Meya,

I have some good news for folks not in the 700 club. My good friend works as a credit manager for Carmax Financial, and he says that buyers are so "taken" by the news that their is "NO MORE" money for loans, that people don't even bother to apply. NOT the case!!! He says Bank of America, Carmax Financial, Citizens Bank, Regions, and several of the other smaller to mid size financial institutions DO in fact have money to lend and it's not just going to the 700-800 fico folks because the applications aren't nearly as plentiful as it was 2 years ago. So now is a good time to look at getting financed, less competition in other words. HE says they still have to meet certain goals each month and that includes new loans.

During 2007-2008, the money tightened up but during the 4th quarter of last year and this year, the banks are approving those with lesser fico scores. I say go for it and I hope you get approved.

Rockin35!

Seems like we are going to have to put on our responsibility gear and fight the economic downturn....lol. But what makes everything scary is this thread. I am not in the 700 club, so will I be able to take a hike through the woods? Or will they have mountain lions protecting the outskirts from people with scores like mines:laugh:.

Meya,

Its always a pleasure posting to this board. I am in the same delimma as you Meya. My Honda 1999 (Ole'Yella) turned 10 years old on 04/07/09. Seems as if everything needs to be replaced and I'm finding myself shelling out to much money to keep it running. I'm trying to lay low but I cant be broke down on the expressway lookin' bat-crazy:upset: at folks for passing me by either!!

Rockin35!

Good news, good news, Rockin girl you are good with the signatures....I am just loving it...lol.

Eldarwen, I am really feeling what you are saying, but I don't think nothing is gonna get better anytime soon. I came to this decision when my car, which I thought had a minor problem, cost me to dip into my bill paying acct to repair it. I can't expect much from a 12 yr old car, but at the same time, I am not going to be able to dish out $1k or more every incident neither. I just assumed that I had to cut out irrelevant spending(s) to balance out a car payment for the next 60 months. Things are going to be tight and strict around here, but at the same time, I need reliable transportation for my entire household and the kids are getting older.

I have to say this part, which is very funny to me, my nephew is about to turn 13 yrs old, and he is still sitting in the middle of two kids in car seats with his shoulders hiked up to his ears. We were going through their vacation albums and he saw a pic where the kids were new born, and said, "How long am I going to be riding the middle? My feet's be numb and I am tired of YOUR kids fighting and yelling under my ears while we are in the car!" I had to laugh but at the same time, I told him it will be over soon and I do realize that our kids are growing and we need larger, roomier, reliable (just like a Camry) vehicle.

Hey hjm & interjack, you know what? I should be ashamed of myself to forget about Cu's for auto loans. How could I be so stupid to forget about them, I am about to start on this next week (if not this week) and open me an account up with them. I, out of all people, should not had forgot about local Cu's when it comes down to auto loans. Thanks so much, because I had cap1 all up in my lending dreams.....God I luv you too!

I'm also laying low and working on cleaning up my report so I can go on an app spree when the economy gets better.

I can definitely tell you that this article is very true. I got a letter from BOAmerica telling my World points MC that I've had for 9 years at 13.9% will now zoom to 24%. This week, got a letter about my Charles Schwab Visa, no longer 5.14%, will now increase to 8.24%. Both handled by FIA.

Called BOA customer service last week, was told, no issues with my credit report, no lates,..... she told me 4 Million Card Holders were affected... impart due to economic conditions & competition. I made the choice to pull it from my 401K and will pay it off next week and not close it but buy 2 sticks of gum and a coke every 5 months with it to show activity!!

Rockin35’s Advice] Keep a positive attitude; try not to lose hope in our new President and the other changes that are coming they may benefit us taxpayers.

Rockin…Aint..Stoppin..35!

Right now, I am happy that I am not applying for any kind of loan or makin a huge down payment (house, car etc) with the current economy. I don't care how clean my report is or how high my score is. I am staying away from buying a lot of things. When things get better, maybe I will be in the market for a loan. Things are too unstable for me right now.

I'm already a member of PenFed CU so they might be my first choice when the time comes.

Meya, please keep me updated on the car buying process since both of us can benefit from it. I'm currently doing a research to see which lender I should go with when I buy a car in a year or so.

I would go with a local credit union. I got my car financed at 3.9% APR. I bought my car used. New cars have better rates than that.

You know I will....lol:white-flag:

Meya, please keep me updated on the car buying process since both of us can benefit from it. I'm currently doing a research to see which lender I should go with when I buy a car in a year or so.

Heeellllo! Nice article. I have been mentioning this a few times, I had to stop and rethink about it myself because I am about to purchase a new car. When I went to the dealership last week, they looked at me like I was beneath the barrel when I told them my scores ranged from 640-668. I also explained the situation with my credit report, and that I am waiting for a baddie to drop off (which is soon), and I am not going with no sub-primed banks. He was like, they don't want to see anything on the report since we are trying to work low interest and good banks.

~~Even though I am going through cap one.~~

This article is to let us 700+ credit score keepers that their is no safety and security while on the way up

http://www.usatoday.com/money/perfi/credit/2009-04-02-credit-cards-responsible-borrowers_N.htm

As you have always said Meya, Too much available credit doesn't keep anyone head and shoulders above anyone else.