Credit?
Wednesday, August 5th, 2009OG stackadolla asked:
I am attempting to purchase a vehicle, but a problem than I have run into constantly is my financing history; meaning I have not financed anything over $1k. My credit history is good, I have about four credit cards that I sustain a moderate revolving balance on monthly. I have done well with them, but I have had one for 1 year, the next for almost a year, and the other two inside of six months. The auto that I am trying to purchase is around $8k, with one bank accepting me for a rate of 7% with 20% down, while all other banks decline my application.
I am attempting to purchase a vehicle, but a problem than I have run into constantly is my financing history; meaning I have not financed anything over $1k. My credit history is good, I have about four credit cards that I sustain a moderate revolving balance on monthly. I have done well with them, but I have had one for 1 year, the next for almost a year, and the other two inside of six months. The auto that I am trying to purchase is around $8k, with one bank accepting me for a rate of 7% with 20% down, while all other banks decline my application.
I guess I have three questions =P
1. Why did this creditor accept me on decent terms?
2. How do I find more like that?
3. If I keep me credit cards in good standing, will that eventually solve the issue with my financing history?
Thanks
Larry
