Revolving lines of credit?

**JHayesLS1** · 02-09-2007, 10:25 AM

Did some searching I couldn't find what I needed to know. Basically here is the thing, I have 5 thousand dollars in my savings to put down a Trans am. I found one I liked for 15,700 its a 2000 model with under 60k miles, M6, SLP lid, flowmasters....super clean. I applied for a loan and this is what the bank said. I either need to put 8,600 down, or have more revolving lines of credit. Also I didn't even think they would only loan out the NADA book value not what the car is actually selling for. You guys who got loans can you tell me what the revolving lines of credit are?

Thanks a bunch.

**Y2KPewterSS** · 02-09-2007, 10:31 AM

You basically don't have enough established credit. I am guessing you don't have a credit card, any previous car notes, any previous personal loans or much utilities in your name.

**JHayesLS1** · 02-09-2007, 10:35 AM

They said I have a 654 credit score, and I have been paying my cell phone bill since I was 16. What should I do open another card, charge a little here and there, then pay it off at the end of the month?

**440 rwhp trans am** · 02-09-2007, 10:59 AM

yep you need a cradit card and pay on time every time for at least a year. you can also do a secured line of credit from your bank. put the money in your account and have them automaticly take it out every month. just never go 30 days late!!!! TRUST ME IM A LOAN OFFICER.

**JHayesLS1** · 02-09-2007, 11:09 AM

a whole year....man

**SandmanWs7** · 02-09-2007, 11:14 AM

In other word lenders cannot say by looking at your credit report how well you make payments. Revolving credits are credit cards something that does not have a fix payment like a car. A cell phone does not count unless the carrier makes a notation on your credit report each month. If you want more revolving credit you must apply for credit cards. from your score you should get apporved for some as long as you make descent money. Just dont use them as much. Keep you card usage under 20% for all your cards. For example if you have 1 cc with a limit of $1000 dont use more than $200 on it. If you have 3, one with a limit of 500, another with a limit of 1000 and one with a limit of 700, dont use more than 20% of the total in this case no more than $440. AND be sure to make the card payment on time. Ofcourse this will take a few months for you to establish a good credit history.

**JHayesLS1** · 02-09-2007, 11:18 AM

Thanks for the help guys.

**440 rwhp trans am** · 02-09-2007, 12:12 PM

Originally Posted by sandman22

In other word lenders cannot say by looking at your credit report how well you make payments. Revolving credits are credit cards something that does not have a fix payment like a car. A cell phone does not count unless the carrier makes a notation on your credit report each month. If you want more revolving credit you must apply for credit cards. from your score you should get apporved for some as long as you make descent money. Just dont use them as much. Keep you card usage under 20% for all your cards. For example if you have 1 cc with a limit of $1000 dont use more than $200 on it. If you have 3, one with a limit of 500, another with a limit of 1000 and one with a limit of 700, dont use more than 20% of the total in this case no more than $440. AND be sure to make the card payment on time. Ofcourse this will take a few months for you to establish a good credit history.

this is true. just to make it a little more clear, dont go over 40% on any card at anytime going over 50% of your card will hurt your credit score until you pay it at least 51% off.

**XKALIBER** · 02-09-2007, 12:24 PM

The other thing that might help you... when i got my car loan considering i am 19 i went to a federal credit union for my loan... you may have alot more luck there with your credit rating... Good Luck man hopefully we can add you to the family soon...

**JHayesLS1** · 02-09-2007, 12:56 PM

My bank is a credit union as well, but I got denied there too a while back but maybe now that I have a much higher paying job and a credit score they might do it, only one way to find out...how much did you but down Xkaliber?

**XKALIBER** · 02-09-2007, 12:57 PM

my bank is Bethpage federal credit union... i bought my car for 20,500 and i put down 4300 and my payments every month are 318.03 any other info just let me know

**T/AKing** · 02-09-2007, 07:32 PM

get the rents to cosign? with that i had no problem gettin an 11k loan tho i paid almost half of it off with cash i had within the first week

**Follet30** · 02-11-2007, 06:26 PM

go to lendingtree.com and that is how i got mine :-)

**acrylicophobia** · 02-15-2007, 09:00 AM

Originally Posted by 440 rwhp trans am

this is true. just to make it a little more clear, dont go over 40% on any card at anytime going over 50% of your card will hurt your credit score until you pay it at least 51% off.

When I got my first car loan, I had 7.25 percent interest, and when I got my second one a year later (for the Trans Am), it was 12.5 percent interested. When I asked the guy at my credit union why, he said my credit score had dropped, and that because my credit card had more than 30% of the limit used, it was hurting my credit score. No one ever tells you these things, and it sucks to learn them on your own, so if you get a credit card, don't max it out!