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Insufficient credit history???

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Old 11-18-2008, 01:13 PM
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Insufficient credit history???

Guys,

I was originally planning to pick up my car today, but I just got denied by Infiniti financial saying that I had an insufficient credit history, not a bad credit score. What the heck is that?! I'm in my mid-30's and have zero debt, so I have no idea what they are referring to.

So now, instead of an offer of 4.9% over 60 months, they're trying to bump me to 5.5%+ through third parties. A friend of mine said his mom (who is certainly VERY credit-worthy) got denied as well. Is this a bait and switch going on?

I was all excited to get my car, but if this is the case, then I'm pissed enough to just walk.
Old 11-18-2008, 01:44 PM
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i've never heard of this but it sounds like bs and they are trying to scam you. i'm assuming you have sufficient credit built up b/c of your age (i'm also in my mid 30s)
Old 11-18-2008, 01:49 PM
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Do you have any debt? Old car loans, house payment, credit cards anything since you 18 that shows you paid off any debt? If not this can be legit. If you have a house payment or anything that shows 2 years of debt you should be good. Try a bank or credit union.
Old 11-18-2008, 02:05 PM
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It is usually a bad idea to get credit form a dealership for this very reason. You are better off rate shopping and going in with credit in hand. It makes it that much easier to negotiate the price when you don't have to negotiate over loan rates. I would get a copy of your credit report and look at your credit score.
Old 11-18-2008, 04:16 PM
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A friend of mine was 40 and got the same thing. She didn't have any debt, no bad credit, but she did not have anything major on her record and had to have a co-signer. They said it was b.c at her age normally people have had a car or house on their name and have built their score up. So when they see someone who hasn't they are at higher risk due to not having a major loan previously and get turned down.
Old 11-18-2008, 04:33 PM
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Insufficient credit history means you don't have enough history of carrying and paying off debt.

Credit is a Catch 22. You have to use it to get more.

No, it is not a bait and switch.

Banks are getting VERY strict about their rates.

Score is just a guide; it does not mean you will get approved.

A recent college grad with 2 credit cards will likely have a credit score north of 760. Does that mean he would qualify? Definately not.



You said it yourself, you have ZERO DEBT. That hurt you here.
Old 11-18-2008, 05:21 PM
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Well actually never having any debt is what hurts him, right? If he had debt but paid it all off then he would probably have good credit history.

After paying off my wife’s LARGE debit(Several times over) I was worried that my credit would be ding’d. Turns out that paying off a few cars and credit cards but keeping a little debit here and there and throwing the rest of the debit in the house meant a really good credit score. Most people would think the opposite to be true.
Old 11-18-2008, 06:04 PM
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It could mean that you haven't used credit enough? E.g. having credit accounts you normally use, pay off, use again, pay off..use again, pay off for years and years and years. Some people open up credit, never use it, maybe buy a few big purchases, but pay it off and never use the credit again for years. Years down the line, their credit wouldn't be as good as the person who normally uses their credit over and over and over, sometimes even having a little debt, but not a lot.

(Took some seminars at my credit union).

They'll look at your debt vs. your available credit, but they'll also look at the history of your credit. Any delinquent accounts, charge-offs (settled accounts), etc.

Last edited by aRT13; 11-18-2008 at 08:12 PM.
Old 11-18-2008, 06:17 PM
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That is exactly it.

Credit is exactly what the word "credit" means. If you never borrow, how do they know you're going to pay back? On the other hand, if you borrow all the time, but always pay it back...
Old 11-18-2008, 06:56 PM
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You guys don't watch much news do you. LOL One word "RECESSION". Banks are not lending to consumers like they usually do. If you think that your credit score is so good that you won't be affected than your out of touch. Don't get me wrong. You can still get loans but, banks are not readily approving loans with low interest rates like in the past. I could go on but, I'm sure you get the point by now.
Old 11-18-2008, 07:10 PM
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when I was buying a car my wife had a credit score "0"
It wasn't a bad credit score it was simply a NO credit score.


They don't care if you don't have any debt they care if you are able to pay back on the debt. If you have no history of being able to make payments on loans they will consider it as a bad credit history.

Have you ever took out a loan for anything?
Old 11-18-2008, 07:21 PM
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Quote:
Originally Posted by [email protected]
That is exactly it.

Credit is exactly what the word "credit" means. If you never borrow, how do they know you're going to pay back? On the other hand, if you borrow all the time, but always pay it back...
The saddest part is that you get a lot of ignorant, uninformed people who come into threads such as these and shoot their mouths off about the OP's situation being a "bait & switch" without knowing all (if any) of the facts beforehand.

It's all over the news that lenders are in deep s**t for handing out house loans to folks who shouldn't have been approved in the first place. Me wonders if this will have an effect on lenders giving out auto loans? Hmmmmm. Gee I wonder? MIC is right. Some folks around here really don't know jack about what's going on around them in terms of the credit crunch or at least how it affects lenders and consumers.


Quote:
Originally Posted by [email protected]
A recent college grad with 2 credit cards will likely have a credit score north of 760. Does that mean he would qualify? Definately not.
I have student loans I owe on but only about $9k worth. A phone bill for a few years but never really had a major credit card, only a few small ones. Good thing I leased my G two years ago. Equifax was 770 back then and IFS determined that at the time I had sufficient credit history but I doubt that'd be the case now. Good think by the time my lease is up, I'll have my current lease listed as a past loan on my bureau.
Old 11-18-2008, 08:20 PM
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Dude, it's not that we're ignorant; I'm sure all of us in here have had their lessons in credit through out the years. The OP stated the following below and people answered accordingly.

Quote:
Originally Posted by Slappy_G
I just got denied by Infiniti financial saying that I had an insufficient credit history
Insufficient credit history typically applies to someone who has not used their credit enough. I was told the same thing and that's the answer I got from several lenders before being approved a couple years down the line. Took some seminars and educated myself.

The OP didn't specify his credit history (not that he has to), so just going off of what he stated (his age), it is highly possible he doesn't have enough history of making payments to lenders.

I mean, true also, the IFS lender could just be very tight on who they are lending money too, as well, but without the facts of credit history, any of us simply can only provide possible reasoning.

Last edited by aRT13; 11-18-2008 at 08:25 PM.
Old 11-18-2008, 09:37 PM
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loans

Alright I'll put my two sense in... I work for Wachovia and Wachovia Securities and I sold cars in college... First off the credit crisis has almost frozen banks from doing loans at all and its killling our economy because the more loans that banks do, the more money that is in circulation... the money that is being put into circulation now is money the government is printing. Its a wonder our dollar bill is still being produced because its not worth anything.... anyway i wouldn't say that the dealership is scamming you by any means and i would also say that the interest rate that they are offering you isn't bad.... just be thankful that they are willing to finance you at all... the auto industry is in shammmmbles.... except for the Jap cars because they rock..... anyway just letting you know
Old 11-19-2008, 12:11 PM
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OK, let me first give you an update, then respond to several posts.

I did get the dealership to inquire and they were getting nowhere with IFS, so the GM asked for an exception and they granted it. So, all is well with the world.

As to my statement earlier, here's what scares me: I have a significant credit history (a mix of carrying loans, credit card balances, and immediate credit payoffs with no balances). Not a single late payment in 15+ years and no negative reports at all. My score was just below the 800 mark. I have no active debt NOW, but I did have it before.

This is the reason I was concerned. I understand quite well how financing works, but the real reason isn't that people don't want to finance anyone, it's that they want low-risk debtors, so they will get their money back. The issue that led to this credit crisis was that banks dramatically increased their risk tolerance to increase their profit margins on loans, and consequently had a very high number of defaults and delinquencies.

I'm still curious as to how I'd have an insufficient history for a $43K car after just getting pre-qual'ed for a house loan many times that figure.

Finally, my bait and switch comment was not referring to financing in general, but IFS specifically. A number of other banks considered me Tier 1, so the fact that the only one that didn't was Infiniti was what I found distasteful.


All that being said.... life is good now, though it was odd that the GM had to intervene.


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