Can't believe it ..
10-12-2004, 08:20 PM
#1
Burning Brakes
Thread Starter
Can't believe it ..
My loan expired and so i applied for a new one. It got approved and my rate shot up 1.55 percent! wth .. that's :ghey: i was approve for a 6.44 now it's 7.99 just becuase i was reapplying. That's what the person on the phone said. WTH! Super :ghey: !!!!
Golden 1
Golden 1
10-12-2004, 08:51 PM
#3
Burning Brakes
Thread Starter
Originally Posted by CGTSX2004
Every time a credit report is run, it affects your credit. Plus, interest rates have gone up a touch lately so that affects loan rates.
10-12-2004, 09:46 PM
#4
Tuxedo Cat
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Originally Posted by CGTSX2004
Every time a credit report is run, it affects your credit. Plus, interest rates have gone up a touch lately so that affects loan rates.
Had this happen to me on a real estate deal a few years ago. I backed out of the deal before it closed and the loan was never actually issued. On the credit report, it shows up as an account that's been opened, had no payments made, then shut down for a reason other than the customer request. That's not good.
If just running the report hurt you, I'd have no credit at all, because I'm subject to frequent background checks and those always involve a credit check. Between that and normal stuff, I've had about 10 credit reports run in the past year...
10-12-2004, 11:01 PM
#5
Instructor
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what banks r looking 4
Originally Posted by VeniceBeachTSX
Running the report alone doesn't impact your credit, but opening an account does. When he applied for the loan the first time and it was approved, an account was opened and then was closed by the issuing bank when the deal didn't go through by a certain date.
Had this happen to me on a real estate deal a few years ago. I backed out of the deal before it closed and the loan was never actually issued. On the credit report, it shows up as an account that's been opened, had no payments made, then shut down for a reason other than the customer request. That's not good.
If just running the report hurt you, I'd have no credit at all, because I'm subject to frequent background checks and those always involve a credit check. Between that and normal stuff, I've had about 10 credit reports run in the past year...
Had this happen to me on a real estate deal a few years ago. I backed out of the deal before it closed and the loan was never actually issued. On the credit report, it shows up as an account that's been opened, had no payments made, then shut down for a reason other than the customer request. That's not good.
If just running the report hurt you, I'd have no credit at all, because I'm subject to frequent background checks and those always involve a credit check. Between that and normal stuff, I've had about 10 credit reports run in the past year...
u r right. but they look for closed line credit more than open line of credit and how long you had the accts opened with each creditor. longer u r with them, the better off u r. dont close those old accts. and they look at your credit card balance vs. line of credit per creditor too. dont max out your lines. and it is better to have GAP protection on car loans. if your car is total loss, with GAP, it will pay the difference between what you owe vs. insurance payoff. example your payoff is 30k and u owe 25k, the GAP pay the 5k and u walkaway, if dont have it, you pay the difference. and no car.
one time fee at sign of contract up to 500 bucks cvr full term of contract.
10-12-2004, 11:42 PM
#7
Burning Brakes
Thread Starter
applied in august bc i was expecting to buy in early september. then car got picked right under my nose and had to wait an extra month for the new shipment. had the loan extended to mid 10.13. And then i found out the car wont come in till like the end of october (supposedly! bleh). oh .. and the guy said that i qualified for 5.99 for my loan thinkin this was my first time applying. when i told him i already applied and have all the paper done .. dude jacked it up 7.99 .. i guess since he knows that i need the loan .. he dicked me over. what a punk!
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10-13-2004, 10:00 AM
#9
Racer
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Originally Posted by xaznperswaesonx
My loan expired and so i applied for a new one. It got approved and my rate shot up 1.55 percent! ... i was approve for a 6.44 now it's 7.99 just becuase i was reapplying. That's what the person on the phone said.
Golden 1
Golden 1
10-13-2004, 10:30 AM
#10
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Originally Posted by 925tsx
when it comes to banks, and the feds, they'll do anything to butt rape you and take all your money
You rate has gone up due to the economics of interest rates - plain and simple. The Prime Rate is now 4.75%. This is the rate charged to the best of customer (like huge corporations borrowing millions of dollars). Most people are charged much more than that. Banks use this rate as a benchmark for pricing most of their loans. Since this rate went up .75% over the past few months, this is why your rate went up.
HOWEVER, it shouldn't have gone up more than .50% or .75% to match these recent increases. If you have a credit union in your neighborhood, give them a call and ask them what their new car rate is. You will probably find a good deal there. Visit some local bank's website or drop in a branch and ask. The bank where you have your checking account right now is usually your best bet. Banks would rather give a loan to someone who they already know is handling their checking account well rather than someone off the street they don't know. Then tell the first guy what you got as a rate. I'll bet he will match it.
