DS is upset with us for providing too much.

[Anonymous]

DS, age almost 30, is upset that we have provided too much for him financially. He said it is causing him issues now in life.

He went to buy his first car on his own and although his credit score is excellent (800s), the dealership told him the fact that he's 30 and has never had a loan hurt him. The lowest interest rate he could secure with lots of shopping around is 9.7%. That is including doing $7500 down on a $32k car.

He has always lived in a property we own since graduating college. He didn't pay us traditional rent but did pay for all utilities. We did this so he could save his money for a down payment on his own property. He received a promotion at work that requires him to move to another state. He said he's having difficulty finding a rental property because he has no rental history.

Is this common? Did we really screw up that badly?

[Anonymous]

It makes no sense that he has an 800 credit score but can't get the best rate. Something doesn't add up.

You get a great credit score by having credit history.

[Anonymous]

What a whiner.

[Anonymous]

Why didn't you just cosign his loan? That's what my mom did for my first car loan, and I didn't have a issue getting a good rate on my next car.

[Anonymous]

When you have an 800 credit score, you’ve done everything you need to do to prove that you are a creditworthy consumer. Banks and credit card issuers will be eager to loan you money, often at very favorable terms. People with 800+ credit rarely hear the word “no,” whether they’re asking for a mortgage preapproval letter or turning in a rental application.

from this website: https://www.bankrate.com/finance/credit-cards/how-to-get-800-credit-score/

[Anonymous]

Anonymous wrote:It makes no sense that he has an 800 credit score but can't get the best rate. Something doesn't add up.

You get a great credit score by having credit history.

This.

If he has a job and a credit card he's never made late payments on, no one cares about your rental history.

[Anonymous]

Really? I would have done the same as you, OP. Eager to hear explanations from others as well.

[Anonymous]

Anonymous wrote:When you have an 800 credit score, you’ve done everything you need to do to prove that you are a creditworthy consumer. Banks and credit card issuers will be eager to loan you money, often at very favorable terms. People with 800+ credit rarely hear the word “no,” whether they’re asking for a mortgage preapproval letter or turning in a rental application.

from this website: https://www.bankrate.com/finance/credit-cards/how-to-get-800-credit-score/

Are you sure he doesn't have loans or something you don't know about? Also, where is all his money if you have paid for everything? Shouldn't he be able to buy the car with cash. You said he isn't paying the mortgage on your property to save for a down payment? Where is all the money?

[Anonymous]

Anonymous wrote:It makes no sense that he has an 800 credit score but can't get the best rate. Something doesn't add up.

You get a great credit score by having credit history.

This. Get a loan from a credit union, not the dealership.

[Anonymous]

Anonymous wrote:

Anonymous wrote:When you have an 800 credit score, you’ve done everything you need to do to prove that you are a creditworthy consumer. Banks and credit card issuers will be eager to loan you money, often at very favorable terms. People with 800+ credit rarely hear the word “no,” whether they’re asking for a mortgage preapproval letter or turning in a rental application.

from this website: https://www.bankrate.com/finance/credit-cards/how-to-get-800-credit-score/

Are you sure he doesn't have loans or something you don't know about? Also, where is all his money if you have paid for everything? Shouldn't he be able to buy the car with cash. You said he isn't paying the mortgage on your property to save for a down payment? Where is all the money?

This. An 800 is reflective of both on time payments and a long credit history. With any kind of down payment, he should have a near 0% rate

[Anonymous]

Anonymous wrote:

Anonymous wrote:It makes no sense that he has an 800 credit score but can't get the best rate. Something doesn't add up.

You get a great credit score by having credit history.

This. Get a loan from a credit union, not the dealership.

Dealerships almost always have better financing rates.

[Anonymous]

So stop helping him.

He can go buy a used car for cash.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It makes no sense that he has an 800 credit score but can't get the best rate. Something doesn't add up.

You get a great credit score by having credit history.

This. Get a loan from a credit union, not the dealership.

Dealerships almost always have better financing rates.

Not the one he's going to. Is it a used car OP? why don't you loan him the money and be the "bank".

[Anonymous]

Financing offered by the dealer is super sketchy and not subject to much oversight. A car dealer is not equiped to advise you on finances. He needs to get a loan from his bank.

[Anonymous]

My husband and I bought a car when we were in our 40s. With excellent credit history and just having been approved for a mortgage, it was not so easy to get a good rate for a car loan because we had never had a car loan before. The whole credit history system is so messed up.