When I started truck shopping back before April I put in some credit applications and among others to Bank of America through a Ford dealer. They sent a letter telling me they would NOT loan me $22K. Honestly my credit is perfect. Didn't really bother me.

Fast forward to yesterday... I get a pre approved offer in the mail...guess who from? Yep. Bank of America telling me I'm pre approved to re finance my truck with them. Super dumb asses.

 

Well, on a side note, maybe this is a good sign for our economy. Banks are starting to lend again. Hopefully now lenders and borrowers will be more responsible with what they can actually afford\lend and there will not be a need for bailouts\forfeits.

 

I'm just happy that everything I have is paid off except for the house. I have purchased 3 new vehicles in the last 7 years and it is a great feeling to have all 3 sitting in the garage/drive way paid off. Hopefully I won't have to take out much or any loan when I buy a boat soon so credit shouldn't be a problem.

 

I hear you on that one Bought my 02' new so she's been paid off for a while now. I'm hoping to pick up a new boat this winter at a show and hopefully not have to finance anything which is a GREAT feeling.

However, the wife wants a new kitchen, too.

 

Here's one for ya. Wife is an asst. mgr w/BofA, I'm a Deputy Sheriff. We were pre-approved for 25K through BofA. Found my truck asked BofA for the APR on the loan and they said 9%. I said no way. My credit score was almost 750 my wifes was 720 something.

Place where I was buying the truck called GTE Fed. Credit Onion and within 10mins I was approved for full purchase price at 4.25%. Sold.

 

i tried to get a credit card, i got declined for lack of credit...

 

Yeah, that is common these days for people trying to build credit. Having no credit is actually worse then having bad credit. You might try for a gas card (shell, mobile, etc.) Use it for your gas and pay it off each month. That is a good way to build up your credit score.

 

You're a student right?? BoA offered me a student credit card when I opened my student checking account there...

 

ya they applied for one for me when i opened my college checking account and savings at wells fargo, and i still didnt get it. so i might go and ask if my mom or dad co-signed if i could get one.

 

Save up $1000. Put it in a CD. Take a loan out against it. Use the loan money to pay it back. Earn a little interest on your CD while your at it. Voila you are at the beginning of being established.

(Then close the CD and use the 1K for some wheels)

 

If he takes out a loan, he'll get an interest rate of like 22% or something crazy like that. No CD pays that much...

 

What I did was get a 12 month loan and pay it in 3 and forego all that interest

 

still would come out in the hole. sorry but there is no arbitrage opportunity available on a simplistic level.

 

BOA is notorious for poor service. They are not interested in the individual at all. Sadly, few banks are out there that are.

 

Not exactly sure what you mean by "credit is perfect." Did you ask why you were denied? I'm not buying they denied you because you have "perfect credit."

No big deal they sent one of those pre-approved offers in the mail. The rich, poor, young, and dead people receive those.