notsogoodfeline

There is a perfectly good reason. It's called card act of 2009.


Credit is harder to come by these days because of the economy and the new regulations. I, personally, think it's fantastic.


And you people crying about shady practices banks do. read the fucking card holder agreement. everything is listed clear as day.. in fact! the new language is so dumbed down I feel like a retard reading and having to explain it to people.


OP you have a lot of negatives that are causing you more trouble than usual.. with the new regulations it's harder to get credit but you seem to have no credit history and your length of time on the job is really short..short enough to almost not count.

Santander is actually a pretty new for here, quickly growing bank.. I've never heard of them until we saw the list of top whatever banks... they were in the top 5 I want to say.. but I can't really remember.

Don't most small crummy dealerships have financing available?

ODU_Lude

I was fortunate enough to have my Dad set me up. While in high school, he got a credit card under my name and allowed me to use it on gas only. Slowly built my credit up. year or so later, I had 3 more cards. 2 for 3k, 1 for 4k, which was eventually bumped up to 5k.

don't use them anymore tho. Just rollin on my USAA debit/credit card.

BlackOnBlackGT

I understand that 100%. I guess I was referring to the fact that it was not self inflicted (over charging, late payments etc...) You may consider it a good reason, but I don't think that those of us who are responsible with our credit should be penalized (however, I understand that's just how it works), but I don't really care since I don't use them anyway. So I'm not bitching about "shady practices" I was just reaffirming the OP about how the economy, in it's state, is now making credit harder to come buy and/or afford. A year or two ago I could get a $30k+ car loan without them taking a second glance at my credit report. Things are different now. Just like a few months ago I had an APR a whole 10% lower, it's just how things are going now.

notsogoodfeline

If you weren't bitching about shady practices I wasn't talking to you duh.

And trust me. I bitch all the time about how I got fucked because of irresponsible people but such is life... share the wealth, yea? ahaha. sigh.

R.King

that reminds me, I should really check rates with USAA sometimes.

EGon10psi

Only way around it is to get a cosigner with GOOD credit to help you out to open your first line of credit....

Build it for about a year or so and NEVER be late on payment...

I was 21 only had a credit card for 10 months and I didnt need a cosigner for my 2007 335i.

Of course it took me 12 hours of fighting with them but they could not deny my income or my 730 credit score.

I mean i cant really blame the banks..there is not an 18 year old i would trust with more than 50 bucks lol

idriveahonda

When I was out looking for a new car (June 2009, two months after college graduation), I was approved for like $37,000 on a new car, and $22,000 on a used car. New car number was through Honda dealerships, used car was through Navy Federal.

That was being 22 years old, with a single credit card of my own with a $5k limit. Credit card for just over two years, with ZERO money ever put on it. My credit card interest rate (Navy Federal) is 9%.

That was claiming making $17k a year...and they still approved me for that.

My interest rate on my new car is 5.35%, over four years. I did only finance $10.5k though, making a HUGE downpayment.

BlackOnBlackGT

BS all day long. No one is going to approve you for $37,000 on an auto loan if you make $17k a year. Assuming a 15% tax bracket that's like 1200 a month or so. Even at 72 months a $37k loan is going to be around 630 a month. Maybe that was with a co-signer. But 2 years of credit, with no high balance on a card, and at such a minimal income it wouldn't happen.

Just sayin -- and I used to sell cars back when the market was good.

EGon10psi

They approved him because of the "HUGE" down payment on the car.

I made well over 17k and put 3,500 down and like I said it still took 12 hours for them to finally give the ok.

No way at 17k can you be pre-approved for a 37k dollars loan with no credit history. Since you said you didnt put any money on the car ever.

Maybe im wrong though.

BlackOnBlackGT

Well even if you buy a $37k car and make a down payment of $20k then you are approved for $17k not $37k and that's where the hole in the story is.