Quote:
Originally Posted by NYBladeZ
I totally understand what you guys are saying. My friend is a little young, he's 24, but he has thus far paid off an S2K, 1M and recently a Lotus Exige S (yeah he's crazy). He lives at home, his parents live overseas but maintain a home fully paid here. He has little to no monthly expenses other than car insurance, there is no reason why not to give him the full sales price because of his current standing. Sure maybe a credit union but Chase, Wells Fargo and PNC said no way we value the car at less than $30,000.00. Something to think about when lusting for an old Vette....you'll keep it forever and you'll be upside down from day 1.
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Please don't think I am trying to bring your friend down... Just "trying" to explain what might be happening lol.
Does your friend have any savings? If not they probably don't like that either lol I know, picky picky.
When you have hardly any month expenses they WANT to see net worth, I.E. savings. Otherwise, where is all the money going?
The next thing still might be credit. Although he has paid off all his loans has he paid them off too quickly? A lot of people think, "hey, I am going to get a 5 year loan and pay it off in a month to help my credit" When I look at a credit report, I don't see HOW much a payment was I see was that ONE payment, on time, late or was there even a payment required.
A on time payment is going to help, late payment hurt and no payment required is going to do nothing.
So what I am trying to explain is, yes he may have had lots and lots of loans and paid them very quickly and on time but you also need length of payments to build credit. Getting a 5 year loan and then paying it off the next day does little to nothing to your credit.
Beyond all that, banks are stupid /end thread lmao