Hello, I would appreciate help from anyone who has experience/knowledge of situations similar to mine. I'm 32 and work as a linux systems administrator here in Washington D.C. I make around $90k annually and have a credit score of 585. My poor credit is due to a business deal I was engaged in for several years that went bad, had to sell my house about two years ago and I'm still recovering.

Recently I hired an attorney to help get my credit score back on track and I'm hoping for it to go up 40 points or more in the next 2-3 months, which will get me above 620.

Does anyone have any advice concerning getting financing for a new G35S? I can easily afford the payments; I just don't think I can get the financing currently given my score. Any assistance is greatly appreciated.

 

You won't get financing with that score...With a 620 you will get a very high interest rate. You are better off buying the car cash. My FICO was 595 before when I went to buy a car. They wouldn't give me a loan at the dealership...I had to get a co-signer in order to get the car. You should put the money aside like you are making payments for the car and build your credit up again. Unless you want to pay high interest rate which will end up costing you more in the end.

 

Thanks for the reply Hai, I was afraid this was the case. I do have an account with a credit union and have heard they can be much more lenient than conventional banks. I will check out that route as well. I figured I was pretty much SOL with my current credit score though...

 

Yea...Just fight it and use these tips to help you FICO score go up

1) Lower your balance on all cards...25% usage of the credit limit is the rule of thumb for better FICO
2) Close unnecessary accounts (too many accounts will lower your FICO)
3) Try not to apply for a lot of credits...Inquiries will hurt your score...
4) Don't make any late payments

Using card and paying in full will help your credit too...That's a strag. that helps build credit but doesn't build debt which is a problem with most Americans.

 

Still your best option is paying in full on the spot, your going to pay so much interest that it wont be worth it at all

 

Or if you really want to finance the car, have your parents or a family memeber that trust you co-sign. Problem solve. And try a credit union like you mentioned above. I got 3.9% from my credit union when I financed my G. Good luck!

 

PM sent.

 

hai gave you very good tips on keeping and building good credit. payment history is key and the 2 most recent years have the biggest impact. make sure you pay all your bills on time. if you are able to get a co-signer, try to get the loan thru a credit union because the way they usually report to the credit bureau shows you making payments where as with dealerships only report it to the primary, even when they say otherwise... a big down payment also helps, meaning around 50%.

 

I thought closing other Credit card will lower your score since your Total Max Credit will go down and if you have some debt then your Total Credit to Debt Ratio will be bad

 

That's true, also you don't want to close a credit card that you have had for a long time, for example, say you opened your first credit card in 2000 and another one opened in 2005, if you close the one you opened in 2000 then your credit history goes from 7 years to 2 years, not good. The rest of the advice is good...always make payments on time, don't carry high balances. I get updates every month emailed to me from equifax for $8 a month. I'm 27 and my score is 790 as of last month.

 

take a loss of a few points now for a gain later.. the bigger picture and what ryn996 said is true as well..

 

I still don't see the gain if you close most of your CC since like I said your Total MAX Credit will be decrease and that affect Credit to Debt Ratio. oh well

 

He'll get financed. I have a friend who is a 560 and he put down 9k and got approved. His interest rate is a killer 16% but he got approved. Credit does play a role in rates but money talks. You could have the lowest of the low but you put down half of what they are asking and they will get you approved. The bank looks at like this...you don't want to loose a chunk of money that your putting down so you'll pay.

 

16% of the amount financed is killer...He's going to pay a lot more for the car by the time he's done...He rather get a co-signer with good FICO and go from there...They will need to be the main borrower and then he can make the payments and build his credit again....

 

+1 to what Hai said. i had bad credit but i got my brother as a co-signer.