You know what I was thinking Kiejon? I see that Cu's have the best rates, and I know that they are independent on their members, but do you think that they are going to take over when it comes down to banks that are dependent on each other and the Gov? Since the economy crisis, Cu's have been really bragged about. I wonder has it given them the opportunity to snag in more customers by offering accounts without being sponsored. Tell me what you think! Or, anyone else who like to comment on this please come forward.

I think CU's will keep on keepin' on since the current financial climate for huge banks is the way it is. If CU's are having sub-prime problems as well, this would be news to me.

I would have to say that CU's already have their fair share of a sub-prime market and they tend to have lax lending guidelines for their loyal customers.

If anybody has any information on ho CU's are being affected, I'd really like to know.

GMAC not approving anyone unless they have a FICO of 700+. They sent a letter this month to all of their GM dealerships.

I plan on getting my daughter a car but not older than 6yrs, 70k miles or less for under $7k with 30-40% down. I plan to go to my credit union.

It's a little late for GMAC to be tightening their belts, but I nows a good time as any. My mortgage is through GMAC and it is an adjustable rate. Right now it is at 12% (YIKES, I know) and I would be inclined to say that they will probably not lower that rate any time soon.

I would really like to purchase a new vehicle as well, but I'm going to hold off for a while.:

You know what I was thinking Kiejon? I see that Cu's have the best rates, and I know that they are independent on their members, but do you think that they are going to take over when it comes down to banks that are dependent on each other and the Gov? Since the economy crisis, Cu's have been really bragged about. I wonder has it given them the opportunity to snag in more customers by offering accounts without being sponsored. Tell me what you think! Or, anyone else who like to comment on this please come forward.

gmac Not Approving Anyone Unless They Have A Fico Of 700+. They Sent A Letter This Month To All Of Their Gm Dealerships.

I Plan On Getting My Daughter A Car But Not Older Than 6yrs, 70k Miles Or Less For Under $7k With 30-40% Down. I Plan To Go To My Credit Union.

Credit Unions Have The Best Rates

That's the best move to make.

GMAC not approving anyone unless they have a FICO of 700+. They sent a letter this month to all of their GM dealerships.

I plan on getting my daughter a car but not older than 6yrs, 70k miles or less for under $7k with 30-40% down. I plan to go to my credit union.

No surprises there.

Then you are lucky because I was just looking at the news yesterday morning and Toyota was talking about how they won't even approve people in the good 600's without a good job history backing it up and all the other things that go along with it. When the high 600's was no problem with them, it is now a negative and they really hate it.:

They might not require a down payment but they will finance you with a very high interest rate. There's always a catch.

bad credit loan taker has to go for down payment. but some firm does not consider much about bad credit . i have taken a personal loan from http://cashadvanceloanillinois.cn with bad credit and i no need to go for down payment

Smcc, I have decided to take your advice to not combine those cards. The thing that I've realized is that if you have a card with a high limit with a short history, don't depend on the limit to help you get cards or a low interest on an auto loan/mortgage loan. The high CL can vanish in a matter of seconds from a CLD. However, if you've built that history with that certain bank and on your report, that can't be erased. It's concrete, it's there to stay and creditors who review your report will take it into consideration. It's all about consistency.

Do not combine your cards for the sake of a higher limit ! Your history is more to your advantage than a high limit. Realize that over time you can grow both limits on your two cards. Lenders will see your higher limit but then realize you haven't had it but for a short amount of time.

Have a plan hjm331. If your objective is to grown your amex limit to eventually acquiring an AMEX card then apply for a large CLI every 6 months with BOA. On the other hand if your objective is to develop a long term relationship with BOA, then grow the other card while asking for moderate increases for your AMEX card.

In either case your history will benefit you more than a higher limit at this time. My advice, grow your WorldPoints Visa and develop a long term relationship with the bank. As you get older BOA will be there to finance whatever goals you want to realize while at the same time your relationship with the bank will look good to AMEX should you want to pursue one of their cards.

Smcc, I have a question.

I currently have two cards with BOA:
1) WorldPoints Visa ($2k CL, Opened 6/1/07
2) WorldPoints AMEX ($1.5k CL, Opened 4/1/08)

I'm trying to figure out if I should combine the AMEX with Visa to have a card with a high limit or keep it open for the history. If I end up combining them, it will be in December because I will wait to see if BOA gives me a CLI or not. I am going to request a $1k CLI on both cards. If both requests are approved and If I combine both cards, I will have a card on my report with a $5.5k limit. That would look really good on my report especially for somebody my age.

I'm just trying to figure out which one will look better, history or a high CL?

I appreciate it hjm331. Your turn is next though! If I knew what you know at your age, when I was your age, I would be retired right now. You will have something better in the near future if that's your desire with the knowledge you have.

Don't give up on BOA hjm331 because when this economic mess finally settles BOA will still be standing and will take you where you want to go !

Smcc, your wife received a heck of a deal. Congrats on her new car! Hope she enjoys it!