Credit scores

• Trueblue23

  

  Just curious, since most of you guys are older than me and have more experience with credit and that stuff.
  
  What's the normal minimum credit score for an $18,000 car loan? I've never ran my score, but I've never been late on anything. I've been looking at cars and the loan thing honestly scares me a little. I've had a credit card that I paid off, paid off a student loan and have had my cell in my name since I was 18, and I'm 23 now. Thanks.
• j_crazy

  

  I'd assume you would get approved with anything over 600. Rates are dependant on score once approved.
• gut

  BigAppleBuckeye;1212619 wrote:Thanks gut, good stuff. I actually belong to a BOA Privacy Assist program, where I can see my credit scores. The only difference I notice in the Equifax is that it didn't report one account from 13 years ago, BUT, that was just after college and I was a clown back then and was late all the time on that account. So the two bureaus with better scores have that account on file, but I guess my delinquencies were forgiven after the 7 year mark ... is the fact that that account is NOT on my Equifax report causing that much of a difference? And, if that is the difference, if I report this to Equifax, will putting a "bad" account on my credit card be a dumb move (I assume yes)?

  Don't know. They have different scoring methodologies (and ranges) obviously, but that seems like a big disparity. Can't imagine why you would want them to add something bad back, or even if they'd do it. I don't see what purpose that would serve. I heard they go back 7 years, but perhaps Equifax does 10? Likely Equifax still has or is weighting a negative more, or may be missing something positive. Or they might have a credit availability or debt liability reported wrong impacting you.
  
  Your average score (@725) is pretty good, but won't qualify you for the best rates on a mortgage (760+). Just do some research and see what you can do to improve your score over the next year or two. Having a couple of credit cards, paid-off monthly, and not exceeding an average balance >25% of your limit should help. Plenty of no-fee cards out there, and then just charge your groceries each month or something.
• gut

  j_crazy;1212674 wrote:I'd assume you would get approved with anything over 600. Rates are dependant on score once approved.

  Yeah, a car loan is definitely easier. If he has an issue, he might need a co-signer. And you can play around with the downpayment to bring the rate down some, possibly.
• Trueblue23

  

  gut;1212678 wrote:Yeah, a car loan is definitely easier. If he has an issue, he might need a co-signer. And you can play around with the downpayment to bring the rate down some, possibly.

  Yea I have a trade in and down payment, I just don't want to look like an moron if I don't get approved
• GoChiefs

  

  Trueblue23;1212679 wrote:Yea I have a trade in and down payment, I just don't want to look like an moron if I don't get approved

  
  Eh...I'd say you'll get approved with no problem, it's just a matter of what your interest rate will be. My credit sucks, so I'm paying the price now because if I want it, I have to pay more.
• Manhattan Buckeye

  "u can't "own" anything."
  
  There's a very humorous Futurama episode (Problem with Popplers?) that addressed this. As Professor Farnsworth astutely responded, (paraphrasing), "we can because we aren't worthless, smelly hippies!"
• believer

  

  Trueblue23;1212670 wrote:Just curious, since most of you guys are older than me and have more experience with credit and that stuff.
  
  What's the normal minimum credit score for an $18,000 car loan? I've never ran my score, but I've never been late on anything. I've been looking at cars and the loan thing honestly scares me a little. I've had a credit card that I paid off, paid off a student loan and have had my cell in my name since I was 18, and I'm 23 now. Thanks.

  Although you are still young, if what you've said about your loans and credit cards are true, and you have a good, steady job then you shouldn't have any issues qualifying for a new car loan.
  
  If your interest rate on that loan is above 7 or 8 % I'd go loan shopping. Even some of us old farts who might have a minor glitch in our credit histories can get 4 or 5% rates.
  
  Go for it! We need the economic stimulation! :laugh:
• Dr. KnOiTaLL

  

  Credit scores over 720 are generally approved. With a credit score near or above 800, you can basically get approved for anything within reason and people will be begging you to use their service.
• Dr. KnOiTaLL

  

  Trueblue23;1212670 wrote:Just curious, since most of you guys are older than me and have more experience with credit and that stuff.
  
  What's the normal minimum credit score for an $18,000 car loan? I've never ran my score, but I've never been late on anything. I've been looking at cars and the loan thing honestly scares me a little. I've had a credit card that I paid off, paid off a student loan and have had my cell in my name since I was 18, and I'm 23 now. Thanks.

  Trueblue- There are several "tricks" that people seldom tell you in order to build credit. While always making payments on time is important, this will not always help your score grow quickly. When I started building my credit, I had a $500 credit card, but when I went to buy a car, I had not established enough credit to warrant them loaning me money for a car. Over the years, I have learned to increase my line approximately every 12 months. Right now, I have 3 credit cards, each with available lines around $9000. I do not carry a balance month to month on any of them, and I don't NEED the lines to be that high, but it is a positive thing for my credit score when creditors look at it because I have a lot AVAILABLE to me that I am using responsibly.
  
  I am NOT telling you to go out and get a bunch of credit cards. Understand that anymore than 3 hits to your credit score in a year can be damaging. Checking your score is considered a "soft hit". This will not affect your score much at all. However, applying for a car is considered a "hard hit" and can hurt your score if you have more than a few hard hits in a calendar year. I would encourage you to use one of the free sites that allows you to check your credit score so you have an idea where you are at. Be careful to unsubscribe from their service, though, so you don't get charged any fees for subscription.
• Ezz11

  There are auto loan companies that assist those people who wants to loan with bad credits.