollinstn

You cannot get a decent loan with a crappy credit score (and you have a crappy credit score).

Even with a decent credit score, your debt to income ratio could still keep yu from getting a loan, or at least one with preferred terms.

Period.

*************************************************

Now, you mentioned that you carry a balance on your credit cards. To lenders, this is a sign of immature paying habits. Pay only what you have to and then spend the rest... I suggest that you start paying off your card balance each and every month. It is a credit card, not a line of credit. Start treating it that way.

You mention crappy pay history "a while back". Why do you think that a lender will ignore that? You didn't get a crappy score just for fun. You earned it. Maybe you've changed those old sloppy pay tendencies. So show it.

How can you get your credit score up?
1) request a free history from all 3 credit bureaus. They won't come with scores, but they'll come with details. Examine all the details and see if there are any entries that are incorrect. You can dispute them and get bad ones removed. The process is laborious but the end result is worth the time.

2) "Be" a lender's favorite guy. Consistently mail your payments 5 days before the due date.

3) Meet a banker. Get a small loan for something. Pay it back like the world's best borrower.

Look up ways to raise your credit rating on the Net.
Follow the advice.

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Now you've gotten some static from some board members.

I say you deserved it. Dropping in here and copping an attitude (yes, you did, and I have no dog in this fight, nor do I have any reason to tell you anything other than my opinion.. my opinion says you copped an attitude).

But you've clearly posted enough about it that I am convinced that you didn't mean to cop an attitude. So it's all good...

mc

MILD THUNDER

iTrader: (3)

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.

My point to this story was that the guy was puttin me down as a person at the moment. He made a joke of it that I was trying to buy a hot car like that one and I was 21 and had little to no credit. HE insulted ME. Im not saying he felt like a jerk because he was eating a ham sandwich, but because he lost the deal due to HIS attitude. I live in a area that is very "keep up with Jones" type of area.Everyone knows everyone. It is full of people who talk about what this one has, or what that one does, or what he owes, etc, etc. Personally, I dont care what the next guy thinks of me, my car, my boat, or my house. I buy the things I want because I enjoy them. I was raised by middle class parents, in the inner city, living in a 3 bdrm apartment. I was not raised to put people down.Everyone gets jammed up sometimes. In those times we are supposed to turn to our freinds and family for help, at least thats how I was raised. If my remark came off like I was a cocky kid, please disregard it. But just because I had a few late payments before, and a unpaid 700 doctor bill I didnt even know was on my credit until recently, does not make me a loser, a deadbeat, or deserve to be called stupid for my mistakes.

As nice as it would be, I really dont think paying cash for everything is the best answer. There are what, 25000 members on oso. I would guess at least 10-15 thousand do not hold the title to their boat. I agree we have to live within our means, but just because you dont make 300k a year doesnt mean you have no right boat shopping. I have lots of boater freinds around here. 90% are middle class working guys with familes puttin in some extra hours so they could have the boats they enjoy so much.

Jonas

have worked with credit repair companies for a long time magic % is
actually 30% if you really want to get score to raise.
never go over 30% of your max avail credit line.

alot of good advice here on this thread. i would listen as next time its gonna be a 150k or 300k deal and you will wish u had.. belive me ihad a long road to recovery.. doh,
mid 400;s to mid 700;s was not an easy task..
and i am a mortgage broker!!!,, its easy to say and tell what to do but the follow up and the work involved to raising scores is horrendous..
get your installemnt loan make sure reputable company that will report so u can get credit for it,, literally..
also get a copy of a trimerge credit report so u can shop with your credit report and be able to discuss before they have to pull credit. this way they wont sink u completely before u have a chance..

mcollinstn

1. You are going to let a brown-bagging ancient-Taurus-driving car salesman run your life for you? You are going to carry revenge in your heart forever about this?

Since you are still young, it's not too late to understand that there will always be unreasonable or vindictive people in this world who *can* make you mad. There will also be helpful people trying to assist you, when you take their message wrong and assume that they are putting you down. I wasn't there at the dealership and do not know the attitude that this salesman was giving, but he might have been trying to help you out. Probably not.

And don't feel that you were "treated unfairly" at that dealership. The salesman JUDGED you by your age and credit score. YOU JUDGED the salesman by his brown-bag lunch and ancient Taurus. Seems plenty fair to me. Accurate? No. Fair? Yes. He judged you as in need of advice (or ridicule) - maybe he was wrong. You judged him as a loser smartass salesman - maybe you were wrong. The sooner you come to terms with this, the better.

I had an old beater a few years back (an '84 renault alliance I kept around to take the cats to get their shots once a year - they also lived in it in bad weather, as it had a rotted hole in the floor they climbed in thru - impressive automobile). I was going in to a friend's Lincoln dealership to check on a used Tracer for a relative. I had worn crap clothes that day and had been under a machine in gear oil and had been doing a ton of stick welding and I looked like hell. I couldn't even get one of the salesmen to TALK to me, much less be attentive. They saw me, they saw my appearance, and they JUDGED. So what? I've got nothing to prove to that guy. I know my worth, and couldn't give a rat's shaved @ss whether he "knows WHO I am" or not. I simply went to my friend's office and he walked me into the group of salesmen and told them to give me anything I wanted.

2. So just because "most" people don't pay cash for boats MEANS that it's the best answer? WTF kind of confused logic is that? If the masses started eating dogsh!t then that means that "eating vegetables isn't good for you"? Let's be clear here on something very vital to your financial growth:

Here is what is BEST.
You should: Pay cash for items that will depreciate significantly in value.
You may: Obtain reasonable term loans on items that will hold their value or appreciate in value.
And NEVER: Purchase something that you will not be able to liquidate for more than you owe on it.

That is pretty simple to understand. This is a free country and you are allowed to do whatever you want with your money, but don't blow your wad due to ignorance. If you're gonna do it, do it out of pigheadedness.