options??

[Daelen Nekuda]

hey guys i just have a couple questions... im looking to upgrade to a gti (finally) but i just cant seem to catch a break.. ive went to various dealer ships trying to get financed but get turned down.. i mean i have somewhat of a credit built up ( i just paid off my 01 GL) which was on a co-sign, and am only looking to upgrade to a mk4 gti... i was looking at various gti's in the paper and the prices vary from 12 - 16 thousand. i have 2800 cash as a down payment and i know i cant get much of a resale value on my golf (thanks to the city models) but im willing to trade it in as well... how come no one will finance me for 6,000???

[R_Ethug]

Re: options??

missed CC payments.. too young.. get your rents to cosign

[Kor]

Re: options??

Do you have a job? Need to be able to demonstrate that you have income...

If you're a student I got four words for you. Student line of credit. Nobody gets refused pretty much. I used mine to buy my Jetta.

[James]

Re: options??

Yeah..Thats kinda weird, 6k is nothing.. You try Royal bank?

Missed CC payments usually dont screw your credit that bad unless you frequently go 3 months without making a single payment. I generally only put cash on my credit card once every 2 months (but its usually huge lump sum payments rather than the minimum) and my credit is excellenté!

[Daelen Nekuda]

Re: options??

well i went into a indepth conversation with my branch manager about the loan.. and she figures that the combo of being a full-time student and a sub-contracter may be hurting me on my loan application... i can understand the student part but i have had a steady job with my employer for about two years and still carry a steady income...


Kor you said something about a student line of credit.. can you possibly give me some details?? interest, payments, and possible where you recommend on getting this?? thanks

[R_Ethug]

Re: options??

oh yea if you currently don't have a credit card.. get one now as a student card or your gonna get F'd come real world.. i never got a student one. .it took me 1 year of solid employment before i could even get one.. yet i was able to finance my old jetta then.. LOL

[Kor]

Re: options??

well i went into a indepth conversation with my branch manager about the loan.. and she figures that the combo of being a full-time student and a sub-contracter may be hurting me on my loan application... i can understand the student part but i have had a steady job with my employer for about two years and still carry a steady income...


Kor you said something about a student line of credit.. can you possibly give me some details?? interest, payments, and possible where you recommend on getting this?? thanks

My student line of credit was with TD (even though I am not a TD customer).

http://www.tdcanadatrust.com/student/stline.jsp

I recommend it.

[RedMile04]

Re: options??

Yeah student line of credit would be your best choice. I have a buddy living in res at u of c, he took out a $5000 student line of credit with no problems, and he has absolutly no income.

[Kor]

Re: options??

I took out $6,000 three times.

If I had known, when I was a grad student I would have hit up that 48k they advertise.

[zoik]

Re: options??

here's a retarded bit of information about how credit works. You build your credit by having some and paying ........ the minimum payment everytime. If you miss one then your credit takes a hit. Oddly, if you pay off your credit card every month so you have a zero balance. Your credit would be the same as another person who only made minimum payments everytime. It's retarded isn't it?

[Mefro]

Re: options??

well i went into a indepth conversation with my branch manager about the loan.. and she figures that the combo of being a full-time student and a sub-contracter may be hurting me on my loan application... i can understand the student part but i have had a steady job with my employer for about two years and still carry a steady income...


Kor you said something about a student line of credit.. can you possibly give me some details?? interest, payments, and possible where you recommend on getting this?? thanks

Do you have atleast 2yrs of declared income? Also do you write off as much as possible so your income is really low? When you are a sub contractor they look for 2yrs of steady income. Were you in school full time for both years? The other thing I can see it being is the fact that your car loan was only installment credit. Have you ever had a credit card before? If not this could also be your problem, as you have no revolving credit.

Yeah..Thats kinda weird, 6k is nothing.. You try Royal bank?

Missed CC payments usually dont screw your credit that bad unless you frequently go 3 months without making a single payment. I generally only put cash on my credit card once every 2 months (but its usually huge lump sum payments rather than the minimum) and my credit is excellenté!

This is wrong, any late payments hurt your rating, the more frequent they happen, the worse. The longer between payments, the worse.

here's a retarded bit of information about how credit works. You build your credit by having some and paying ........ the minimum payment everytime. If you miss one then your credit takes a hit. Oddly, if you pay off your credit card every month so you have a zero balance. Your credit would be the same as another person who only made minimum payments everytime. It's retarded isn't it?

This is not true, people who only pay their minimum payments consistently, will have worse ratings then people who dont. Especially if their balance remains above 75% of their limit. Also people who are consitently over their limit, even though they make their payments on time will drop their ratings.

[James]

Re: options??

.
This is wrong, any late payments hurt your rating, the more frequent they happen, the worse. The longer between payments, the worse.

Not according to visa, it was either 2 or 3 months i was told by a rep before it puts a blemish on your credit score. Its not like they fvck your credit up after 32 days without payment

[Mitcheh]

Re: options??

One month of delinquency isn't going to be catastrophe for your credit, but it's a blemish that affects that account's rating, and your rating with that bank.

[Mefro]

Re: options??

One month of delinquency isn't going to be catastrophe for your credit, but it's a blemish that affects that account's rating, and your rating with that bank.

Exactly even at 32 days! Its not going to screw you, but it isnt good either, especially if you do it month after month. Anything over 60 days starts to hurt, and 90 days you hit the point where you might get shut down or no further lending.

[Mitcheh]

Re: options??

I've never missed a payment, and my account has a C rating. :P