Go Back   iRV2 Forums > MOTORHOME FORUMS > Class A Motorhome Discussions
Click Here to Login
Join iRV2 Today

Mission Statement: Supporting thoughtful exchange of knowledge, values and experience among RV enthusiasts.
Reply
  This discussion is proudly sponsored by:
Please support our sponsors and let them know you heard about their products on iRV2
 
Thread Tools Search this Thread Display Modes
 
Old 05-16-2012, 11:11 AM   #15
Senior Member
 
EndeavorV10's Avatar
 
Join Date: Jun 2011
Posts: 205
Long story short, during financing we found out American Express charged off a $54.00 fee when we closed the account. They never told us about this fee but this one little bugger tanked my wifes FICO from a 730 to a 622. We ran our combined FICO before going to buy this rig and it was combined 730 per Trans Union.

We actually closed all but one credit card over a year ago knowing the effect it would have on our FICO but it's recovering because we have never been late or missed a payment for anything, ever. FICO rules have changed as have financing rules so it's harder now to buy RV's at best tier rates.

American Express and Chase has lost any chance of us using them for anything going forward. This doesn't bother them in the least, Chase lost 2 billion last week, that made my month hearing that, couldn't have happened to a better company.

So we were trying for 4.9% financing but clearly not getting that, so I called a credit union to see what they would qualify us for. I'm not holding high hopes so we will use the next year to continue to increase our FICO to over 800 but of course that doesn't mean we'll get the rig then either.

The finance guy saw no reason for this deal not to go through because the difference in payment was about $100.00 which wouldn't affect us and our debt to income is fine.

Sometimes you're the windshield and sometimes you're the bug. This time we were the bug.
__________________

__________________
2013 Keystone Montana 3725RL 5th Wheel
Paramount Package & part of the Big Sky Package
- Amateur Radio Operator - My RV Blog
EndeavorV10 is offline   Reply With Quote
Join the #1 RV Forum Today - It's Totally Free!

iRV2.com RV Community - Are you about to start a new improvement on your RV or need some help with some maintenance? Do you need advice on what products to buy? Or maybe you can give others some advice? No matter where you fit in you'll find that iRV2 is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with other RV owners, see fewer ads, upload photographs, create an RV blog, send private messages and so much, much more!

Old 05-16-2012, 12:09 PM   #16
Senior Member
 
Jim_HiTek's Avatar
 
Join Date: Nov 2011
Location: Full time RV'er
Posts: 1,659
I understand you can protest actions like AE's and have your explanation permanently attached to your credit records. Or have it removed, if you have the proof that AE didn't do their due diligence to try to collect from you using normal methods (might be hard).

Might not help you with this particular purchase, but maybe down the road. And when I've dealt with this kind of problem, I've found that actually talking personally to a lending institution and getting pre-approved is the best approach. These companies are made up of people trying to generate a profit, and loans to trustworthy people is how they do that.
__________________

__________________
'02 Winnebago Journey DL, DSDP, 36' of fun.

Visit my RV Travel & Repair Blog at : http://chaos.goblinbox.com
Jim_HiTek is offline   Reply With Quote
Old 05-16-2012, 04:08 PM   #17
Senior Member
 
Mr_D's Avatar
 
Solo Rvers Club
iRV2 No Limits Club
Join Date: May 2011
Location: Vancouver, WA
Posts: 28,515
Quote:
Originally Posted by EndeavorV10 View Post
Long story short, during financing we found out American Express charged off a $54.00 fee when we closed the account. They never told us about this fee but this one little bugger tanked my wifes FICO from a 730 to a 622. We ran our combined FICO before going to buy this rig and it was combined 730 per Trans Union.
Wow, that's not good. The financing mess isn't over that's for sure!!!
__________________
2009 45' Magna 630 w/Cummins ISX 650 HP/1950 Lbs Ft
Charter Good Sam Lifetime Member, FMCA, SKP
RV'ing since 1957, NRA Benefactor Life, towing '14 CR-V
Mr_D is offline   Reply With Quote
Old 05-16-2012, 06:01 PM   #18
Senior Member
 
rvarner's Avatar
 
Winnebago Owners Club
Solo Rvers Club
Freightliner Owners Club
Join Date: Jan 2007
Location: Pahrump, NV
Posts: 461
[QUOTE=EndeavorV10;1178595]Long story short, during financing we found out American Express charged off a $54.00 fee when we closed the account. They never told us about this fee but this one little bugger tanked my wifes FICO from a 730 to a 622. We ran our combined FICO before going to buy this rig and it was combined 730 per Trans Union.

We actually closed all but one credit card over a year ago knowing the effect it would have on our FICO but it's recovering because we have never been late or missed a payment for anything, ever. FICO rules have changed as have financing rules so it's harder now to buy RV's at best tier rates.

American Express and Chase has lost any chance of us using them for anything going forward. This doesn't bother them in the least, Chase lost 2 billion last week, that made my month hearing that, couldn't have happened to a better company.

Don't know what's going on in the world of credit reporting but we were told that, after over 10 years of Hartford Insurance thru AARP, we did not receive the best rate because a Trans Union report showed we had opened an account (interest free) for furniture ($1500) and, didn't have a high enough credit limit on our cards. We have never had a claim except for a comp claim 5yrs ago. Our FICO scores are around 800. Haven't tried to buy something lately, except the furniture. I feel your pain.
Richard
__________________
2004 Horizon 40AD/ISC 350/2012 SILVERADO or 2008 Chevy HHR/Demco/Vmspc/FMCA-F394912/SKP-115085/2004 Can-Am Outlander/2013 Polaris RZR
rvarner is offline   Reply With Quote
Old 05-16-2012, 06:26 PM   #19
Member
 
Mknight's Avatar
 
Join Date: Nov 2011
Location: Georgetown ,Texas
Posts: 69
I think credit unions are the best. I got 2.75% with 10% down On a 2001 DP last year. Banks wanted 7% and 20% down.
Mike
__________________
Mknight is offline   Reply With Quote
Old 05-16-2012, 07:24 PM   #20
Senior Member
 
EndeavorV10's Avatar
 
Join Date: Jun 2011
Posts: 205
Quote:
Originally Posted by Jim_HiTek View Post
I understand you can protest actions like AE's and have your explanation permanently attached to your credit records. Or have it removed, if you have the proof that AE didn't do their due diligence to try to collect from you using normal methods (might be hard).

Might not help you with this particular purchase, but maybe down the road. And when I've dealt with this kind of problem, I've found that actually talking personally to a lending institution and getting pre-approved is the best approach. These companies are made up of people trying to generate a profit, and loans to trustworthy people is how they do that.
I hear ya, but having a policy of charging off a fee seems to be their way of letting us know their thoughts of us not using their card(s) anymore. I have no wish to reward that practice by getting another card from them.

They can only do this so much, I have already submitted the paperwork to remove the marks which will force AE to prove it belongs there. We also called our lawyer to have him write AE a letter explaining the charge off and not notifying us.

It's going to take a little while but 20 years ago I went through a few marks that didn't belong on my credit and was able to get them removed. Fortunately my credit is perfect, it's my wifes that needs to be fixed but we'll get there.
__________________
2013 Keystone Montana 3725RL 5th Wheel
Paramount Package & part of the Big Sky Package
- Amateur Radio Operator - My RV Blog
EndeavorV10 is offline   Reply With Quote
Old 05-16-2012, 07:27 PM   #21
Senior Member
 
EndeavorV10's Avatar
 
Join Date: Jun 2011
Posts: 205
Quote:
Originally Posted by Mr_D View Post
Wow, that's not good. The financing mess isn't over that's for sure!!!
Nope, it's not but we'll get it resolved, it's just unfortunate that credit card companies seem to be able to do what ever the heck they wish.
__________________
2013 Keystone Montana 3725RL 5th Wheel
Paramount Package & part of the Big Sky Package
- Amateur Radio Operator - My RV Blog
EndeavorV10 is offline   Reply With Quote
Old 05-16-2012, 07:28 PM   #22
Senior Member
 
EndeavorV10's Avatar
 
Join Date: Jun 2011
Posts: 205
Quote:
Originally Posted by rvarner View Post
Don't know what's going on in the world of credit reporting but we were told that, after over 10 years of Hartford Insurance thru AARP, we did not receive the best rate because a Trans Union report showed we had opened an account (interest free) for furniture ($1500) and, didn't have a high enough credit limit on our cards. We have never had a claim except for a comp claim 5yrs ago. Our FICO scores are around 800. Haven't tried to buy something lately, except the furniture. I feel your pain.
Richard
Because we closed the accounts it's going to take some more time to get to 800 but by this time next year we'll be there I think.
__________________
2013 Keystone Montana 3725RL 5th Wheel
Paramount Package & part of the Big Sky Package
- Amateur Radio Operator - My RV Blog
EndeavorV10 is offline   Reply With Quote
Old 05-16-2012, 07:29 PM   #23
Senior Member
 
EndeavorV10's Avatar
 
Join Date: Jun 2011
Posts: 205
Quote:
Originally Posted by Mknight View Post
I think credit unions are the best. I got 2.75% with 10% down On a 2001 DP last year. Banks wanted 7% and 20% down.
Mike
I've been with DCU credit union for 20 years but they don't finance RV's.
__________________

__________________
2013 Keystone Montana 3725RL 5th Wheel
Paramount Package & part of the Big Sky Package
- Amateur Radio Operator - My RV Blog
EndeavorV10 is offline   Reply With Quote
Reply



Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


» Virginia Campgrounds

Reviews provided by


Copyright 2002- Social Knowledge, LLC All Rights Reserved.

All times are GMT -6. The time now is 10:43 AM.


Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.