Riad

I use Credit Secure from American Express. It lists all 3 agencies, what information they have, what my credit score is for each agencies and notifies me real time via e-mail when my score changes are inquires are made.

It's easy to read, and very informative.

Here's the link: https://www124.americanexpress.com/c...ecure.benefits

jmtc,
Rob

Alfie

There are also Auto weighted credit reports. Give me a call today, im here until 9 tonight, and ill see what i can do to help. I will, however, not run y our credit unless you are buying a car from me

frayed

I do the same thing through lending tree for me and my wife.

My wife's purse was stolen, and somebody tried to steal her identity. I knew within 24hours that some lady using my wife's information (1500 miles away in a small town in PA) opened up a T-mobile account. I called to get it shut down immediately.

While I am not in the market for a loan in the forseeable future, I consider it of upmost importance to monitor my credit real time. You never know when you'll need access to cheap money.

Likemystoppie?

Credit scores are something that are well spoken about, but very rarely accurately portrayed. Equifax, Transunion and Experian all have their own methods of arriving at their scores. They will NOT reveal their trade secrets. Porsche Financial, whom is notoriously hard to deal with, use primarily Experian. Experian, in my personal opinion, is also notorious for having old,not so up to date, or accurate information. I did take a small break from the car business to be a Mortgage Broker. There I saw a clear, and accurate cross section of 'credit 101'. The facts are, that there are MANY factors to contribute to your FICO score. Even if you pay all your bills on time, stay at the same address for more then 5 years, and have the same job for more then 5 years, you can still have a low FICO score. Why? It's called DTI. Debt to Income ratio, or lines of credit. Now, if you have say,$50,000 in OPEN LINES OF CREDIT, and it's shared over 5 Credit cards, you'll have a better DTI then that same debt being carried by only 3 credit cards. Even if you have the $50k between 3 cards, yet have 2 cards OPEN, and UNUSED, that will still benefit you greatly, spreading that debt, in theory, over the 5 cards. Follow me?

But if you buy/sell property, vehicles, or anything a lot with in a 12-18 month period,AND pay all your bills on time, you can still carry a low FICO score. (low meaning in the low 600's for the BEST rates.)

You can even have your credit pulled ONCE every TWO weeks, and it will NOT affect your FICO score. All the credit agencies see that as ONE transaction. Don't ask me why, they just do. But, if you have your credit pulled ONCE every 4 weeks, it will lower your score. But we're talking by a couple points, nothing to get worried about.

The biggest thing that you must keep in mind when purchasing a car, especially in todays market is this.

Prime is in the 8's. So any note under that is a great deal. If you can get a better rate somewhere else, by all means, get it. Just solidify the deal with the dealer at the negotiated price. Their price should NOT be contingent upon you financing your PORSCHE through them. Porsche offers NO incentives, or special rates. But you can still get other banks to back the car. The other big factor is BUYING POWER. What sort of dealership are you dealing with? A small one, who sells but a few cars a month, or one who claims to sell a lot of cars. If they're as good as they say they are, they should be able to get you the rate you were quoted. This does NOT always happen. Sometimes your credit, or situation, no matter what the dealer does to try and finagle the best deal, cannot get the rate quoted. Shop the rate, that's not a problem. A great dealer will encourage it, because a great dealer will always do 'great' by the client.

Not buying a car because you don't like the rate doesn't make sense. You're buying a Porsche. The worlds finest automobile, not an intrest rate.

Just my humble opinion.

~Chris

Dariof

This is not true. My scores did not change from the point I had two agencies run my credit to purchase my Porsche, until a few days ago when I checked them again.

ALthough I elected to purchase the car with cash, I was debating financing a small amount (20K or so) for 6 months, then paying off the loan. This is a little trick to raise scores. I elected not to do this because my scores are already about as high as they can get without being perfect (850 is the highest).

Scores are affected by many factors:

Too many inquiries (this means too many, not a drop every time credit is run)
Late payments
Judgements
BK's
Too much credit (Yes, you can have too much..what a joke)
Not enough credit (ie paying everything with cash)
Newly issued credit cards (not enough credit history with a particular card)
Mistake in Identity (Identity Theft is the fastest growing crime out there)
Credit card limits too high (another Joke)
Credit card companies cancelling your card (If you cancel, it is not a mark against you).

Basically the system sucks. I have never paid anyone late in my life, nor have I ever written a bad check. I have never filed BK, had any judgements, etc. My income is excellent. Yet my credit score is not perfect....but it should be.

1999Porsche911

I take it that you don't have much experience with the Finance Business since you think that having too much available credit, whether LOC's or credit cards, is NOT a risk and should not effect your credit worthiness? Available credit IS a risk to anyone considering extending more to you and DOES and SHOULD effect your credut score.

What do some people and companies do just before filing bankruptcy?.......get as much credit extended as possible?

ohsixx

I only have one credit card. My credit report says I need more.

Dariof

I guess you can have too much credit. But isn't that relative to income? Wouldn't Trump have more credit than most?

I don't believe these reporting agencies have access to income, and therefore how do they determine what is too much or not enough for an individual?

meaker

Some harsh words. Have you personal had a bad experience with Porsche financing. I financed my car threw Porsche and they were able to beat my Credit Uunion's rate. They said my score was#(pretty high) . If that was the worst then I wonder what the good one was. Not every Dealer is out to ripe you another *hole. They just want to make some more on the deal, by getting you financed.

mooty

dell, you got 2.9% from prosche finance? that's great.
my score is well into 800's and so is my wife's. but no 2.9% for us. so cash deal'd it.

LVDell

Both our scores are in the 800's but not when we bought the car. We were in the low to mid 700's and just purchased a new home within the year prior but it was very simple......I told my salesguy what I needed and he had 1 chance to fulfill the request after he came back with something else. Needless to say they wanted the sale. It also helped that we already had 3 cars a the time and didn't need the car (which they were well informed of).

Bought the Cayenne the same way.

Paul523

Sure, it's the dealer's prerogative to try this, but it's a tacky practice imho....something fundamentally galling about the concept. I would be highly amused if our recent homebuilder informed us that they could make everything easy & make all of the finance arrangements in-house with a mortgage at an 8% interest rate. Caveat emptor- to anyone financing anything big-ticket, it pays to spend a few hours on the phone or web.

To the original poster, as mastiff mentioned check into the credit unions. Check with Chase. Try U.S. Bank....also google up Morgan Bank in Hudson, OH (no affil) they are well kept secret for phenomenally low rates although I don't know about capacity for interstate lending.

You should apply at a number of different lenders to get a firm interest rate quote on the loan, but do it all this week-- get all applications processed within 2 weeks of your initial Porsche Financial app that you submitted last Friday or whenever it was. If different lenders are using different credit scoring agencies or providers, you'll see a 0.5% - 1.50% variation in the interest rate offered....which could add up to some real money. Use the lowest quote to shop around to other lenders.

Applying at 15 different lenders for the car loan won't hurt your score any more than if you applied at only one bank...as Chris/Likemystoppie said correctly, if all of the auto loan credit app's are submitted within the same 2-week period, then it only counts as one footprint on your cr report (you have already sustained a recorded inquiry when Porsche FS processed your app last wk, so applying to a bunch more won't have a derogatory effect in this regard).

MMA93

Thanks for your help. I applied with leasecompare.com today and they approved my application. They could not give me an exact amount as to what my payments would be until they have received info from dealer. Has anybody ever dealt with Leasecompare.com and is there anything I should watch out for? I have also been shopping around with local banks as well.

mastiffdog

Harsh, maybe, but true. If Porsche Credit's rates were higher than many other lenders then I suppose you could call that a "bad experience". Its a loan, not an emotional thing, they either quote you a competitive rate or they don't.

tbill

When I purchased my new 911, it seemed like the salesman was more concerned about what my monthly payments were going to be thru Porsche credit than anything else. Told him I did not care about monthly payment, but wanted the bottom $ price on the car! Finally came up with a figure and I told him I would think about it. Then went to bank got a loan for 4.054%, which was under dealers offered rate and then began again talking with the salesman about final cost of car. Got another $1650 off of his "best deal we can make" offer.
Don't know my credit score, but never had problem receiving credit if I asked for it. Just purchased a new MB-SLK for my daughter's 21st b'day and got 1.9% rate.