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Credit for new truck?

Discussion in 'Trucks and Trailers' started by Mow Money Lawn Care, Mar 14, 2010.

  1. Mow Money Lawn Care

    Mow Money Lawn Care LawnSite Senior Member
    Messages: 762

    In 2005, I was doing work for an investment company that owned over 250 properties. It was a good gig. I had another 35 residential clients of my own, and it was only me and another guy handling all of the properties. We would only cut most of the 250 investment properties every other week. Well, after two years of doing business with the company, they were indicted for federal charges of mail fraud/bank fraud, etc. They wrote me 3 bad checks totaling $7,000. The person that wrote the checks told me that as soon as they sold a house, they would get me the money, and he told me to continue to cut the lawns. The year before, this same situation had happened and I was paid for the work I did. Well, this time, I was not. I walked into one of their offices after 3.5 months of work with no pay and there were papers scattered all over the place. I later found out it was because they were indicted by the FBI. So, not only was I out of $21,000 of work, but I had just bought a house, and furnishings; eventually I could not pay my bills. This all happened 5 or so years ago. My credit was effected in 2005/6 because of failure to pay. I have since then paid all of my bills on time. I am trying to get pre-qualified for a house but am currently having issues, and last October I tried to purchase a new truck but was unable to purchase one because of my credit. This credit issue is unbelievable. I cannot purchase anything because of my credit issues years ago. When does it stop? When can I continue with my life and my business? I began my business in 2003. I am stronger from the things that have happened in my past, but 4 or 5 years later and my credit is still effecting me and my business? That is ridiculous, it wasn't even my fault. I tried to purchase a truck last year, and now I am trying to purchase a house for me and my future wife and my credit is still effecting me. When does it stop? Sorry to vent here but it is ridiculous.
  2. mike lane lawn care

    mike lane lawn care LawnSite Bronze Member
    Messages: 1,707

    credit history lasts 7 years
  3. willretire@40

    willretire@40 LawnSite Bronze Member
    from VA
    Messages: 1,390

  4. whosedog

    whosedog LawnSite Senior Member
    Messages: 730

    Many years ago my sister in law declared bankruptcy,then tried to get a mortgage to buy her deceased parents house from my wife and her brother(she owned 1/3 of the house as the will divided everything equally) It took 1 year and she eventually got a loan at a high interest rate (included her student loan payoff;bankruptcy doesn't wipe that out) It was hard back then and I'm sure even harder today because of the credit meltdown we just went through.What you need is a creditworthy co-signer,(mom,dad,father-in law)without that your're basically screwed, even though it's not your fault.
  5. MikeKle

    MikeKle LawnSite Platinum Member
    Messages: 4,253

    Looks like you will have to wait another 4 years for the negative stuff to come off! Although I have heard of some places that can repair your credit or take things off, but most are scammers, the only ones who can truly do this are certain lawyers I believe, and it will probably cost you alot for them to do it? There is some way they can make the negative stuff look like it was never there or something like that. I would try contacting a few lawyers and see what they tell you. Other than that you may need a co-signer? I do know that it is much easier to get a mortgage over a car loan though. A banker told me that is because a house is in a permanent spot and can be found easily, but a car can be taken other places or other countries and is harder to find if they try to repo it.
  6. unkownfl

    unkownfl LawnSite Gold Member
    Messages: 3,837

    You may have paid all your bill since then on time but you didn't pay all of your bills did you? Most likely, you would have been better off declaring bankruptcy and you would probably already bought a new truck a year or two after. It's a lot easier to get credit after bankruptcy because banks know you can't do it again for like 6 years so there chance of getting paid are better then one with already bad credit and can still declare bankruptcy.
  7. milsaps118

    milsaps118 LawnSite Senior Member
    Messages: 562

    Credit is king now days if you don't have the cash.

    Take Willretire's advice and check creditboardsdotcom. A lot of great info form people who were or are in the same situation as you.

    Good luck..........
  8. unkownfl

    unkownfl LawnSite Gold Member
    Messages: 3,837

    Gold is king!
  9. Ecoscapes

    Ecoscapes LawnSite Member
    Messages: 76

    Credit repair; just went through this myself, checked out the scams (they are scams) but then read that you can fix credit on your own- I had crap on my reports from years ago, some of it was paid off and marked as unpaid, I wrote letters to the three credit agencies, waited... it worked! within a month my score shot up significantly. Went to the bank, got the loan for a mini-ex. Did have a biz-plan, profit +loss statements, you got to have alot of back up documentation when you apply. But its doable!

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