I finally got my job this week which was the only thing holding me back from faxing the credit application to South Coast. It is my moms cosign that im worried about and not getting approved. She has maxed out a credit card or to as well as Lows, Gottchalks, etc. But my credit is amazing for a 20 year old, just dont have a long enough history. Like I said, the only thing im worried about not getting approved is my moms credit. Ive also searched threads and read threads that people have maxed out their credit cards, been in debt and still gotten a car. I can afford a high interest rate(live at home, work 40-50 hours a week, only have to pay for car and insurance). I guess we will find out later this morning when I fax the paperwork over. Another thing, what is your guys opinion on this car. http://www.autotrader.com/fyc/vdp.js...e=&cardist=133 I could get it cheaper than a new one and it would save me a little money but the downfall is it has 9k on it. Ill test drive it when I go to SC but im still leaning towards a new IX. Thanks for hearing me rant, and ill get back to you guys if I get approved or not.

 

ha, 20 years olk, just got a job this week and have limited credit

you're a good lenders worst nightmare and a bad lenders pot o gold

buy something cheaper

 

I forgot to put ive worked at the same place for 2 years, I left because of school last semester and just came back not that that really makes a difference but I like to think it does lol.

 

Honestly thats a great price on a used IX with only 8k. Its like you said you may have great credit, but not a long enough history. So what if your moms maxed out a few cards as long as they get paid in time then her credit should be fine. Even if not then your credit combined with hers should be fine. Good luck and keep us posted.

 

ok, that's better, shows some job stability

 

It doesn't matter if your mom has maxed out credit cards, as long as she makes the payments on time her credit will be fine.

Though since you have SOME credit, you should try being on the loan by yourself; this is better for your mom anyway, because you probably don't want to mess up her DTI any more than it already is...

If they don't approve you, or offer you an outlandish interest rate; then add your mom to the loan and see what happens. If you are still rejected, you are screwed unless you find a new cosigner with decent credit that makes enough money to not care about their DTI ratio.

Oh also remember, if you can find a way to get approved, but you get a 20% interest rate or something; you can refi that loan a year down the line when you have some more credit depth to do it by yourself. Or you can just wait to buy it a year down the line...

Actually go here, and come back and tell us what your score is : https://www.annualcreditreport.com/cra/index.jsp

 

history is what gives you an amazing credit score when you are young it doesn't matter if ever bill you get is paid on time until you do that continuously for a few years

I'm twenty and my credit score is not that high because my history is only three years old

good luck though

 

Have you considered a credit union? It does not hurt to ask around to see what rates are going for.

 

How did you get your IX then if your 20?

 

Well yes and no. If you think about it, missing 1 payment without much credit depth will have a much larger impact than missing 1 payment in 10 years of credit depth; but other then that scenario, you're wrong in general.

Ex: If you have 20 years credit history, but have only paid on time a hand full of times; your credit is going to suck.

I would say history is one of the least important factors; i mean shoot, you only have to have 3 years credit depth to get a house!

That being said, i just pulled credit on 2 of my friends who wanted a home loan; they both had less than 1 year of depth, and each only had 1 company reporting, but neither of them had ever missed a payment; they were both knocking on 800's door. This just further supports my theory.

Everyone has to remember that when it comes to credit, the best we can all do is have "theorys" because as much as EVERYBODY on EvoM knows; the truth is NOBODY knows exactly what perameters credit scores are based on, well except the people who work at the credit bureaus.

 

Well said!

 

At the time I got my car loan, I only had 2 accounts open, one never used, with no late payments on either one, and my score was over 830. My history is slightly deeper though, as I'm older and have had my CC account for a long time (~6 years).

That would seem to indicate that history is a fairly minor factor like you said. +5 years of history for 30-40 points.

 

Isn't it Tyler Durgan? Or is that your real name and it is just oddly similar to Brad Pitt's charector's name in Fight Club?

Did you pull your credit yet? Tell me what your middle score was...

 

Tyler Durden is the character's name.

 

Or if you really want to get this car, try getting your own financing first. Goto your bank, call your insurance company, etc. If you walk in with the money in hand, it's infinitely easier to buy a car.

Terry S