Financing need help finding financing with damage credit

[timswi]

That makes you an expert to me.

Thanks for the useful information. I'm overdue in checking my free report so I will followup on your info ASAP.

The free site is https://www.annualcreditreport.com/cra/index.jsp

Thanks again.

Steve

Thanks for posting that Steve...Hopefully others will peruse theirs as well...

I looked up mine. TU's site was down. Experian seems to have the best detail. Had to adjust as these are nothing like the credit reports that I see, but this works.

By the way...My $8.00 NetFlix showed as a balance even though I zero the card every month. I pay it old school though.

 

[Alan L.]

A good credit rating comes in handy when you get ready to refinance your mortgage. Built a new home in 07 with a 6% mortgage, now in the process of refinancing at 3.875%. A high credit score allows an streamlined qualification process - no appraisal, quick application by phone etc. This is with my current lender. Course I haven't closed yet, but hopefully it will happen soon.

But credit is tight and lendors are nervous. I know people wheeling and dealing in raw land who are hurting right now because of nervous banks and low appraisals. One guy in particular had probably $15 million worth of raw land (was over 20 million 3 years ago) and only $3 million of debt that he renews every so often. Banks won't renew and he is struggling to pay his bills. Can't pay the bills with land. Has one tract under contract for $1 million profit so hopes that closes so he can live on that until times get better.

 

[PILOON]

You sure? I co-signed a loan for one of my boys a year or so ago and was surprised how low my score was. Why? Because I don't owe anyone anything! Haven't for a long time. The very nice lady at the credit union my son joined explained with no recent history of being in debt I was considered a risk:confused2:
I've also heard canceling cards drives your score down. Don't know for sure on that one. BTW I put $2000 or more on my credit cards every month but also pay them in full every month, apparently that also counts against me- again:confused2:

Oh yeah- when I co-signed for my son my interest free Kubota 3 year loan did not show up in my credit profile, so it didn't help build my rating at all

Reminds me of my younger years.
'70 something,

Had no credit as I was brought up to save and only spend what I had cash on hand for.

Wanted to borrow $500. to buy a car (real deal, current year VW beetle with easy (for me) to fix body work)
Bank refused me as I had no credit rating.
Across the street was a HFC office. Went in and borrowed $50. and paid it back the same day.
The following day I went back to the bank and with my now established credit rating they gave me the $500. loan I wanted.

Repaired the VW and cleared over $750 profit.

Good ole days.

 

[PILOON]

And, since the credit reporting agencies are required by law to give you a free report annually, it's a good idea to get those reports.
Credit reports can have errors, but they are not responsible for correction of those errors...the consumer is.
Another thing...I don't like it and think it should be illegal, but potential employers can review your credit scores (you have to authorize it, but it's one of those things you're basically required to do). It'd be a real bummer to lose out on a job offer because of erroneous data on your credit reports. Sooner or later, those agencies will be sued (if they haven't lready) for negligience on this, but until then you're on your own.

I was friendly with the personnel manager of a fortune 500 company, back in the '70's, that admitted that their policy was to hire folks that had high debts in preferance to those that had none.
Their ideal profile was; high debt, married with 2-3 young ones and home owner
Their take was that if in debt you NEEDED that job and would be less likely to jump ship down the road because they typically rarely gave raises no matter how efficient you were.
They claimed that there were hoards of potential candidates to replace you.
In fact he noted that they NEVER needed to advertise fo a position as they had drawers full of candidates begging for jobs.

In other words; they had you by the b---s!

That manager because of the corporate ethics was looking for an out ASAP as he was thoroughly discusted with it all.
Their turnover was horendus, but they are still on that '500 list'

 

[MossRoad]

The thread has been pruned a tad. Please stay on topic for OPs question. Thanks.

 

[EddieWalker]

The thread has been pruned a tad. Please stay on topic for OPs question. Thanks.

Sheesh. I got pruned. :thumbsup::laughing::confused2:


Eddie

 

[TripleR]

I haven't bothered to go back and reread all of the posts, but I don't remember any significantly derogatory posts. Some have offered what they considered good advice even if a little off topic.

As to the comment about being 100% disabled and staying off a tractor though, that was a bit much. For purposes of disability qualification guidelines and military standards, I would probably qualify, but I still safely operate tractors from 23 to 85 HP. I worked for over thirty-two years, but age and past injuries have caught up with me. I am far from being ready to spend my remaining days sitting on a porch or looking out the window.

I haven't offered any advice on repairing a bad credit record or financing as I have nothing useful to contribute.

 

[DavesTractor]

First, we should not be real quick to judge. The guys credit may have been ruined because of a child's medical emergency or some other tragedy. Or then again it could have been ruined by careless spending or risk taking, loss of job....we don't know.

At nearly $10k/month income, it should not take him long to save $10K and buy a nice used tractor with cash. If he truly is a great risk, with ruined credit due to a medical situation but is otherwise a man of integrity, generally a family member can help out. Not that I am a fan of co-signing, but I always figure if close family won't help a guy (assuming they are able), then I sure won't loan him any money myself.

I sell a lot of tractors on credit, but I still most admire the "save first, buy later" method of handing finances.

 

[kenmac]

Even debt-free folks should care!!! Some auto and homeowners insurance companies check credit scores and your premiums can be affected by your score. This thread has served as a reminder for me to check my free report, but the last time I did check it, there had been inquiries from my auto insurance company.

I would rather pay a little more on my auto insurance than to be so far in debt it's all I can do to pay the bills

 

[smstonypoint]

I would rather pay a little more on my auto insurance than to be so far in debt it's all I can do to pay the bills

I didn't say anything about going into debt. It's just a prudent practice to periodically check your free credit report in my opinion. Mistakes on the report can hurt your credit score and the premiums you pay. But if you don't want to do it, that's fine with me.

Steve