High Credit?

Question

I tried to get a car and the dealer said I would have to have a cosigner because all I have is a $400 high credit. What does that mean? He said my credit wasn't bad, so why the cosigner? I don't get it.

Answer 1

You have limited credit expereince. You shouldn't be financing a car, you should be paying cash.

You don't even know what you're getting into.

Answer 2

your current credit limit on credit cards is just $400.

Answer 3

Auto finance is what I do for a living and what he meant is you do not have enough established credit yet.

Auto lenders look for like credit either another car, boat or home or at the very least some type of installment loan paid at least 12 times for at least $150.00 a month.

A lot of people think a good score is all they need, they are mistaken.