MMA93

I have been monitoring my credit score for the past six months to make sure that when I went to go pick up my 997 that there would not be any surprises. I checked my score on friday asked the salesman over the phone if I would have a problem with the credit score mentioned. He said with that credit score you shouldn't have a problem. Well when I walked into the dealership saturday they told me that Porsche would not finance my vehicle. They had run my credit and it had come out 50 points less than what I had seen on friday. Is there a logical explanation for this or am I being scammed? They even showed me a print out.

birdman

There are three credit reporting agencies; your score will be different at all three. Possibly both you and the dealership are "right" based on the agency providing the information. Does the dealership have alternate sources for financing? When I bought my BMW in 1998, one dealer told me BMW would not provide financing; I visited the other dealer in town and my financing sailed right through with BMW. At times it is simply the way the F&I manager packages your application that determines approval.

MMA93

All three credit agencies differed by 50-60 points from mine. The score is an issue. I wil go to my local bank tomorrow. I have been working with them for bout 10 years so there should not be a problem.

500

I've heard each time an inquiry is made it drops the score somehwere between 15-30 points.

MMA93

Your credit score is not effected if you check it yourself.

Stephenkng

Tell them if they can not finance you, you can't buy. Trust me, that will find someone to finance you with a good rate

frayed

strangely, my credit score reported to me from a lender always differed from my up to the minute scores from equifax, transunion, experian. But never by a significant amount.

Deanski

It's a little different "weighted" score at the time of a lender getting a score. Some are also not in real-time as other are.

Also, these "free credit score" website can also provide an off score than a true score. Soon everyone will be able to obtain free reports from all three major agencys as soon as the laws go active in your area.

The only 100% way is to see it direct from the credit agency. Once timestamped and you have all three, the lender will make a choice to risk. Also, how many "open" accounts you have, the more open, the more risk. How close you've come to a limit on a card or account etc all play in to a lender "weighing" your risk.

Not happy with one lender? Go and find another, shop around.

Deanski

500

But it is if others do, right?

gravedgr

Don't bother with Porsche financing. Go to www.penfed.org, spend $5 and open an account with them, and then use their 5.49% APR loan - up to $100,000 and up to 6 years.

lawjdc

I had a problem with my credit back in 2002 when I bought my BMW X5. Some guy in Arizona with the same name (I have lived in Nevada for 53 years) hadn't paid his power bill and got sent to collections. So I had a lousy fico score. So I paid cash rather than accept the horrific rate that the dealer wanted me to pay. You are entitled to a free copy of your credit report if it is adverse. I suggest you get a copy and find out what is causing you the problem.

Good Luck!

mastiffdog

Porsche credit is awful compared to others. Try the Credit Unions, they seem to have excellent rates. Also, the car dealers usually will use the worst score in order to jack up the rate they can charge you. Remember, dealers make money on the car, accessories and the back end or financing.

mooty

equifax, transunion, experian scoreds dont relate to one another, some will not capture all your debts either. as an ex-lender, my institution only look at experian, we simply ignore the other two (why, i dont know.i was not high enough on the totem pole to figure it out).

each time you pull score, it will drop. even when you pull your own score, it drops too. sometimes i had to pull multiple reports for one client, i would have them pull it themselves to avoid the scroe drop. but it still drops.

cosmos

If you are financing then I would go with someone like Capital One Auto. They are awesome. Apply on line. Takes 5 minutes. I did this with a car that I bought and it was awesome. You cant lease thru them. Thats the only down side.

LVDell

This situation sounds very strange. Your credit score sounds REALLY low for Porsche not finiancing you. When I bought my 911 I told my saleman that I wanted the 2.9% they were offering Jag customers (it was a Porsche/Jag dealer). Within 2 minutes he was right back to me with the approval and that was through Porsche Financial. Same thing with my Cayenne. So it sounds like something is really pulling your score into the toilet or you would be financed and the dealer would be wanting your business. Since you haven't really elaborated (and I can understand why and wouldn't ask you divulge your personal info) there really isn't anyway for us to help out.

I will tell you this. If your credit score is above 700 you should have absolutely no problems at all and if you are fortunate to cross the 800 mark they will be BEGGING for your business. Right now it sounds like you are not close to that yet.