Credit Score/Financing Sux

[house]

So I am trying to buy a new boat. I make good money, own my own home, pay my bills on time, and havent had a negative credit ding in 3 years (only a late pay or two back then)...
I get my own Experian Report from them monthly and I am clawing back to the 700 FICO Score mark (690) to be exact.
But when the loan companies are pulling my score for financing a boat they are telling me they see a 649???? How the hell can a score be so different? Any insight would be helpful and all most of the finance companies tell me is they have a specific credit model for boat financing. ENGLISH PLEASE!!!

[Mr. Crusader 83]

So I am trying to buy a new boat. I make good money, own my own home, pay my bills on time, and havent had a negative credit ding in 3 years (only a late pay or two back then)...
I get my own Experian Report from them monthly and I am clawing back to the 700 FICO Score mark (690) to be exact.
But when the loan companies are pulling my score for financing a boat they are telling me they see a 649???? How the hell can a score be so different? Any insight would be helpful and all most of the finance companies tell me is they have a specific credit model for boat financing. ENGLISH PLEASE!!!
Im my experiences, Experian pulls the highest score of 3. You have a low, mid, and high on a credit report. When you go to buy something like a boat or car they use the mid. score which very well could be 649 if you high is 690

[78Eliminator]

I know this is unconventional advice, but why don't you consider starting a savings account for the boat. When that account has enough money to buy a boat, you go buy it for cash. Then you can tell the credit guys to pound sand.

[essexjet]

So I am trying to buy a new boat. I make good money, own my own home, pay my bills on time, and havent had a negative credit ding in 3 years (only a late pay or two back then)...
I get my own Experian Report from them monthly and I am clawing back to the 700 FICO Score mark (690) to be exact.
But when the loan companies are pulling my score for financing a boat they are telling me they see a 649???? How the hell can a score be so different? Any insight would be helpful and all most of the finance companies tell me is they have a specific credit model for boat financing. ENGLISH PLEASE!!!
The credit report that you pull is different and uses a different scoring model from the tri-merge credit report pulled.

[house]

I know this is unconventional advice, but why don't you consider starting a savings account for the boat. When that account has enough money to buy a boat, you go buy it for cash. Then you can tell the credit guys to pound sand.
That would be a great idea but at that rate, I won't be owning a decent boat for about 8 years or so.

[HocusPocus]

it depends on what credit report they are looking at.. experian, equifax or transunion... all will have different credit scores. different companies will favor one over the other.. not sure why.
some will take the middle of the 3 scores and consider that the average.

[78Eliminator]

That would be a great idea but at that rate, I won't be owning a decent boat for about 8 years or so.
Then wait 8 years or so. The economy is in a very unstable state at the moment. Overextending yourself and buying things you really can't afford is about the worst thing you can do. Money in your pocket feels 100 times better than anything you can own (and you really don't own anything unless it is lien free).

[Do F150's Float?]

There are different scoring models for the type of financing you are looking at.
IE: Mortgage models place more weight on a mortgage rating than regular consumer credit.
Regular credit reports (like the one you viewed) tend to look at an overall credit rating (hence the higher score)
Auto/boat financing would place more value on installement loans. :)

[Cole Trickle]

There are different scoring models for the type of financing you are looking at.
IE: Mortgage models place more weight on a mortgage rating than regular consumer credit.
Regular credit reports (like the one you viewed) tend to look at an overall credit rating (hence the higher score)
Auto/boat financing would place more value on installement loans. :)
ENGLISH...ENGLISH;)
Can the man get a new boat?:D

[Parker Dreamin]

they could also be "harming you" and telling you the lowest score, they will tell you they are having trouble getting you financed, then find somebody to finance you and the rate will be higher.... and you will accept because you fear you can not get financing elsewhere.
I would pull all 3 agencies and shop for the loan.

[Do F150's Float?]

ENGLISH...ENGLISH;)
Can the man get a new boat?:D
Hell if i know. But i know that he can't have a 100% home loan unless he gives me paystubs. LOL
they could also be "harming you" and telling you the lowest score, they will tell you they are having trouble getting you financed, then find somebody to finance you and the rate will be higher.... and you will accept because you fear you can not get financing elsewhere.
I would pull all 3 agencies and shop for the loan.
Again, not the best move because the agency he is pulling from is giving him a consumer credit rating, not a boat or auto credit rating. :)
Ask them if they pulled a tri-merge credit and if they can send you a copy. Then you will know what the scores really are.

[HocusPocus]

they could also be "harming you" and telling you the lowest score, they will tell you they are having trouble getting you financed, then find somebody to finance you and the rate will be higher.... and you will accept because you fear you can not get financing elsewhere.
I would pull all 3 agencies and shop for the loan.
yes... what he said, i have had this played on my by a car dealer once. you may also want to check with a credit union like essex. (http://www.essexcredit.com/boat.shtml).

[essexjet]

Ask them if they pulled a tri-merge credit and if they can send you a copy. Then you will know what the scores really are.
I would do that, but the scores that you get yourself are always different then the tri-merge companies pulls.

[SummitKarl]

That would be a great idea but at that rate, I won't be owning a decent boat for about 8 years or so.
so what......get a OK boat that gets you on the water....one you OWN!!!! and work your way up into what you eventually want...:idea: belive it or not thats the way things use to be done.....you earned your way
"instant gratifacation" is always your worst option
you got two choices when buying a boat......
1) proud OWNER;)
2) upside down equity payment maker:rolleyes: (for those that can't actually afford the boat they have)
I would rather be #1 than #2 anyday, but thats just me:D

[beaverretriever]

What rate are they telling you at a 649?
A friend of mine just bought his boat with about that same credit score at about 8%. Not the best rate but he got it.

[abraman1326]

As has already been said, you have 3 credit scores. There are 3 different kinds of credit reports: Mortgage, auto/ boat, and consumer. Your score is usually higher for the later, and lower for the other 2. Depending on which type of credit is being pulled, along w/ which actual credit company your lender is looking at will explain the varience in credit scores. Have you ever though about taking out a 2nd on your home? Usually they have better rates, and the interest is tax deductable. Talk to your mortgage guy, or credit union and see if that might work. If you need any assistance, let me know in a PM. Good luck...
BRA

[ChumpChange]

For all you people telling him to wait and he should save and bla bla bla, you are not reading his question. He makes good money, can afford a boat, just does not have a great score.
I know people who are millionairres and can buy anything they want in cash but have bad credit. Those who do not need credit sometimes have bad credit as they are not aware of what is going on with their reports. Lay off him about telling him what he can and can't afford. He can make that decision himself.
Even Bill Gates declared BK, you gonna tell him to not buy something because he has bad credit?

[WYRD]

send me your social security # and I will take care of your credit for you:devil: :D

[Ziggy]

Just be aware that each time someone pulls your credit it dings your score.

[house]

What rate are they telling you at a 649?
A friend of mine just bought his boat with about that same credit score at about 8%. Not the best rate but he got it.
Rate I am getting is 10.99 for 15 years of a $55,000.00 loan

[Starloans]

So I am trying to buy a new boat. I make good money, own my own home, pay my bills on time, and havent had a negative credit ding in 3 years (only a late pay or two back then)...
I get my own Experian Report from them monthly and I am clawing back to the 700 FICO Score mark (690) to be exact.
But when the loan companies are pulling my score for financing a boat they are telling me they see a 649???? How the hell can a score be so different? Any insight would be helpful and all most of the finance companies tell me is they have a specific credit model for boat financing. ENGLISH PLEASE!!!
Try B fo A. Yes....I hate B of A too. But I had some CC debt when I bought my last boat which cause my scores to be low and I got a pretty smoking rate from them. You'll want to contact BofA specialty finance not the local branch. I think that division is out of Jacksonvill FL. 800-948-2616. Everyones situation is different so good luck. Got turned down at a couple of places and I was pissed too.
Be careful with the brokers. When I sold my boat the buyer was run through the ringer with a broker. They were F'ed up. No I'm not going to name them.
As far as credit scores...here's the deal. Your score from the bureau is their score. Most mortgage companies, like me, use that score.
Some car dealers and finance companies have their own software that evaluates credit reports and does not use the bureau score. That software is designed to evaluate your credit and issue a score based on risk associated with that industry. It sucks, I know.
Pm me if you want more details.
Good Luck.

[Starloans]

[QUOTE=Do F150's Float?;2469676]Hell if i know. But i know that he can't have a 100% home loan unless he gives me paystubs. LOL
I have 100% real estate financing, stated income all day long with a 660+ mid score. ;)

[COELIMINATOR]

I know this is unconventional advice, but why don't you consider starting a savings account for the boat. When that account has enough money to buy a boat, you go buy it for cash. Then you can tell the credit guys to pound sand.
This is the best advice one could give.
Sam

[beaverretriever]

Have you ever though about taking out a 2nd on your home? Usually they have better rates, and the interest is tax deductable. Talk to your mortgage guy, or credit union and see if that might work. If you need any assistance, let me know in a PM. Good luck...
BRA
Taking a 2nd on your house (hopefully an appreciating product) for a depreciating product is the dumbest thing anyone can do. The write-off you will get is not worth it. You never want to borrow against your home for somthing like a boat or anything that will not hold or gain value.
A house is one of the few things anyone will ever own that will appreciate in value. Soon as you take a loan out against it for a depreciating product you just took all that nice equity you had and threw it into one of the worst investments around.
There is a reason you see so many expensive boats for sale, and forclosures right now. ;)

[TexasChopper]

Rate I am getting is 10.99 for 15 years of a $55,000.00 loan
Is the boat 55K or you want to finance 55K? You say 55K loan just want to be clear. With boat loans a 649 is not that great, however it is doable (sp?) 10.99 does seem a tad high though. keep in mend if this is a performance boat some lenders will get you for a point or so.
15 years is going to be as long as you can go on 55K
just to give you a refernce point my company would be 6.75% for a 55K loan with a high score. These credit bureaus are real screwy, make sure there is nothing on the report that might be wrong.
Also different lenders pull different reports, it just depends on who they are signed up with

[Pussywhippled]

I know this is unconventional advice, but why don't you consider starting a savings account for the boat. When that account has enough money to buy a boat, you go buy it for cash. Then you can tell the credit guys to pound sand.
LOL...
Saving up only works if you're buying 78's...
It's just not the American way...
It's called instant gratification.

[acatitude]

[QUOTE=Do F150's Float?;2469676]Hell if i know. But i know that he can't have a 100% home loan unless he gives me paystubs. LOL
I have 100% real estate financing, stated income all day long with a 660+ mid score. ;)
yea and what are the points on that puppy

[Do F150's Float?]

I have 100% real estate financing, stated income all day long with a 660+ mid score. ;)
<<< had the 649 score in mind :D

[essexjet]

Try B fo A. Yes....I hate B of A too. But I had some CC debt when I bought my last boat which cause my scores to be low and I got a pretty smoking rate from them. You'll want to contact BofA specialty finance not the local branch. I think that division is out of Jacksonvill FL. 800-948-2616. Everyones situation is different so good luck. Got turned down at a couple of places and I was pissed too.
Be careful with the brokers. When I sold my boat the buyer was run through the ringer with a broker. They were F'ed up. No I'm not going to name them.
As far as credit scores...here's the deal. Your score from the bureau is their score. Most mortgage companies, like me, use that score.
Some car dealers and finance companies have their own software that evaluates credit reports and does not use the bureau score. That software is designed to evaluate your credit and issue a score based on risk associated with that industry. It sucks, I know.
Pm me if you want more details.
Good Luck.
Friend of mine just got a loan through BofA on Monday at 7.99% 15 years $54,000.

[My Man's Sportin' Wood]

He makes good money, can afford a boat, just does not have a great score.
You mean he can afford a boat payment. If he could afford the boat, he wouldn't need to finance it.
"The borrower is slave to the lender." :D
Also, the more places he tries to get a loan from, the worse his credit score will get. I got a mortgage a few years ago and they checked my credit six times before it closed! I was pissed!! It was actually two mortgages, one for each house. One mortgage company. One at the beginning and one at the end would have been sufficient.

[ChumpChange]

Friend of mine just got a loan through BofA on Monday at 7.99% 15 years $54,000.
So along with his downpayment, he has enough for my boat.:D

[essexjet]

So along with his downpayment, he has enough for my boat.:D
Actual, my mistake 5400 down financed $48,600. Just a little shy of what you were looking for but I tried to push him that direction:D

[ChumpChange]

You mean he can afford a boat payment. If he could afford the boat, he wouldn't need to finance it.
"The borrower is slave to the lender." :D
Also, the more places he tries to get a loan from, the worse his credit score will get. I got a mortgage a few years ago and they checked my credit six times before it closed! I was pissed!! It was actually two mortgages, one for each house. One mortgage company. One at the beginning and one at the end would have been sufficient.
I can "afford" to buy a house. Does that mean I should be able to buy it cash? Financing is a good thing, why use your own money. I have great financing and can pay most of my things off with the cash in my savings account. Does that mean I should? Absolutely not. If I only pay 5% on a boat loan but make more than that in the market, then financing is the way.
In regards to hurting credit scores. If you apply to ten different mortgage companies, it doesn't hurt your score as much as ten different credit card companies. In the end, you only end up with one mortgage. You can always accept all ten credit cards. Banks look at this when giving out credit.
Score schmore, it's just another way for some companies to charge you more.
Chump "not a risk based pricing lender" Change

[dumbandyoung]

I can "afford" to buy a house. Does that mean I should be able to buy it cash? Financing is a good thing, why use your own money. I have great financing and can pay most of my things off with the cash in my savings account. Does that mean I should? Absolutely not. If I only pay 5% on a boat loan but make more than that in the market, then financing is the way.
In regards to hurting credit scores. If you apply to ten different mortgage companies, it doesn't hurt your score as much as ten different credit card companies. In the end, you only end up with one mortgage. You can always accept all ten credit cards. Banks look at this when giving out credit.
Score schmore, it's just another way for some companies to charge you more.
Chump "not a risk based pricing lender" Change
so what are you buying after the dana sells?

[TeamGreene]

so what......get a OK boat that gets you on the water....one you OWN!!!! and work your way up into what you eventually want...:idea: belive it or not thats the way things use to be done.....you earned your way
"instant gratifacation" is always your worst option
you got two choices when buying a boat......
1) proud OWNER;)
2) upside down equity payment maker:rolleyes: (for those that can't actually afford the boat they have)
I would rather be #1 than #2 anyday, but thats just me:D
I couldn't agree more (see avi)I paid cash for a good boat three years ago and the kids love it and we have fun and can afford to use it and it doesn't kill me to have it sit in the garage so get a boat that you can truly afford and go have fun.

[78Eliminator]

This is the best advice one could give.
Sam
I learned this lesson the hard way. If one ever stops for a second to look at all the money they are pissing away in finance charges it would turn your stomach.
A friend of mine really pounded this into my head until I believed it. I am already a whole lot better off. When I see something I want to buy, I check my pockets. If I don't have the money, I don't buy it.
Only thing you finance is a house.....because they appreciate and counter the finance charges. Also do a 15 or 10 year loan on a moderate house as opposed to biting off more than you can chew.
Younger generations are brainwashed into thinking they can have it all now. Then they are stuck into a situation of debt that can last an entire lifetime. Think of all the money you could have, all the real estate investments, chances to really get ahead. Extra money to put in the bank. Maybe it's just me, but I would rather die than declare bk. Just they way I was raised.
I am not saying this to be rude, but out of genuine concern. Catch a ride on your friends boat for a few years, it's not that bad.

[Deano]

I don't think anyone ever gets anywhere without taking a risk. Leverage it all!!:D
If you have a house and can take out a second for 8%....why wouldn't you take it rather than a 8% non write off loan? Atleast when the bank comes for your house....you have a paid off boat to live on;)

[Wild Horses]

I always love it when people say do it my way its the best, Bull do it the way that works for you. If we were all the same there would never be a used boat for sale, what fun would that be. People do and afford what they want, always have always will!!!!:D :D

[78Eliminator]

LOL...
Saving up only works if you're buying 78's...
It's just not the American way...
It's called instant gratification.
Actually, I moved up to an 80. Bling bling.

[lewiville]

Is the boat 55K or you want to finance 55K? You say 55K loan just want to be clear. With boat loans a 649 is not that great, however it is doable (sp?) 10.99 does seem a tad high though. keep in mend if this is a performance boat some lenders will get you for a point or so.
15 years is going to be as long as you can go on 55K
just to give you a refernce point my company would be 6.75% for a 55K loan with a high score. These credit bureaus are real screwy, make sure there is nothing on the report that might be wrong.
Also different lenders pull different reports, it just depends on who they are signed up with
what about boat refinancing?

[Deano]

Any subprime boat lenders out there?:)

[ChumpChange]

so what are you buying after the dana sells?
Something bigger of course. Something I'm going to heavily finance!!! :D
Don't have enough for the Outerlimits yet so we'll see what is on the market when this one goes.

[wright27]

I learned this lesson the hard way. If one ever stops for a second to look at all the money they are pissing away in finance charges it would turn your stomach.
A friend of mine really pounded this into my head until I believed it. I am already a whole lot better off. When I see something I want to buy, I check my pockets. If I don't have the money, I don't buy it.
Only thing you finance is a house.....because they appreciate and counter the finance charges. Also do a 15 or 10 year loan on a moderate house as opposed to biting off more than you can chew.
Younger generations are brainwashed into thinking they can have it all now. Then they are stuck into a situation of debt that can last an entire lifetime. Think of all the money you could have, all the real estate investments, chances to really get ahead. Extra money to put in the bank. Maybe it's just me, but I would rather die than declare bk. Just they way I was raised.
I am not saying this to be rude, but out of genuine concern. Catch a ride on your friends boat for a few years, it's not that bad.
I disagree.
Live for today because tomorrow may never come. Get the loan, buy the boat and make great memories with your family.
When you are gone that is all that matters to the ones you leave behind.

[C-2]

Any subprime boat lenders out there?:)
That's just funny. Well done. :D
-------------------
This is a great thread, lots of good info being tossed around. I was curious about scores and rates too :)

[Trailer Park Casanova]

Just be aware that each time someone pulls your credit it dings your score.
I just ran mine through Experian and they are now using the Vantage score, and said "inquires has no impact on the score."
Vantagescore a scale of 501 to 990.
I scored a 984 Super Prime only on the strength of paying bills on time.
Not savings, not net worth, paying bills before the due date only got me this score.
Then Experian puts you in a Risk catagory of:
High Risk or non-prime or prime or prime plus or Super prime.
Anyone interested in a truly free credit report:
www.annualcreditreport.com

[3 daytona`s]

So I am trying to buy a new boat. I make good money, own my own home, pay my bills on time, and havent had a negative credit ding in 3 years (only a late pay or two back then)...
I get my own Experian Report from them monthly and I am clawing back to the 700 FICO Score mark (690) to be exact.
But when the loan companies are pulling my score for financing a boat they are telling me they see a 649???? How the hell can a score be so different? Any insight would be helpful and all most of the finance companies tell me is they have a specific credit model for boat financing. ENGLISH PLEASE!!!
After the market lately and "ALL" that is going on there are going to be so many dismal credit scores,I can only assume what the future brings.Credit reporting companies and the people who live by them are so sickening,they can ruin good hard working people.:mad:

[Starloans]

[QUOTE=Starloans;2469760]
yea and what are the points on that puppy
Oh come on.....for a HBer. 3/4 point. Really.
It's the rate that sucks.
Stated income rates to follow:
660+
80/20 9.99% on the first 2/28 and 11.5% on the second 30/15. How's that? :sqeyes: :eek: :confused:
680+
80/20 Mid 7s on the first 5/1 and 10.5% on the second 30/15. Better?
700+
80/20 Mid 6s on the first 5/1 and High 9s on one the second 30/15. Ha.
Let me know when you are ready to apply. Do it soon because the 100% financing market is changing dailey. These quotes are only good for today, 3/28/07 :D Really.

[TOBTEK]

Rate I am getting is 10.99 for 15 years of a $55,000.00 loan
:eek: :eek: :eek: :eek: 10.99%...... START shopping! Get a hold of Andy01 here on the boards. He has the HOOK UP for boat financing.... hand down, best guy I've spoke with!

[abraman1326]

Taking a 2nd on your house (hopefully an appreciating product) for a depreciating product is the dumbest thing anyone can do. The write-off you will get is not worth it. You never want to borrow against your home for somthing like a boat or anything that will not hold or gain value.
A house is one of the few things anyone will ever own that will appreciate in value. Soon as you take a loan out against it for a depreciating product you just took all that nice equity you had and threw it into one of the worst investments around.
There is a reason you see so many expensive boats for sale, and forclosures right now. ;)
But in our world of instant gratification, we all want it now. If you look at rolling your boat into your home, you are actually saving money by not financing it separately b/c of the tax credit. Now, I personally believe in if you are refi'ing your house, you should invest that cash and use the banks money to make yourself money, but as Americans, we can count on 90% of our customers not to take our advice, and go use the cash for toys, so at least do it and save a little money, that's all I was saying. I don't recommend to anyone that they blow their equity on any toys, but use it as advised above, but we all know folks that will do it for toys...
BRA