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I am trying to get myself into a Chrysler 300, probably not the C for pricing reasons, but definitely the Touring edition.

My credit came back from Chrysler Financial as a B-, and you need a B to get approved! I'm so mad! I make plenty of money, and my credit isn't bad, I just don't have a lot of history at 26 years old, plus a few small blemishes don't help.

Can anyone advise me on credit repair agencies, possible work arounds on getting approved (lease preferably), or just any advice on what to do next?

I hate the fact that an AT&T Wireless account from 8 years ago can make a difference in my ability to get into this incredible car.

Help!
 

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elonepb said:
I am trying to get myself into a Chrysler 300, probably not the C for pricing reasons, but definitely the Touring edition.

My credit came back from Chrysler Financial as a B-, and you need a B to get approved! I'm so mad! I make plenty of money, and my credit isn't bad, I just don't have a lot of history at 26 years old, plus a few small blemishes don't help.

Can anyone advise me on credit repair agencies, possible work arounds on getting approved (lease preferably), or just any advice on what to do next?

I hate the fact that an AT&T Wireless account from 8 years ago can make a difference in my ability to get into this incredible car.

Help!
First things first...do you have a copy of your report? Have you, yourself, seen the individual items in it and what they are from?
 

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Yeah, I've checked my credit. I've got a few accounts open now, some not for very long, but all paid on time, nothing late.

Some things I've tried to dispute, but haven't been removed. A stupid tax lien I think came from when I moved to LA and the DMV in NJ didn't tell me I still owed money. Small amount too!
 

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If you have a credit union or local bank that you have some sort of personal history with (i.e., 2+ years as an account holder, w/ no bounced checks), you may be able to get financing through them, as they may flex around the rigid FICO score 'because they trust you.' The smaller the bank/cu, and the longer you have been a customer, the more likely they are to work with you.

The only ways to legally increase your FICO score in a short period of time are:
1) If negative postings are poised to drop off the back end of your report any way, (7 yrs for 30-60-90 lates & collections, 10 yrs for bankruptcy) then your score will naturally go up with a little time, as long as you aren't accumulating any new credit dings.
2) If you currently are using a large percentage of your total credit line, you can raise your score by paying down a significant portion of those balances, so your total used credit is less than 20% of your total available credit. Most credit card companies report balances monthly, so in one month this could nudge your FICO up a little, as long as you haven't opened any new accounts or closed old ones in the mean time, because these things can drag your score down.

Note that there are three credit reporting agencies that keep your FICO score [Experian, TransUnion, Equifax], and Chrysler is likely using only one of them to run your numbers. Not all creditors report to all three agencies, so if you know you have a higher score with one credit reporting company versus another, finding a bank/cu that uses the one that favors you could work--but fishing to find out which of the three they use could make you seem a little suspicious ;). Also, each time you apply for credit it gets recorded on your history, and too many applications in a short period time will lower your FICO score.

If you were officially turned down by Chrysler for financing, then by federal law you are eligible for a free copy of your credit report from the agency they used.

Regarding credit repair--In general, a legal credit repair company will act like a consultant by taking your money to do things that you can do yourself, and most of their advice will only help you in the long term. Shady or downright illegal credit repair companies, which is basically any company that guarantees to raise your score by X, are scam operations and you should flee from them like the plague that they are.

For more information, there are a lot of credit tips on the boards at the Motley Fool [www.fool.com]. If you aren't already a member, there is a subscription fee, BUT you should be able to register as a guest and get a few weeks of free trial access---that should be enough to learn everything you would get by paying a credit repair company.

Let us know what happens.
 

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If you put another 2000.00 down you will probally be bumped up to a b or possibly higher. Chrysler credits scoring system also looks at equity. That would be your quickest route.
 

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May have been a blessing that you didn't get sucked up by Chrysler credit and their higher than normal rates ! If they put you in a B- tier you will probably be an A- thru other lenders. I have a 740 score and they gave me an ungodly rate ! A thread about this is on here somewhere ?
I used Lending tree.com and got a great rate from one of the 4 lenders and a check in hand to go to the dealer with the next day ! A cash deal can prevent you from having the "Back end" of your contract stuffed with profit. Give it a shot !
 

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Discussion Starter #7
A lot of this is very helpful and thanks, but I am looking to lease the car. I don't believe Lendingtree or some of them offer leasing programs.

I drive barely 1000 miles each month (5 miles from my company), and I always plan on switching cars, so leases work for me. So if it's just the credit holding me back, are there other options available?
 
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