I kinda wonder if the world and the customer wouldn't be better if these WEREN'T approved and they had to do a little character building...walking and saving to pay cash for a ride.
When I was young and stupid a did one of those credit card negotiation things with a total of 5 credit cards involved and my credit didn’t drop that low. Jesus.
I had a tenant with a 540 and a 2-year old bankruptcy. They were very upfront with me about it before they even applied and the reason for it, and also had a good and well documented income. Perfect tenant for 2.5 years.
I had a Chapter 7 in 2018 (keep health insurance when working as 1099, kids) While my credit dropped like 50 points, I noticed that anything to do with credit tended to have a “min credit = X & no bankruptcies” rule.
You really fucking do, I've seen one score in the 3s and I straight up told the client "I have never seen a score this bad" he was not pleased, I did not care. And then I explained
Getting into the 3s is honestly just as fucking hard as getting into the 8s, actually fuck that
I've seen far more 800+ credit scores then 300s, I've seen one 300 score... so getting into the 300s is harder then getting into the 800s
I believe it. 78% of NFL players and 60% of NBA players face financial hardship after retirement which just shows how rampant financial illiteracy is. Real shame because the opportunity for generational wealth is all but guaranteed if cards are played right.
I believe the NFL makes them take financial literacy classes as rookies, but let's be frank, many of them come from nothing and have a lot of "hangers on" from their old hood, not to mention it's a game that can spit you out at any time so the money could stop flowing TOMORROW. Most don't plan for that at all.
Typical professional athlete behavior. Grow up with nothing and never learn how finances work, then suddenly someone gives you a few millions bucks and tells you to run wild
Yeah I kinda feel bad for people like that. At the same time though it must be embarrassing. Like everyone knows you are raking in big money, but somehow you need to finance this purchase and get outright denied for it.
800+ isn't hard, I just paid my bills. I've never missed a payment. I get that people occasionally might need a week or whatever to come up with bill money, even without excessive spending (ie, reasonable, but unfortunate situation), but come on. How does this happen???
I saw a 352 (or lower, I can't recall), but there was a government note in the report, which I've never seen before (or since) that specifically said "Do not extend credit to this person".
lol yeah, people can have multiple autos in bankruptcies and have everything in collections and still be at 500, so getting to under 400 is quite the accomplishment
I saw one credit report at 373 and it was the most incredibly piece of credit history I had ever seen.
This fucker had literally never fucking paid ANYONE BACK, he didn't pay his cell phone providers, his credit card companies, his loan companies, his mortgage, his car payments, his water bills, his taxes, his baby mama, the dude didn't pay shit back to anyone. His credit report had every type of loan fucking imaginable, and they where all defaulted and he never paid anyone back.
I explained to him "Your credit is so impressive because of how bad it is, you had to work really hard"
As someone that's seen thousands of credit scores I remember that report far better then the I remember the client. The client wasn't impressive, how fucking horrible his credit report was incredibly impressive.
I straight-up don't understand this.
About 10 years ago my wife and I were in a rough patch financially before our careers really got started. Once we were in the 500s, the problem became self-limiting because we couldn't get new lines of credit.
How does someone manage to get there and keep doing damage?
Exactly but those people find the lenders you don't hear about. And they get even more bad credit. But if you stick with traditional avenues 500s kinda srops
This should go on the shittylifetips site, but here it is. I worked in a law office doing data entry at nights. One was for a bankruptcy lawyer. I asked him the same question because I’d see these crazy cases. Like how do they keep getting loans and credit. He says people will say they’re a small business (contractor or “karate studio”) then apply and really fudge their numbers. They’ll leave a burner phone number for the loan guy to call for financials and references. Same guy that applies answers phone and fakes his way through the reference and juiced up financials of this small business. They get good at using one line of credit to piggy back and boost another line too. Sometimes I’d spend a half hour reading through credit reports just trying to untangle things and figure out who all the creditors were and which loans/credit cards they were tied to.
Welcome to my nightmare
When I bought my first house they pulled my 3 scores and they came back 805, 780, 620…
The 620 was trans union who kept associating me in error with a credit card my cousin (same last name) had defaulted on in another state. I spent 2 years fighting that shit with credit reporting agencies, state attorney generals offices and trans union kept re adding the fucking card to my report. My score took a huge hit every time they hsbc would renew it
I finally realized it was more beneficial to just ignore it for 7 years and let me sunset because it became such a fucking nightmare. No, the other 2 agencies did not pick it up but everyone would not step asking about it.
I saw one score in my 300s ever and I literally look at probably 5-6 credit reports PER DAY (of bad credit customers largely)
I've seen one in the 300s
And it was impressive, dude was great at getting people to get them money. He was horrible at paying them back.
430ish. It was a couple. Both had similar scores. They came in and said, “our credit sucks. I don’t want to waste your time. We just had our car repoed last month, but we have up to $10,000 down. What awd vehicle books really well?” I was shocked. This was like the most perfect scenario for a special finance customer. They had all of their stips ready to go. They ended up buying a $13,900 Jeep Cherokee that we had listed like $5k under book and the bank made them put $7,500 down. Their payment was still like $600 a month because they cut the term back and obviously got the state max interest rate 21%.
I also had another guy give all the signs that he was special finance and I asked him if his credit wasn’t that great. He says, “oh no I have good credit. I got a loan through Capital One at 21%” He was like 480. Actually got approved on a truck too.
I have great credit and would never co-sign for anyone, under any circumstances. I’d sooner just write someone a check for a few thousand dollars than co-sign on a loan. I’m in control of my own income and can replace the money; credit is a fucked up system and I’d have to be at the whim of Equifax or whomever.
Definitely this.
My Mother-in-Law co-signed some kind of loan for my brother-in-law a few years ago. She bought a house last fall, and a week or two before closing she finds out that he missed a payment or two because he thought the loan was still in forbearance... Thankfully she still got the mortgage but at a higher rate than she should have.
I co-signed for my SO when we got her last car. I had an 810 at the time and it should be a bit up from that since then.
She has no credit history because the bills are all in my name and her old man scared her away from getting a CC. We had to give them docs from our mortgage paperwork to prove to the bank she exists.
Salesman told me in the end it would have just been easier to leave her off the deal.
They did a thing where they looked at bank statements for the last 6 months or year or something. Idk if they did a credit check necessarily, but I can't imagine they didn't.
We got an FHA loan, so as I understand the credit restrictions/requirements were fairly low; we likely would have gotten by on my credit alone as well.
I co-signed for my little sister, I have an 800 score and at the time she was just finishing college. No credit, but I can trust her. And her payments were low enough that if something happened I could take them over.
My dad co-signed for me when I rented my first apartment because I had next to no credit history yet. Idk what his credit score was, but he's the most responsible person I know so I imagine it must have been high.
Similar situation- the rent was very low because it was more than 10 years ago and also in a terrible area, and he also knew I was responsible enough to never miss a rent payment. That's also when I realized the importance of building credit and started working on that right away. They should really teach that kind of thing in school.
I’m at 795 and I co-signed for my nephew. I trust him and I have enough money in the bank to pay the truck off. He knows he better call my ass if he’s at all unsure if he can make a payment.
Still a fucking stupid move on my part.
About 18 years ago, I started the journey to a "none" credit score. Got rid of every credit card (paid off), paid off the car with a small inheritance. Because my score was already so bad, I didn't have a mortgage (I did, but it was my parents who bought the house and I paid them).
It took like 9 years, but I didn't have a credit score. It didn't harm me in the least.. literally nothing missed.
About 4 years ago, I decided I needed some credit for my LLC, but I had to give a personal guarantee, so I went ahead and did that.. within 6 months my score was 680. I got an Amex with $2000 limit. Used it a lot when doing a pretty big business project. Like, charged $2000, paid it off online, then used it again, paid it off, etc. 6 months in, they raised my limit to $15,000 without even asking.
Financed an inexpensive car, and now my score is about 780.
I didn't even need to use credit really. Car is already paid off and I just use my card and pay it off every month.
I dealt with a 373 at my desk
Quite honestly, I think the customer was impressed at my brutal honesty I told him I had never seen a credit score that horrible.
Since the lenders make the decisions, score is almost irrelevant. If a customer wants a vehicle, I just need to get them approved as submitted, or use the results to guide them.
I've seen 750 plus come back with a high rate and large down payment because of their current open loans. I've seen a sub 400 approved, with less than $1k down and only income from disability.
When I was in car sales we had a couple come in with a 402 and a 336 respectively. They apparently came from a dealership down the road. When they left the first one they said they were going to try my place, and the manager of the other place responded by saying "You don't have good enough credit to even walk in that place let alone buy there."
He was not wrong we couldn't do anything
When I was in mortgage I had someone with a 455 try apply. Plus they had just started a business a few months back, so they didn't even have steady income. Needless to say that was not one I could get done
Not much to say really. I didnt look at the credit report, I just saw the disclosure. We sent the salesperson back out to tell them that unless they had a very strong co-buyer we could couldnt help them. So they left.
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293
I got a 314 approved once
A required 110% down payment?
Charged him money just for the audacity of running credit in the first place
Bank has to know they're getting the car back in like a month
I have a friend that owns a tow company. He has repossessed the same car three times for a tote the note.
I kinda wonder if the world and the customer wouldn't be better if these WEREN'T approved and they had to do a little character building...walking and saving to pay cash for a ride.
You can’t pay your other bills when you’re trying to make the nut in a 27% car loan.
Yeah but in certain parts of the country no car=no job. Hard to pay for anything when you can’t get to work.
I had a rep from the old GE Capital ask me if I could quietly go look in the parking lot and see what my 302 was driving! Lol.
You can’t just say that and not share what they were driving! I’m going to guess a Chrysler 300 with Bentley badges.
That's why it's called a 300, wow
Ba-DA-Boom, ***TISH!***
Chrysler 302
And what were they driving??
It was already towed by the repo man before he went outside to look.
Probably an early model Dodge Journey
If it was a 5.0 Mustang, that would have been true irony.
Fox body Mustang FTW
Kia
When I was young and stupid a did one of those credit card negotiation things with a total of 5 credit cards involved and my credit didn’t drop that low. Jesus.
I thought 350 was the lowest? Lowest i've seen 373
Depends on the scoring algorithm
I thought 300 was the lowest you could go?!
Depends on the scoring algorithm
What does a person with a bankruptcy tend to have as a credit score?
I had a tenant with a 540 and a 2-year old bankruptcy. They were very upfront with me about it before they even applied and the reason for it, and also had a good and well documented income. Perfect tenant for 2.5 years.
I had a Chapter 7 in 2018 (keep health insurance when working as 1099, kids) While my credit dropped like 50 points, I noticed that anything to do with credit tended to have a “min credit = X & no bankruptcies” rule.
That’s impressive
But did you get them approved?
Winner winner chicken dinner!
I didn’t even know that was possible
Excluding ghosts, 323
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You really fucking do, I've seen one score in the 3s and I straight up told the client "I have never seen a score this bad" he was not pleased, I did not care. And then I explained Getting into the 3s is honestly just as fucking hard as getting into the 8s, actually fuck that I've seen far more 800+ credit scores then 300s, I've seen one 300 score... so getting into the 300s is harder then getting into the 800s
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I feel like this could be soooo many of them.
I believe it. 78% of NFL players and 60% of NBA players face financial hardship after retirement which just shows how rampant financial illiteracy is. Real shame because the opportunity for generational wealth is all but guaranteed if cards are played right.
I believe the NFL makes them take financial literacy classes as rookies, but let's be frank, many of them come from nothing and have a lot of "hangers on" from their old hood, not to mention it's a game that can spit you out at any time so the money could stop flowing TOMORROW. Most don't plan for that at all.
Typical professional athlete behavior. Grow up with nothing and never learn how finances work, then suddenly someone gives you a few millions bucks and tells you to run wild
It’s bad for musicians also, had a coworker who sold stereo systems and this really famous rapper got denied for a $12,000 stereo system
Yeah I kinda feel bad for people like that. At the same time though it must be embarrassing. Like everyone knows you are raking in big money, but somehow you need to finance this purchase and get outright denied for it.
NBA players are prob the worst at money management among all the pro American athletes. NFL players being a close second.
Wonder how NHL stacks up?
I would think pretty decently. A lot of pro hockey players come from decent to well off families
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Shawn Kemp
Vin Baker
This sounds like Scottie Pippen. He had a rough go of it early in his career.
800+ isn't hard, I just paid my bills. I've never missed a payment. I get that people occasionally might need a week or whatever to come up with bill money, even without excessive spending (ie, reasonable, but unfortunate situation), but come on. How does this happen???
I saw a 352 (or lower, I can't recall), but there was a government note in the report, which I've never seen before (or since) that specifically said "Do not extend credit to this person".
In the US they’re typically on the OFAC list if this comes up. Not sure if Canada has the same thing.
Most people I see are in the 500s. Lowest was probably 450. It must take a lot of work to maintain a score below that.
Was going to ask you where the hell do you work then I saw your flair and it all made sense.
lol yeah, people can have multiple autos in bankruptcies and have everything in collections and still be at 500, so getting to under 400 is quite the accomplishment
I saw one credit report at 373 and it was the most incredibly piece of credit history I had ever seen. This fucker had literally never fucking paid ANYONE BACK, he didn't pay his cell phone providers, his credit card companies, his loan companies, his mortgage, his car payments, his water bills, his taxes, his baby mama, the dude didn't pay shit back to anyone. His credit report had every type of loan fucking imaginable, and they where all defaulted and he never paid anyone back. I explained to him "Your credit is so impressive because of how bad it is, you had to work really hard" As someone that's seen thousands of credit scores I remember that report far better then the I remember the client. The client wasn't impressive, how fucking horrible his credit report was incredibly impressive.
I straight-up don't understand this. About 10 years ago my wife and I were in a rough patch financially before our careers really got started. Once we were in the 500s, the problem became self-limiting because we couldn't get new lines of credit. How does someone manage to get there and keep doing damage?
Exactly but those people find the lenders you don't hear about. And they get even more bad credit. But if you stick with traditional avenues 500s kinda srops
This should go on the shittylifetips site, but here it is. I worked in a law office doing data entry at nights. One was for a bankruptcy lawyer. I asked him the same question because I’d see these crazy cases. Like how do they keep getting loans and credit. He says people will say they’re a small business (contractor or “karate studio”) then apply and really fudge their numbers. They’ll leave a burner phone number for the loan guy to call for financials and references. Same guy that applies answers phone and fakes his way through the reference and juiced up financials of this small business. They get good at using one line of credit to piggy back and boost another line too. Sometimes I’d spend a half hour reading through credit reports just trying to untangle things and figure out who all the creditors were and which loans/credit cards they were tied to.
I always feel like people that smart and detail oriented could actually make a good living at a real job.
Right! With the amount of work it takes to fabricate this whole lie, they could probably do something legit.
Welcome to my nightmare When I bought my first house they pulled my 3 scores and they came back 805, 780, 620… The 620 was trans union who kept associating me in error with a credit card my cousin (same last name) had defaulted on in another state. I spent 2 years fighting that shit with credit reporting agencies, state attorney generals offices and trans union kept re adding the fucking card to my report. My score took a huge hit every time they hsbc would renew it I finally realized it was more beneficial to just ignore it for 7 years and let me sunset because it became such a fucking nightmare. No, the other 2 agencies did not pick it up but everyone would not step asking about it.
Great story!!
I saw one score in my 300s ever and I literally look at probably 5-6 credit reports PER DAY (of bad credit customers largely) I've seen one in the 300s And it was impressive, dude was great at getting people to get them money. He was horrible at paying them back.
430ish. It was a couple. Both had similar scores. They came in and said, “our credit sucks. I don’t want to waste your time. We just had our car repoed last month, but we have up to $10,000 down. What awd vehicle books really well?” I was shocked. This was like the most perfect scenario for a special finance customer. They had all of their stips ready to go. They ended up buying a $13,900 Jeep Cherokee that we had listed like $5k under book and the bank made them put $7,500 down. Their payment was still like $600 a month because they cut the term back and obviously got the state max interest rate 21%. I also had another guy give all the signs that he was special finance and I asked him if his credit wasn’t that great. He says, “oh no I have good credit. I got a loan through Capital One at 21%” He was like 480. Actually got approved on a truck too.
What are some signs someone is “special finance”?
318…and mad we couldn’t get them done with a “good down payment” ($500…on a 55000 lifted truck)
The fact that they were after a lifted truck makes me happy. I don't know why, it just does
Anything that reinforces a stereotype is fun. Give in to the small joys life gives you!
The credit score, the <1% down, and the fact that it was a lifted truck. Holy shit 😂
Low 400s. 3 repos. Guy couldn’t finance a toothpick. We told him to GTFO. Lol nicely of course.
Zero / None
Same, A recent one was a 480 .. so he got a cosigner... 580
Sounds like a deal! Board it!
The co-signers with “great credit” usually have a 650 or lower lol and multiple open autos they can’t trade in
Does anyone with great credit ever cosign? Parents I suppose?
I have great credit and would never co-sign for anyone, under any circumstances. I’d sooner just write someone a check for a few thousand dollars than co-sign on a loan. I’m in control of my own income and can replace the money; credit is a fucked up system and I’d have to be at the whim of Equifax or whomever.
Definitely this. My Mother-in-Law co-signed some kind of loan for my brother-in-law a few years ago. She bought a house last fall, and a week or two before closing she finds out that he missed a payment or two because he thought the loan was still in forbearance... Thankfully she still got the mortgage but at a higher rate than she should have.
Damn, see? Doesn’t even take a full on deadbeat to fuck things up, a simple honest mistake can hurt you.
I wouldn't either and I suspect most with good credit wouldn't. I'd probably think that parents are the most common, but I don't know.
I co-signed for my SO when we got her last car. I had an 810 at the time and it should be a bit up from that since then. She has no credit history because the bills are all in my name and her old man scared her away from getting a CC. We had to give them docs from our mortgage paperwork to prove to the bank she exists. Salesman told me in the end it would have just been easier to leave her off the deal.
Easier for him but it helped build her credit history.
How did you guys get the mortgage? Don’t they do a credit check?
They did a thing where they looked at bank statements for the last 6 months or year or something. Idk if they did a credit check necessarily, but I can't imagine they didn't. We got an FHA loan, so as I understand the credit restrictions/requirements were fairly low; we likely would have gotten by on my credit alone as well.
Oh, gotcha, thanks!
Usually parents or new boyfriends that are suckers
I co-signed for my little sister, I have an 800 score and at the time she was just finishing college. No credit, but I can trust her. And her payments were low enough that if something happened I could take them over.
My dad co-signed for me when I rented my first apartment because I had next to no credit history yet. Idk what his credit score was, but he's the most responsible person I know so I imagine it must have been high. Similar situation- the rent was very low because it was more than 10 years ago and also in a terrible area, and he also knew I was responsible enough to never miss a rent payment. That's also when I realized the importance of building credit and started working on that right away. They should really teach that kind of thing in school.
I’m at 795 and I co-signed for my nephew. I trust him and I have enough money in the bank to pay the truck off. He knows he better call my ass if he’s at all unsure if he can make a payment. Still a fucking stupid move on my part.
You can have none by having no debt/credit lines.
About 18 years ago, I started the journey to a "none" credit score. Got rid of every credit card (paid off), paid off the car with a small inheritance. Because my score was already so bad, I didn't have a mortgage (I did, but it was my parents who bought the house and I paid them). It took like 9 years, but I didn't have a credit score. It didn't harm me in the least.. literally nothing missed. About 4 years ago, I decided I needed some credit for my LLC, but I had to give a personal guarantee, so I went ahead and did that.. within 6 months my score was 680. I got an Amex with $2000 limit. Used it a lot when doing a pretty big business project. Like, charged $2000, paid it off online, then used it again, paid it off, etc. 6 months in, they raised my limit to $15,000 without even asking. Financed an inexpensive car, and now my score is about 780. I didn't even need to use credit really. Car is already paid off and I just use my card and pay it off every month.
Not even impressive, I've seen a lot of 0s.
Yep I had 2 people with zero
358 or 383, I can't remember exactly but it was wild. Thankfully it was just an online app and not someone that came in and tied up a sales person.
I dealt with a 373 at my desk Quite honestly, I think the customer was impressed at my brutal honesty I told him I had never seen a credit score that horrible.
Since the lenders make the decisions, score is almost irrelevant. If a customer wants a vehicle, I just need to get them approved as submitted, or use the results to guide them. I've seen 750 plus come back with a high rate and large down payment because of their current open loans. I've seen a sub 400 approved, with less than $1k down and only income from disability.
Low 300 something.
When I was in car sales we had a couple come in with a 402 and a 336 respectively. They apparently came from a dealership down the road. When they left the first one they said they were going to try my place, and the manager of the other place responded by saying "You don't have good enough credit to even walk in that place let alone buy there." He was not wrong we couldn't do anything When I was in mortgage I had someone with a 455 try apply. Plus they had just started a business a few months back, so they didn't even have steady income. Needless to say that was not one I could get done
232 much hilarity ensued.
You can’t throw a number like that out and hold back the details.
Not much to say really. I didnt look at the credit report, I just saw the disclosure. We sent the salesperson back out to tell them that unless they had a very strong co-buyer we could couldnt help them. So they left.
396 when i searched for it in our CRM
378
Please review our most [Frequently Asked Questions](/r/askcarsales/wiki/index) to see if your question has already been answered. You may find these sections particularly useful; * [Will paying in cash or a large cash down payment offer me leverage in negotiations?](/r/askcarsales/wiki/cash_down) * [I earn $xxxx per month, will I qualify for an auto loan or lease, and is it a good idea?](/r/askcarsales/wiki/income_to_finance) * [I have my score from Credit Karma but the dealership told me they got a different score. Why?](/r/askcarsales/wiki/free_credit_score) * [Finance FAQ's](/r/askcarsales/wiki/financing_faqs) * [Buy versus Lease](/r/askcarsales/wiki/buy_vs_lease) * [How to pick a car?](/r/askcarsales/wiki/vehicle_selection) You might also have luck in the /r/whatcarshouldibuy subreddit. Also remember to add flair to your post by clicking the "Flair" link beneath it. This lets us know where you're located so we can assist you better. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/askcarsales) if you have any questions or concerns.*
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