credit score question?

sillygoat · 06-02-2006, 03:47 AM

so im 20 and ive got a good job thatll support me ..to finance an e92 but i was wondering how hard it is to get approved... ive got a high credit score but ive been only establishing it for a year and i know that length plays a big role when having credit checks especially for a bmw.

anyone have this done.. or have any ideas about going around this?

HRC · 06-02-2006, 03:51 AM

Whats your score?

Danny

sillygoat · 06-02-2006, 03:51 AM

Quote:

Originally Posted by HRC

Whats your score?

Danny

730

HRC · 06-02-2006, 03:58 AM

Quote:

Originally Posted by sillygoat

730

Well try putting alot down and getting in with a credit union or bank rather than BMW NA.

Good Luck
Danny

sillygoat · 06-02-2006, 04:02 AM

thanks for the help...

do u guys know anything about having out of state co signers? like how that works? koz i have no idea.

BMW F22 · 06-02-2006, 04:05 AM

I think the co-signer has to be in the same state.

I thought BMW has a first-time buyer program??

Kalin · 06-02-2006, 04:07 AM

You also must consider income to debt ratio. Their idea of supporting income may be different than yours. There shouldn't be an issue with an out of state co-signer so long as that person provides the required documentation and has good credit.

Asiann · 06-02-2006, 04:20 AM

The length of your employment is crucial as well. Maybe get your employer to write you a letter of reference to show your bank. Do you have any creditcards that you have used and paid off? FCU's usually provide the best rate. Co-signer may not be needed if you have good references and an income sufficient enough to pay the loan.

sillygoat · 06-02-2006, 04:24 AM

koo

thanks for your help everyone!

Asiann · 06-02-2006, 04:29 AM

I had the same problem when I first bought my Maxima. I put $8k down and financed $17k with little credit and low income. Wish the prices were low today!

ALPINE6SPD · 06-02-2006, 10:44 AM

It has a LOT to do with income to debt ratio with BMW. Trust me as I submit apps to them every day.

gos · 06-02-2006, 10:47 AM

Quote:

Originally Posted by ALPINE6SPD

It has a LOT to do with income to debt ratio with BMW. Trust me as I submit apps to them every day.

True, but on the same note, 730 is a great score for a kid.

foofighter · 06-02-2006, 11:10 AM

your score is good, very good actually, so now they'll look at your income to debt ratio based on what you filled out on the app as well as on your credit report. Also keep in mind that if you have CC's that have high limits they take that into account as well...thinking that you could potentially run up that much in credit.

kevbh · 06-02-2006, 01:54 PM

Your credit score already takes into account things like credit history (how long, how much) and available credit versus outstanding balances, etc. That's what the score is used for. As several members here have pointed out, your debt to income ratio is the other key piece of the puzzle.

www.bankrate.com is a good source of articles related to auto loans, and has a variety of calculators you can use to estimate payments and how much car you can afford. One last bit of unsolicited advice

- often times lenders are willing to lend you more than you really should borrow, so be sure you're honest with yourself when looking at your budget. Being stressed out over money can really ruin the fun of a new car, house, etc. That said, good luck!

06-02-2006, 03:47 AM	#1
sillygoat Captain 60 Rep 804 Posts Drives: 335i tiag Join Date: May 2006 Location: las vegas, nv iTrader: (11)	credit score question? so im 20 and ive got a good job thatll support me ..to finance an e92 but i was wondering how hard it is to get approved... ive got a high credit score but ive been only establishing it for a year and i know that length plays a big role when having credit checks especially for a bmw. anyone have this done.. or have any ideas about going around this?
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06-02-2006, 03:51 AM	#2
HRC MAUI BUILT 485 Rep 7,781 Posts Drives: 2006 330i MT Join Date: Jun 2005 Location: NORCAL iTrader: (10) Garage List 2002 E46 325i [0.00] 2012 E70 35i [0.00]	Whats your score? Danny __________________ Arctic/Blk Leather/Alum.Trim/MT/ZSP/Sunshades/Blk Lines/M3 Illuminated Knob/Alcantara Performance Wheel/M-E-Brake Handle/Euro Fog Switch/Koni Yellows/H&R Sport Springs/19" VMR V718's w/PS2 Tires/M-Tech Body Kit/Carbon Fiber Spoiler/Bimmian Interior Bulbs/OEM Eye Glass Tray/SSK/Alcantara Boot/Split Armrest/OEM Dual Rear Power Outlets/Rear Ashtray Delete/OEM Alum. Pedals/Osram 6000K/Brex Rings/LED Side Markers/BMS Power Box
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06-02-2006, 04:02 AM	#5
sillygoat Captain 60 Rep 804 Posts Drives: 335i tiag Join Date: May 2006 Location: las vegas, nv iTrader: (11)	thanks for the help... do u guys know anything about having out of state co signers? like how that works? koz i have no idea.
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06-02-2006, 04:05 AM	#6
BMW F22 Major General 3566 Rep 9,788 Posts Drives: ///M235i Join Date: Nov 2005 Location: Bay Area iTrader: (8)	I think the co-signer has to be in the same state. I thought BMW has a first-time buyer program??
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06-02-2006, 04:07 AM	#7
Kalin Second Lieutenant 11 Rep 251 Posts Drives: F31 328xi Join Date: Jul 2005 Location: Washington iTrader: (0)	You also must consider income to debt ratio. Their idea of supporting income may be different than yours. There shouldn't be an issue with an out of state co-signer so long as that person provides the required documentation and has good credit.
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06-02-2006, 04:20 AM	#8
Asiann Got Seoul? 116 Rep 2,862 Posts Drives: 2012 535i MSport Join Date: Dec 2005 Location: Honolulu iTrader: (0) Garage List 2012 BMW 535i [0.00] 2008 750Li [0.00] 2006 BMW [0.00]	The length of your employment is crucial as well. Maybe get your employer to write you a letter of reference to show your bank. Do you have any creditcards that you have used and paid off? FCU's usually provide the best rate. Co-signer may not be needed if you have good references and an income sufficient enough to pay the loan. __________________ Can you say Alooooha? [SIGPIC][/SIGPIC]
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06-02-2006, 04:24 AM	#9
sillygoat Captain 60 Rep 804 Posts Drives: 335i tiag Join Date: May 2006 Location: las vegas, nv iTrader: (11)	koo thanks for your help everyone!
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06-02-2006, 04:29 AM	#10
Asiann Got Seoul? 116 Rep 2,862 Posts Drives: 2012 535i MSport Join Date: Dec 2005 Location: Honolulu iTrader: (0) Garage List 2012 BMW 535i [0.00] 2008 750Li [0.00] 2006 BMW [0.00]	I had the same problem when I first bought my Maxima. I put $8k down and financed $17k with little credit and low income. Wish the prices were low today! __________________ Can you say Alooooha? [SIGPIC][/SIGPIC]
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06-02-2006, 10:44 AM	#11
ALPINE6SPD Lieutenant General 156 Rep 10,411 Posts Drives: 2010 BMW 328i Sport Join Date: Dec 2005 Location: Highland Lakes NJ iTrader: (2)	It has a LOT to do with income to debt ratio with BMW. Trust me as I submit apps to them every day. __________________ 2010 AW e90 328i: 6 speed, Black Leather, Dark Wood trim, ZPP, ZCW, ZVP,ZSP, Nav, Xenon BMW Performance CF Rear spolier and Gloss black grills 2008 Candy White MKV GTI 2.0T 6 Speed Manul Gone 2008 AW X3 3.0si: 6 speed Returned 2006 AW e90 330i: 6 speed Dinan Stage 1 Returned
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06-02-2006, 11:10 AM	#13
foofighter Captain 66 Rep 840 Posts Drives: 2017 TRD Off Road 4r - 2018 M3 Join Date: May 2006 Location: The OC iTrader: (1)	your score is good, very good actually, so now they'll look at your income to debt ratio based on what you filled out on the app as well as on your credit report. Also keep in mind that if you have CC's that have high limits they take that into account as well...thinking that you could potentially run up that much in credit.
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06-02-2006, 01:54 PM	#14
kevbh Private First Class 8 Rep 158 Posts Drives: 2013 320i, E46 M3 track car Join Date: Apr 2006 Location: On Track iTrader: (0)	Your credit score already takes into account things like credit history (how long, how much) and available credit versus outstanding balances, etc. That's what the score is used for. As several members here have pointed out, your debt to income ratio is the other key piece of the puzzle. www.bankrate.com is a good source of articles related to auto loans, and has a variety of calculators you can use to estimate payments and how much car you can afford. One last bit of unsolicited advice - often times lenders are willing to lend you more than you really should borrow, so be sure you're honest with yourself when looking at your budget. Being stressed out over money can really ruin the fun of a new car, house, etc. That said, good luck! __________________ 2013 320i, 6sp Manual, Sport Package / 2003 M3 track car
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