[Confidential] Credit score
 

The following is a submission from an anonymous Revscene member

I have a question regarding credit, i'm relatively young, and as such i only have approx 4 months of credit history, with an unsecured Visa. I have been purchasing everything on there, and paying it off in full every week. I pulled an Equifax report last night, and have a credit score of 790. Other than the little designation next to it on the report, i have no idea what that means.

The reason i ask, is i'm looking to purchase a new vehicle this summer, and i'm going to take advantage of the 0% finance rate that is being offered. How realistic is it that i would approved for the car loan?

Car loans are really easy to qualify. As long as you have a decent credit score and no history of defaulting or bankruptcy, bills paid on time and with an income, I don't see how it'll become a problem. When I just went to lease a vehicle, they didn't even ask for proof of income, just asked me how much.

Getting the loan with 0 down is kinda hard, especially with 4 months credit history.

I would say that if you put the minimum down required for the 0% financing, you can easily be approved. Most dealership look for a little bit of down payment.

A credit score of 790 is quite good.

When approving an auto loan the manufacturer will typically look at your ability to pay. If you have some means of income you should be able to qualify without a co-signer.

If you have no income, you will likely require a relative to co-sign.

Also, you are asking a good question. Nothing to hide for!

Kev

The no history part doesn't help, but if you can show you have been working for a while and can afford the payment you have a good shot

It's not just with credit score, but a bunch of other factors too, and how much the loan is good for.

Are you a student? Or have you been at the same job for years? Do you live at home rent free? Or do you pay rent/mortgage for your own place.

Loan companies like to know that if your situation changes they are still going to get paid. So even though yes, 790 is a very good score, there's a bunch more factors to consider. At least with a car there is an obvious asset to revoke if you default

you guys realize this thread is from 2014 right?

Nope.

You'll be fine on the car loan.