Fastest way to improve my credit score?
#1
Fastest way to improve my credit score?
Need to improve my credit score.
Hey guys, long time lurker here, but I just made an account.
I had a ap1 but sold it a while ago. now im now trying to get an ap2.
Trying to get one around the $17k-$20k range. I have $10,000 for downpayment, so I will only need a $7k-$10k loan.
Why do I keep getting denied on my loan request. I figure asking for $10k isnt asking for too much?
I am 20 years old
2nd year student at college
making $40k/year in my current job
credit score of 700
NO debts at all.
The only thing I pay per month is rent to my parents, but its not like the bank knows that.
So given all that information, why do I keep getting denied? I only have 2 credit cards that are strictly used for building my credit score.
Hey guys, long time lurker here, but I just made an account.
I had a ap1 but sold it a while ago. now im now trying to get an ap2.
Trying to get one around the $17k-$20k range. I have $10,000 for downpayment, so I will only need a $7k-$10k loan.
Why do I keep getting denied on my loan request. I figure asking for $10k isnt asking for too much?
I am 20 years old
2nd year student at college
making $40k/year in my current job
credit score of 700
NO debts at all.
The only thing I pay per month is rent to my parents, but its not like the bank knows that.
So given all that information, why do I keep getting denied? I only have 2 credit cards that are strictly used for building my credit score.
#4
Originally Posted by WhatWouldJesusDrive,Jan 27 2010, 03:25 AM
Need to improve my credit score.
Hey guys, long time lurker here, but I just made an account.
I had a ap1 but sold it a while ago. now im now trying to get an ap2.
Trying to get one around the $17k-$20k range. I have $10,000 for downpayment, so I will only need a $7k-$10k loan.
Why do I keep getting denied on my loan request. I figure asking for $10k isnt asking for too much?
I am 20 years old
2nd year student at college
making $40k/year in my current job
credit score of 700
NO debts at all.
The only thing I pay per month is rent to my parents, but its not like the bank knows that.
So given all that information, why do I keep getting denied? I only have 2 credit cards that are strictly used for building my credit score.
Hey guys, long time lurker here, but I just made an account.
I had a ap1 but sold it a while ago. now im now trying to get an ap2.
Trying to get one around the $17k-$20k range. I have $10,000 for downpayment, so I will only need a $7k-$10k loan.
Why do I keep getting denied on my loan request. I figure asking for $10k isnt asking for too much?
I am 20 years old
2nd year student at college
making $40k/year in my current job
credit score of 700
NO debts at all.
The only thing I pay per month is rent to my parents, but its not like the bank knows that.
So given all that information, why do I keep getting denied? I only have 2 credit cards that are strictly used for building my credit score.
#5
Registered User
Credit union will probably approve you. The fact that you DON'T have any installment debt, or history of successful debt repayment might be a factor in these hard times.. High score yes, but still not many real world factors to base your repayment ability on.
#6
^ yeah, credit history is as important or more important than your score... if you've never paid off a loan and haven't had a credit card for very long, sometimes that is viewed as a big negative.
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#8
Registered User
Join Date: Mar 2006
Location: Lost in the mountains
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<---- Loan underwriter
The problem is lack of credit history. If I pull your CBR im not going to see any trade history. Sure, your situation sounds good, but as a credit analyst we need some history to verify. A $500 credit card being paid off every month doesnt mean much to me.
Long story short, if you're looking to get into a car immediately, you're going to need to have a parent cosign so you can get some credit history going.
The problem is lack of credit history. If I pull your CBR im not going to see any trade history. Sure, your situation sounds good, but as a credit analyst we need some history to verify. A $500 credit card being paid off every month doesnt mean much to me.
Long story short, if you're looking to get into a car immediately, you're going to need to have a parent cosign so you can get some credit history going.
#9
Originally Posted by KeithMajkasays,Jan 27 2010, 07:38 AM
<---- Loan underwriter
The problem is lack of credit history. If I pull your CBR im not going to see any trade history. Sure, your situation sounds good, but as a credit analyst we need some history to verify. A $500 credit card being paid off every month doesnt mean much to me.
Long story short, if you're looking to get into a car immediately, you're going to need to have a parent cosign so you can get some credit history going.
The problem is lack of credit history. If I pull your CBR im not going to see any trade history. Sure, your situation sounds good, but as a credit analyst we need some history to verify. A $500 credit card being paid off every month doesnt mean much to me.
Long story short, if you're looking to get into a car immediately, you're going to need to have a parent cosign so you can get some credit history going.
So is it worth it to try a credit union?
So far I've applied to Bank of America, Capital One, Wachovia, and Chase!!
So without a cosignee or long history, I need to wait several more years to get another S?
I guess I can wait to buy it outright in cash, but this was supposed to be an early bday gift to myself.