My credit union doesn't want to give me a loan. Where should I go? [Archive] (2024)

Synthead

30th December 2011, 14:30

SgtSpike

30th December 2011, 14:35

Prosper.com is a great site for peer-to-peer lending. I posted a loan request on the site for $5000 to buy a car, had it fully funded by the next day, and cash posted to my bank account in 6 days. It's a zero-collateral loan, so you get to keep the title to your car (or whatever else you are buying).

You just have to let them run a credit check on you to put you in the proper risk category (I believe I was placed in "A", but "AA" is the best rating), then describe why you want the loan (usually cars and credit consolidation get funded pretty quickly, so you should be ok there), and that's pretty much it.

The car I bought was a salvage title, so I never would have been able to get a traditional loan on it through a credit union or anything.

EDIT: Also, if you do decide to go that route, let me know. I'll give you my referral code that gets me free credit against my current loan!

Synthead

30th December 2011, 14:55

Prosper.com is a great site for peer-to-peer lending. I posted a loan request on the site for $5000 to buy a car, had it fully funded by the next day, and cash posted to my bank account in 6 days. It's a zero-collateral loan, so you get to keep the title to your car (or whatever else you are buying).

You just have to let them run a credit check on you to put you in the proper risk category (I believe I was placed in "A", but "AA" is the best rating), then describe why you want the loan (usually cars and credit consolidation get funded pretty quickly, so you should be ok there), and that's pretty much it.

The car I bought was a salvage title, so I never would have been able to get a traditional loan on it through a credit union or anything.

EDIT: Also, if you do decide to go that route, let me know. I'll give you my referral code that gets me free credit against my current loan!

You know, I heard great things from that site but thought it was shut down about a year or two ago. Now that I see it online, I think I'd really like to try it. If you want to send me that code and how to use it, shoot me a PM :)

SgtSpike

30th December 2011, 15:07

'lilRedRide

30th December 2011, 15:07

Put it on your Visa...

:p

Synthead

30th December 2011, 18:39

Will do! The site has only grown larger with better interest rates on loan since I started with them!

Just got an ad up! :D

BetweenMiatas

30th December 2011, 19:34

LWW

31st December 2011, 06:11

About a year and a half ago, my credit union didn't want to give me an auto loan. I don't want to ding my credit rating by asking again, and I really don't want to get one of those bad-credit-no-credit loans from a stealership. But it would be superb to find a reasonable place that will give me a decent rate so I could enter the private seller category and start seeing reasonable deals. Where would you go if you were in this position? Anyone have success with a website?

If your credit union turned you down, your first question should be why?

Likely candidates, and not trying to flame you, are:

1 - Lack of high credit approaching this level.

2 - Very short credit history.

3 - Unstable work history.

4 - No actual, or even negative, equity in the purchase.

5 - Unsatisfactory prior credit history.

6 - Income insufficient to support the new debt in addition to existing expenses.

7 - Uber tight lending policy at the CU.

1 thru 6 will follow you everywhere you go.

Your attitude towards the dealers is actually harming your position.

They have people, and enormous financial clout, to make such deals happen.

You may not get the best possible terms when 1 or more of the top 6 issues plague you, in fact you almost certainly won't, but that is simply reality.

If you are not plagued by #5 on the list, all he rest can usually be worked out at still decent terms. Volume lending can smooth out a lot of bumps in a deal.

If you are plagued by #6 then your choices are far more limited.

Car credit decisions basically are made on 3 different criteria:

1 - Ability to repay the debt. IOW, does someone have the reliable income to repay the debt. One might have an 800 credit score ... but if you work the night shift at Taco Bell and want a new Ferrari you might have problems.

2 - Willingness to repay. What many people don't realize is that the credit bureaus are littered with credit files of people with 6 figure incomes who could pay their bills on time ... they just won't. Of the 3 criteria, this is the hardest one to overcome if a problem exists.

3 - Equity just in case. IOW ... if the shiite hits the oscillating blade, how ugly would the lender's hit be.

If someone is strong in all 3 areas, they can do pretty much whatever they want at the best terms possible.

If someone is strong in 1 and 3, a bit of a problem in 2 can be swept under the rug ... but the rate will take a good hit.

If someone is strong in 2 and 3 or 1 and 2, the deal will almost always happen ... but the rate will take a bit of a hit.

If someone is real strong in 2, and weak in 1 and 3 the deal might still happen ... but again the rate will be adjusted to compensate.

If someone is weak in 2 and 3, or 1 and 2 it probably won't happen ... and if it does the terms will start to get ugly.

If someone is weak in all 3 ... they are wasting everyone's time.

Interest rates are really nothing more than default insurance. If the risk of default is very low, so is the rate. As the risk of default rises, so does the rate.

LWW

31st December 2011, 06:16

Prosper.com is a great site for peer-to-peer lending. I posted a loan request on the site for $5000 to buy a car, had it fully funded by the next day, and cash posted to my bank account in 6 days. It's a zero-collateral loan, so you get to keep the title to your car (or whatever else you are buying).

From their site:

"Fixed rates from
6.59% to 35.84% APR"

6.59% with a 760+ score.

Shaky credit at 35.84%.

What a swell bunch that is.

RubyDoo

31st December 2011, 07:20

From their site:

"Fixed rates from
6.59% to 35.84% APR"

6.59% with a 760+ score.

Shaky credit at 35.84%.

What a swell bunch that is.Yikes you'd need to take out a loan to make their payments.

Jack_B

31st December 2011, 15:53

From their site:

"Fixed rates from
6.59% to 35.84% APR"

6.59% with a 760+ score.

Shaky credit at 35.84%.

What a swell bunch that is.

What many people don't realize is that the credit bureaus are littered with credit files of people with 6 figure incomes who could pay their bills on time ... they just won't. Of the 3 criteria, this is the hardest one to overcome if a problem exists.

So are you saying that people with a history of not paying their bills shouldn't have to pay such a high rate?

If I decide to invest my money in prosper.com I'll certainly want to be compensated for loaning money to someone who "could pay their bills on time" but "won't." Sorry if I'm included in your description of "a swell bunch."

sansbury

31st December 2011, 16:19

From their site:

"Fixed rates from
6.59% to 35.84% APR"

6.59% with a 760+ score.

Shaky credit at 35.84%.

What a swell bunch that is.

IIRC Prosper loans are unsecured debt only, so lenders have a claim on nothing but the good word of the borrower. In this economy, there are a lot of 6-figure earners who are a paycheck or two away from missing payments. It's not like a true car loan where you get a lien and can repo the car and recover some/all of your capital.

As for 36%... yikes yes, but what would you charge to loan a wad of hundreds to a random stranger over the Internet with a spotty history? I'm guessing a lot of those people getting loans at that rate, none of us would give more than a $20, and assume we'll be lucky to ever see it again.

The Driver

31st December 2011, 16:38

I'm with LWW. I just got approved by my CU for a 2.5% interest loan for 60 months, for a 10 YO truck.

Once I was given those terms, I decided to do zero down loan.

OP, good luck to you!

tom4416

31st December 2011, 17:19

SgtSpike

31st December 2011, 17:32

The rates really aren't that bad for a cash loan if you have decent credit. I was loaned $5k @ 11.65% interest with an A rating a couple of years ago. They've dropped interest several percentage points since then, so my APR would probably be around 6 or 7% at this point. My bank was charging about the same for a personal line of credit.

It's a good source for a low-dollar loan, IMO.

Heck of a lot better than the credit card interest rates I had on some of my cards at the time... ;)

NMGary

31st December 2011, 18:21

LWW

1st January 2012, 06:10

So are you saying that people with a history of not paying their bills shouldn't have to pay such a high rate?

If I decide to invest my money in prosper.com I'll certainly want to be compensated for loaning money to someone who "could pay their bills on time" but "won't." Sorry if I'm included in your description of "a swell bunch."

Not at all.

I'm suggesting that they offer no value to a good credit risk customer.

Furthermore, you can't charge a high enough rate to be profitable making unsecured loans to people who won't pay ... because they won't pay.

You can do what you want with your own money of course ... but if you think you can be profitable making loans to that level of clientele, don't say you weren't warned.

LWW

1st January 2012, 06:11

I'm pretty sure that site was being investigated by some official body - they apparently violate some usury laws in several states but get around it by being a peer to peer lender. Reminds me a lot of the quick cash places. But, if your credit is shot and you need to borrow, then these are the kind of rates you'll pay for the risk they are taking. I wonder what their collectors look like :eek:

IMHO it smells of scam big time.

OIf you notice ... they take 1% off the top and you are on your own as a lender from there.

LWW

1st January 2012, 06:13

As for 36%... yikes yes, but what would you charge to loan a wad of hundreds to a random stranger over the Internet with a spotty history?

I wouldn't even consider it.

wrusprod

1st January 2012, 10:06

WesternSky- 194% APR....

anyone else see that commerical?...$5000.00 loan, and read the fine print on the financing...

LWW

1st January 2012, 10:51

WesternSky- 194% APR....

anyone else see that commerical?...$5000.00 loan, and read the fine print on the financing...

They won't last.

If they want to claim they are able to charge these rates because they are a sovereign nation ... which is what they do claim ... then they have no legal power to collect.

The people who would pay will never accept those terms, the people who will accept those terms will never pay.

I have watched countless "SECONDARY FINANCE" entities come into being because investors are shown spreadsheets with massive returns ... based on the assumption that these type customers will, as a group, actually pay.

jon winship

1st January 2012, 11:17

WesternSky- 194% APR....

anyone else see that commerical?...$5000.00 loan, and read the fine print on the financing...

They are advertising and getting fools in this state (Florida) to take their ridiculous loans, and they are not licensed to do this here in Florida.

A few local TV News reporters ( Help Me Howard- channel 7, Al Sunshine- channel 4) have gone after Western Sky when they were found in violation and now the State of Florida and the FTC is pursuing them ( in Florida)...... can we say SCAM !!, and there are fools born every day who fall for them as well..........................Jon 01 LS:thumbs:

skip50

1st January 2012, 11:37

I had the same problem when I bought my first new car. I didn't have a credit history since I had always paid cash so my own bank wouldn't even give me a loan. That first car my parents got the loan and I paid it off myself. It didn't help me establish a credit history so I applied for a Sears card and got that. Then I used it and paid off my bills on time. Following that, I applied for an AMEX card and got that, paying the bills monthly. It took awhile to build a credit history. I financed a few more cars once I got a good credit history established.

Initially I did have a problem getting any credit because I'd paid by cash and that was the reason the bank gave me for not giving me a loan. Of course, after I'd gotten a good credit rating, my bank approached me and wanted to loan me money. I pretty much told them no because they wouldn't take a chance on me the first time around. I'd always banked with them. I had never bounced a check and I'd deposited my paychecks to savings in their bank yet they wouldn't consider giving me any loan or credit card until I had gotten one elsewhere (thank you Sears-Roebuck).

We don't know the reasons why you were turned down and I guess that's none of our business so I would just say Good Luck in your search for a loan.

OHSOBLUE92

1st January 2012, 15:02

Jack_B

1st January 2012, 15:14

Not at all.

I'm suggesting that they offer no value to a good credit risk customer.

Furthermore, you can't charge a high enough rate to be profitable making unsecured loans to people who won't pay ... because they won't pay.

You can do what you want with your own money of course ... but if you think you can be profitable making loans to that level of clientele, don't say you weren't warned.

No warning necessary I wouldn't touch that kind of deal.

I'm sorry for the OP but if he doesn't know why his credit union denied him a year ago he should ask them why in writing; then he'll find out and get a free copy of his credit report. I don't think asking for another loan a year and a half later will do too much to "ding his credit rating."

If he was denied for bad credit another way for him to rebuild credit is to save the cash and use the cash in an account as collateral for a loan at his credit union. He'll pay more for the car because of the interest but it's a matter of priorities; does he want to take time to establish credit or buy a car now?

We don't know the reasons why you were turned down and I guess that's none of our business so I would just say Good Luck in your search for a loan.

I agree it's none of our business why he was turned down but he asked for advice as to where to go for a loan; if he has bad credit he would be better off not going to a place that will charge him 35% interest.

DMcHenry

1st January 2012, 15:29

mystahagy

1st January 2012, 15:32

What car are you looking for? Year, mileage? That's all factored into an auto loan. Good or bad credit, banks and credit unions aren't keen on loaning out for older cars. Also the capital one blank check thing is nice, but I seem to recall they have a few stipulations about the vehicle you end up choosing. Something about being less than 6 years old and less than 70k miles or so.

I've always had my best rates at credit unions. Unless you already know but haven't mentioned, I'd suggest finding out why. It may not be your credit. Also I wouldn't worry about making another request. It'll take quite a few credit apps and inquiries to ding your credit.

tus

1st January 2012, 16:07

About a year and a half ago, my credit union didn't want to give me an auto loan. I don't want to ding my credit rating by asking again, and I really don't want to get one of those bad-credit-no-credit loans from a stealership. But it would be superb to find a reasonable place that will give me a decent rate so I could enter the private seller category and start seeing reasonable deals. Where would you go if you were in this position? Anyone have success with a website?

Have to agree with LWW on this. Have you done anything to address the issue(s) that your credit union brought up 18 months ago when they denied you?

sunnamp

1st January 2012, 16:41

Also I wouldn't worry about making another request. It'll take quite a few credit apps and inquiries to ding your credit.

all mortgage or car loan inquiries that are bunched together in a 30 day period count as one inquiry. so you can put in as many requests you want for auto loans in that time frame to get the best rate without dinging your score. as another poster said yes you should get the loan from the dealer. they have a million banks they deal with and have the power to persuade banks into seeing things their way.

IKIGAI

2nd January 2012, 00:22

I'm pretty sure that site was being investigated by some official body - they apparently violate some usury laws in several states... I wonder what their collectors look like :eek:

I'd wager not unlike the adults gathered around the dinner table during the holidays when I was growing up...

Have I mentioned I'm Sicilian? :D

LWW

2nd January 2012, 07:25

I had the same problem when I bought my first new car. I didn't have a credit history since I had always paid cash so my own bank wouldn't even give me a loan. That first car my parents got the loan and I paid it off myself. It didn't help me establish a credit history so I applied for a Sears card and got that.

Here's a heads up for anyone else in a similar situation.

Use your parent's credit and co-sign ... second or third signer ... on the note with them.

All signers should then have this loan attached to their reports.

LWW

2nd January 2012, 07:27

I'm sorry for the OP but if he doesn't know why his credit union denied him a year ago he should ask them why in writing; then he'll find out and get a free copy of his credit report.

Unless the CU violated federal law ... highly unlikely ... they have told him in writing long ago.

LWW

2nd January 2012, 07:28

Wow, I can't believe some of those rates. I feel lucky I got a 1.8% rate from my CU.

You shouldn't feel lucky ... you earned it.

In a free market system, which we barely still have, good behavior has rewards while bad behavior has penalties.

Synthead

2nd January 2012, 15:44

Rich Wilkman

2nd January 2012, 16:27

Pull your own credit reports (just don't use freecreditreport.com) and look. Maybe pay the extra on one of them to get a FICO score at the same time just this once. Checking your own credit reports is a good thing to do and it's free.

When you are turned down for a loan, the Federal Fair Credit Reporting Act says you are entitled to the report data used to turn you down. You don't get it if you don't ask for it, but if you ask in 60 days of the event you get it.

http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre34.shtm

The real, free site is referenced in that link along with accurate information about credit reports, etc. That is the source of knowledge on this topic and trumps anything else posted on the net. Even Miata.net. :D

-Rich

Well, I paid off all my credit cards over a year ago and haven't done anything dumb since, so maybe I ought to call them again and see what they think.

SgtSpike

3rd January 2012, 03:16

TheSmokingMan

3rd January 2012, 04:55

http://www.myfico.com/

Go here and pull your credit. It's free as long as you cancel the service after you get your report. It will give you an idea on where your credit stands and what you need to do to improve it.

RichP

3rd January 2012, 15:38

Listen to the others when they tell you to get credit reports and a credit score.

YOU need to know where YOU stand before trying to get a loan. Simple as that.

Free credit scores are also available at creditkarma.com and there's no membership to cancel.

Finally - whether or not you finance - remember this important rule.

Cars are bought for CASH. EVERY TIME. Even if you finance, you're still paying CASH - you're just hiring the money to pay the dealer.

(google "Remar Sutton" for more good info on how to buy a car)

IKIGAI

3rd January 2012, 15:58

There have been numerous posts with links to bogus "free credit report" sites.

Federal Law mandates (http://www.ftc.gov/bcp/edu/microsites/freereports/index.shtml) that each of the three credit reporting companies provide a free credit report once a year to anyone who asks.

AnnualCreditReport.com is the ONLY authorized source for the free annual credit report that's yours by law. The Fair Credit Reporting Act guarantees you access to your credit report for free from each of the three nationwide credit reporting companies — Experian, Equifax, and TransUnion — every 12 months. The Federal Trade Commission has received complaints from consumers who thought they were ordering their free annual credit report, and yet couldn't get it without paying fees or buying other services. TV ads, email offers, or online search results may tout "free" credit reports, but there is only one authorized source for a truly free credit report

As stated above, all other "free credit report" sites (freecreditreport.com, creditkarma.com, myfico.com etc) are bogus, there only to data-mine, bait-and-switch, charge unauthorized fees, or otherwise take advantage of unsophisticated cinsumers.

AnnualCreditReport.com (https://www.annualcreditreport.com/cra/index.jsp) is the only place to go to get your free report, with no strings attached.

Often the thing to do is to request a report from only one of the three rating agencies every four months. Usually thier numbers are very close and that way you can get three free reports per year.

Edit– I just re-financed my home and received a copy of all three credit reports pulled by my Credit Union. The numbers were surprisingly good and within 5 points (much less than 1%) of each other.

TheSmokingMan

3rd January 2012, 17:16

There have been numerous posts with links to bogus "free credit report" sites.

Federal Law mandates (http://www.ftc.gov/bcp/edu/microsites/freereports/index.shtml) that each of the three credit reporting companies provide a free credit report once a year to anyone who asks.

As stated above, all other "free credit report" sites (freecreditreport.com, creditkarma.com, myfico.com etc) are bogus, there only to data-mine, bait-and-switch, charge unauthorized fees, or otherwise take advantage of unsophisticated cinsumers.

AnnualCreditReport.com (https://www.annualcreditreport.com/cra/index.jsp) is the only place to go to get your free report, with no strings attached.

Often the thing to do is to request a report from only one of the three rating agencies every four months. Usually thier numbers are very close and that way you can get three free reports per year.

Edit– I just re-financed my home and received a copy of all three credit reports pulled by my Credit Union. The numbers were surprisingly good and within 5 points (much less than 1%) of each other.

I wouldn't say those sites are "bogus" I would say they offer a service for a fee which you can try out for free. The reason I listed myfico.com is because it actually gives you good advice on what is helping and what is hurting your score. If you just pull the straight equifax / experian / trans union report you won't get that info, and your average credit novice won't be able to make much sense out of it. Just my take.

Jack_B

3rd January 2012, 21:16

Unless the CU violated federal law ... highly unlikely ... they have told him in writing long ago.

FCRA says that the CU had to notify him if they used information in his credit report to deny the loan.

If he simply filled out an application with his income and his debts and they denied him on the basis of the amounts of his credit cards and they didn't pull a credit report he might have had to request the reason.

Unless there is a state law that requires it.

Here's a heads up for anyone else in a similar situation.

Use your parent's credit and co-sign ... second or third signer ... on the note with them.

All signers should then have this loan attached to their reports.

Here's a heads up for the parents; make sure your kids will pay off the loan or you may get stuck paying it all.

I know a couple of kids I wouldn't co-sign for (not mine).

SgtSpike

4th January 2012, 01:35

There have been numerous posts with links to bogus "free credit report" sites.

Federal Law mandates (http://www.ftc.gov/bcp/edu/microsites/freereports/index.shtml) that each of the three credit reporting companies provide a free credit report once a year to anyone who asks.

As stated above, all other "free credit report" sites (freecreditreport.com, creditkarma.com, myfico.com etc) are bogus, there only to data-mine, bait-and-switch, charge unauthorized fees, or otherwise take advantage of unsophisticated cinsumers.

AnnualCreditReport.com (https://www.annualcreditreport.com/cra/index.jsp) is the only place to go to get your free report, with no strings attached.

Often the thing to do is to request a report from only one of the three rating agencies every four months. Usually thier numbers are very close and that way you can get three free reports per year.

Edit– I just re-financed my home and received a copy of all three credit reports pulled by my Credit Union. The numbers were surprisingly good and within 5 points (much less than 1%) of each other.
The downside is, you don't get actual scores with those reports. Just the credit info. And there's no way to calculate a score with it. IMO, it makes the reports only useful for double-checking that the information is accurate, not for determining whether you have a credit score that will pass for a loan.

There are some free estimator tools out there, but they usually give a pretty broad range (for example, 670 to 740), and if part of that range is outside of the required credit score, it doesn't do you a whole lot of good with regards to knowing whether you can get a loan or not.

tom4416

4th January 2012, 11:11

Free credit scores here without signing up for anything for any period:

http://www.creditkarma.com/

Rich Wilkman

4th January 2012, 12:34

Per the FCRA link I posted, the person has to request the info. What he'll get (based on experience), at best, is a paragraph in the letter saying he is entitled to this information and here's where to request it. It's been part of the rejection letter which folks tend not to read all the way through on.

-Rich

FCRA says that the CU had to notify him if they used information in his credit report to deny the loan.

If he simply filled out an application with his income and his debts and they denied him on the basis of the amounts of his credit cards and they didn't pull a credit report he might have had to request the reason.

Unless there is a state law that requires it.

Here's a heads up for the parents; make sure your kids will pay off the loan or you may get stuck paying it all.

I know a couple of kids I wouldn't co-sign for (not mine).

psychoof78

4th January 2012, 17:17

bosozoku

4th January 2012, 18:50

Pull your own credit reports (just don't use freecreditreport.com) and look. Maybe pay the extra on one of them to get a FICO score at the same time just this once. Checking your own credit reports is a good thing to do and it's free.

Yep - use annualcreditreport.com. As far as the score, if you actually go to the bank and talk to the loan officer, he'll generally tell you your score after he pulls it. And it's free to you.

PS - I have excellent credit numbers, but got denied for a deferred payment 0% loan because I "didn't have enough revolving credit history" and my "balance to limit ratio was too high." Meaning that I only had two credit cards, and one of them had $750 on a $1000 limit. (I had just bought an airline ticket :rofl: ) Sometimes, it's just asinine requirements or lack of human oversight of what the computer does on the part of the lender.

PPS - Some credit cards are offering 0% cash for 12-24 months now. If you have a high enough limit, you could actually finance a used car short-term using a card!

The Driver

4th January 2012, 18:57

PPS - Some credit cards are offering 0% cash for 12-24 months now. If you have a high enough limit, you could actually finance a used car short-term using a card!

I thought about doing just that for a '94 Laguna Blue shown on the pricing sub forum. Luckily it appears to already be sold, it still kinda irresponsible though, so I'm glad the car sold... Sort of...

bosozoku

4th January 2012, 19:05

I thought about doing just that for a '94 Laguna Blue shown on the pricing sub forum. Luckily it appears to already be sold, it still kinda irresponsible though, so I'm glad the car sold... Sort of...

If you know you can cover the debt in 2 years (short of being hit by a truck), but want to have the money liquid to play with investments, it's not irresponsible at all. Just another use of "float."

The Driver

4th January 2012, 19:15

If you know you can cover the debt in 2 years (short of being hit by a truck), but want to have the money liquid to play with investments, it's not irresponsible at all. Just another use of "float."

Covering the debt is no problem, deviating from the exisiting savings plan is! ;)

sunnamp

4th January 2012, 21:49

PS - I have excellent credit numbers, but got denied for a deferred payment 0% loan because I "didn't have enough revolving credit history" and my "balance to limit ratio was too high." Meaning that I only had two credit cards, and one of them had $750 on a $1000 limit. (I had just bought an airline ticket :

you may have 'good numbers' but as you can see it doesn't mean that much on a loan app. you need revolving history to go along with the scores and by having only a 1000 limit and having only two cards your not proving anything to a lender. you would be hard pressed to get any loan at a decent rate. you need higher limits, more history, and a more diverse history;auto loan,mortgage,store cards and maybe one or two more credit cards.

LWW

4th January 2012, 22:23

you may have 'good numbers' but as you can see it doesn't mean that much on a loan app. you need revolving history to go along with the scores and by having only a 1000 limit and having only two cards your not proving anything to a lender. you would be hard pressed to get any loan at a decent rate. you need higher limits, more history, and a more diverse history;auto loan,mortgage,store cards and maybe one or two more credit cards.

I think the issue was not having sufficient installment credit.

SgtSpike

5th January 2012, 01:53

Best financial advice related to a credit score ever given to me: "A credit score is an 'I love debt' score."

Free credit scores here without signing up for anything for any period:

http://www.creditkarma.com/
Wow, nice. I tried looking for such a site in the past, but couldn't find anything. I'll have to keep this handy.

bosozoku

5th January 2012, 13:54

you may have 'good numbers' but as you can see it doesn't mean that much on a loan app. you need revolving history to go along with the scores and by having only a 1000 limit and having only two cards your not proving anything to a lender. you would be hard pressed to get any loan at a decent rate. you need higher limits, more history, and a more diverse history;auto loan,mortgage,store cards and maybe one or two more credit cards.

The commercial mortgage lenders with whom I spoke don't seem to have that kind of problem after pulling my report. Nor did the credit card lender who gave me a card with 10x that limit and under 10% rate this summer :) No auto loan or store cards, nor do I plan to acquire any.