Trading up to '02 Dutch Star DSDP 3872

[LokiGT]

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.

[Jim_HiTek]

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.

[Mr_D]

Originally Posted by EndeavorV10

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!!!

[rvarner]

[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

[Mknight]

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

[LokiGT]

Originally Posted by Jim_HiTek

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.

[LokiGT]

Originally Posted by Mr_D

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.

[LokiGT]

Originally Posted by rvarner

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.

[LokiGT]

Originally Posted by Mknight

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.