anyone tell me

[wombat4412]

i moved to this wonderful gorgueous country 7.1/2 years ago from down under yep i am a aussie but in my time here i met and made friends with a real lot of great people and alot of you out there knows me as wombat i been in this game i love so much now for over 34 years most of it was in the road trains in the australian outback but my only question is this how the hell do you get a good gredit score or reference here i borrowed money from credit unions , finance companys always paid them back on time but still i am being treated as a 16 yo straight out of school and when i try to finance i get the normal story nope rejected i show my tax records for all the years i been a owner operator but excuse me but it means jackshit now look i am not saying nothing so no need for a nasty response but i thought this was the lucky country surely there is companys out there without the high interest rates but if there is i cannot find them
wombat

 

[Broompilot]

What is the % vs down payment you are talking about. What is the FICO score also? Credit Unions, and small banks, it takes time but make a relationship with someone WHO IS GONA BE THERE YEARS FROM NOW..

This has seemed to be my bad luck with Big Banks. Worked with South Trust for years made good contacts, than came along Wachovia, kiss that train good bye. So one of the contacts started a bank (really did) here in Charlotte thats who handles all of my business needs. One call and its done, period end of story. Thats a great business relationship, of course after that I am sure that run my credit but it comes up the same in all fairness to cover there rears.

The same holds true in banking, "Its not what you know, but who you know." Although you must have a good track record also.

 

[cheri1122]

When you are turned down for credit, you are entitled to know why, but often have to ask in writing, and are also entitled to a free copy of your credit record once a year, from each of the 3 main credit reporting agencies. (Equifax, TransUnion, & the third one that I suddenly can't remember, lol) The credit report is what decisions are generally based on, so getting yours is the best way to find out what potential lenders are seeing. If you find errors, they are required to investigate, and you can also add a note of explanation, if you wish. (Such as having been a victim of identity theft, for instance)
Good luck, mate!

 

[greg334]

Wombat4412

There are a couple things about the US banking system that s**ks, one is that credit rating companies are in control of your ability to get a lot of stuff and how much you pay for it; auto and home insurance, certain services and even some medical services (yes I know that I will hear otherwise but it is true). I won’t go into the other things.

With that said the fact that just having loans and paying on time does not give you a good credit rating.

First thing that is factored in is debt load ratio.

The second thing is established credit, different types of credit that is. In my case I had credit cards, Amex (yes it seems to be different), revolving loan, home improvement loan, etc..

The third thing (which should be the first) is the fact that you pay everything on time. Paying early does not mean a thing most of the time.

The first two are the important things and the second thing can be improved on with the use of credit cards. Yes the one item that destroys credit actually can be used to help get that credit rating up.

I know of one person who had a 0 credit rating when he was 35; he never had credit he paid everything in cash but wanted to lease a car. No way would he be considered for a lease so he applied for 10 credit cards, got 8 out of 10 (discover refused his application as they always did mine) then took one card a month to max it out. of course he had the money to pay them off and his credit rating in four months was very good, so much so he got a reduced lease payment.

Hope that helps.