Question about Snap On financing

[NorCalWrenchin]

My driver today told me I needed 3 references to get started with SO credit to get my KRSC43.. At 25 I still don't have any credit history. He was unsure as to whether I needed 2 personal and 1 family reference, or the other way around. Anybody know? This box is on special for just over 1600 bucks until next Tues.

 

[jim1987]

Fyi this can only negatively effect you credit score. Read - payed off on time etc doesn't build credit.

 

[chadster1]

My driver today told me I needed 3 references to get started with SO credit to get my KRSC43.. At 25 I still don't have any credit history. He was unsure as to whether I needed 2 personal and 1 family reference, or the other way around. Anybody know? This box is on special for just over 1600 bucks until next Tues.

Your dealer needs the name address and phone number of 2 relatives and one friend. None of these references can live at the same address as you do.

Jim1987 is smoking some mighty fine stuff if he thinks a positive payment history does not build credit.

 

[nicksnothereman]

My driver today told me I needed 3 references to get started with SO credit to get my KRSC43.. At 25 I still don't have any credit history. He was unsure as to whether I needed 2 personal and 1 family reference, or the other way around. Anybody know? This box is on special for just over 1600 bucks until next Tues.

Is this one of the things where you need to ask yourself "do I really need this?". Because...if it is maybe the barrier is a good thing. 1600 bucks is a car man. If you're a mechanic with stable fixed work, sure probably would be worthwhile to get a good box maybe look used if possible. If it's a home/want thing? Forget it. Nice box but you could make do with a work-site locking workbox pretty easily at 1/16th the cost (except the working surface up top).

I don't know about references, if you're working at a shop and have been for some time that's probably good enough for them.

 

[jim1987]

Your dealer needs the name address and phone number of 2 relatives and one friend. None of these references can live at the same address as you do.

Jim1987 is smoking some mighty fine stuff if he thinks a positive payment history does not build credit.

With the truck guy maybe. Everything I've read here says buying from snap on can only negatively effect your credit.

 

[monomach]

Do yourself a favor and pass on that box. Go to Harbor Freight, get anything that's painted red. Those things are pro quality and CHEAP.

As for your credit, get a secured credit card. Fill up your gas tank once a month with it. Pay it off in full when the bill comes. A couple of years later, you'll have really good credit.

Your dealer needs the name address and phone number of 2 relatives and one friend. None of these references can live at the same address as you do.

Jim1987 is smoking some mighty fine stuff if he thinks a positive payment history does not build credit.

I know what he's talking about. I had heard that they don't report your payments at all. They just show that you owe them money.

I don't know for sure, myself. I've always been a cash buyer on the truck.

 

[jim1987]

Do yourself a favor and pass on that box. Go to Harbor Freight, get anything that's painted red. Those things are pro quality and CHEAP.

As for your credit, get a secured credit card. Fill up your gas tank once a month with it. Pay it off in full when the bill comes. A couple of years later, you'll have really good credit.



I know what he's talking about. I had heard that they don't report your payments at all. They just show that you owe them money.

I don't know for sure, myself. I've always been a cash buyer on the truck.

Yup. Nothing shows till your late. Nothing positive is reported unless you finance through the bank.

 

[MattPersman]

It may not boost your score to warren Buffett status but it doesn't hurt it either. If you want the cart then buy it through snap on. It's not gonna change your life for the worse, unless you just can't afford it

 

[jim1987]

It will NOT help his score at all. Period.

 

[FunkyfullWidth]

jim, have you financed through snap on and had your credit negatively affected?

I've financed for a box, my credit is rock solid and has been ever since. I have NEVER read anything bad about snap on credit and there's been quite a few threads about "should I buy this box."

 

[jim1987]

Nope.

 

[chadster1]

It will NOT help his score at all. Period.

You are WRONG. Period.

I have had numerous guys come back to me and tell me that having Snap-on on their credit helped them get approved for a car loan. I have had a couple of guys pay off their account early because they needed to bring their debt to income ratio down to get approved for a mortgage.

 

[FunkyfullWidth]

On a different note... Norcal, You couldn't pay some out of pocket and have the rest on a truck account? Or are you wanting to do this purely for the credit rating? Me personally... I've had a sears card for the better part of 10 years and used it to buy things when we moved into the house. Every once in a while i'll buy things at k-mart using the card too.

If it were me, for only 1600 i'd think about a bank loan. Lower interest and easier to make payments. I took out a few personal loans in my earlier years, but I had a co-signer. Which isn't always possible for people. Odd, for a personal loan of 3 g's or less I needed a co-sign due to not having the same job for 2 years or more. But I was approved for a 200k+ mortgage???

 

[Brownsfan]

It will NOT help his score at all. Period.

I think there is some confusion here. If the driver gives TRUCK credit then yes you are correct.

If financed through SNAP ON which is what it sounds like then you are 100% wrong.

 

[jim1987]

Well, not the first time I've been wrong lol

 

[GTA Matt]

You are WRONG. Period.

I have had numerous guys come back to me and tell me that having Snap-on on their credit helped them get approved for a car loan. I have had a couple of guys pay off their account early because they needed to bring their debt to income ratio down to get approved for a mortgage.

This. When I was 18, I bought a box on SO credit. Paid it off in 3 years. At 21, I was able to get approved for a new truck, and the finance guy even mentioned it was due to having my SO credit account. I had zero credit history up to that point. I've never heard of needing references, but I guess it could be something new they've implemented in the last several years?

 

[allinon72]

Just to interject with some credit info:

- On time payments don't "help" persay, but late payments definitely hurt.
- Getting a second credit card will help due to the fact that it increases your overall availability to credit (debt to credit ratio). Paying it off each month will maintain the highest ratio and thus help credit.
- Average age of credit history helps your credit score the higher it is. So establishing some credit now in the form of credit cards will help this metric a few years down the road.

 

[woodstockva]

My driver today told me I needed 3 references to get started with SO credit to get my KRSC43.. At 25 I still don't have any credit history. He was unsure as to whether I needed 2 personal and 1 family reference, or the other way around. Anybody know? This box is on special for just over 1600 bucks until next Tues.

They need 3 references so they know who to bug if you stop paying them. Between 2 relatives & a friend, someone will know how to get in touch with you when the bill collection agency starts calling.

FYI -- MOST places do not call these "references" to ask them anything, they just put it in the file so they can track you down if you stop paying.

Its the same thing as "emergency contacts" when you fill out forms at a doctors office.....its not for emergencies....its in case you skip out on paying.

For emergency contact, I ALWAYS put "911".

 

[wafrederick]

My brother Scott got screwed by Snap On Credit,he had to go to the bank taking out a loan putting his truck as collateral to pay it off.The dealer he had put him on it without being told.On top of the payments,you pay a $35.00 paperwork fee everytime.

 

[cheechi]

Credit that doesn't report payments can help you. It can also hurt you. Both are situational.

The number of open accounts has some impact on your credit score. not huge but it matters.

Having no balance reported doesn't help. having no ontime payments reported doesn't help. Neither hurts until they report you for being late. since it's not one out of 100 payments that's late, it's a pass/fail all or nothing. that's just a delinquent account and it hurts your score the maximum possible.

Depending on your individual situation, the above could combine to end up hurting or helping you some, or making no effect in the score itself. I have seen it happen in both possible outcomes with financing, although not specifically tool trucks, with many that are similar.

 

[chadster1]

On a different note... Norcal, You couldn't pay some out of pocket and have the rest on a truck account? Or are you wanting to do this purely for the credit rating? Me personally... I've had a sears card for the better part of 10 years and used it to buy things when we moved into the house. Every once in a while i'll buy things at k-mart using the card too.

If it were me, for only 1600 i'd think about a bank loan. Lower interest and easier to make payments. I took out a few personal loans in my earlier years, but I had a co-signer. Which isn't always possible for people. Odd, for a personal loan of 3 g's or less I needed a co-sign due to not having the same job for 2 years or more. But I was approved for a 200k+ mortgage???

A personal loan is not collateralized, a mortgage is.

 

[espyking83]

Do yourself a favor and pass on that box. Go to Harbor Freight, get anything that's painted red. Those things are pro quality and CHEAP.

As for your credit, get a secured credit card. Fill up your gas tank once a month with it. Pay it off in full when the bill comes. A couple of years later, you'll have really good credit.



I know what he's talking about. I had heard that they don't report your payments at all. They just show that you owe them money.

I don't know for sure, myself. I've always been a cash buyer on the truck.

I completely agree. Nothing wrong with a HF box, only the tools matter. Besides, you would be surprised about what you can find on Craigslist. I told myself that I would never own a Snap On box, with that money I would buy a motorcycle or something, then one day a buddy of mine asked me to ask around the hangar to see if anyone might want to buy his Taco Box. After two weeks of no takers, and with tax time around the corner, I realized that it was a sweet box and my buddy really needed the money. So I bought it. Just be patient man, soemthing will come around. Buy a vintage box and restore it, a lot of pleasure and saved money in that.

 

[espyking83]

You are WRONG. Period.

I have had numerous guys come back to me and tell me that having Snap-on on their credit helped them get approved for a car loan. I have had a couple of guys pay off their account early because they needed to bring their debt to income ratio down to get approved for a mortgage.

Snap On has never reported on my credit-good or bad.

 

[Steinmetz]

My driver today told me I needed 3 references to get started with SO credit to get my KRSC43.. At 25 I still don't have any credit history. He was unsure as to whether I needed 2 personal and 1 family reference, or the other way around. Anybody know? This box is on special for just over 1600 bucks until next Tues.

At 25, you ought to give serious thought to whether or not you want to owe your soul to the company store...

 

[Hiball]

Snap On has never reported on my credit-good or bad.

Are you referencing truck credit or Snap on credit?

 

[Kevin54]

My driver today told me I needed 3 references to get started with SO credit to get my KRSC43.. At 25 I still don't have any credit history. He was unsure as to whether I needed 2 personal and 1 family reference, or the other way around. Anybody know? This box is on special for just over 1600 bucks until next Tues.

Do you own your own house, do you own your own car, have you made payments on anything before this, do you have any loans at the bank?

If it were me, I'd go to the bank and take out a personal loan, and buy the box.

 

[Hiball]

Do you own your own house, do you own your own car, have you made payments on anything before this, do you have any loans at the bank?

If it were me, I'd go to the bank and take out a personal loan, and buy the box.

Post #1

My driver today told me I needed 3 references to get started with SO credit to get my KRSC43.. At 25 I still don't have any credit history. He was unsure as to whether I needed 2 personal and 1 family reference, or the other way around. Anybody know? This box is on special for just over 1600 bucks until next Tues.

Then again its plausible he has a vehicle/house that he purchased with cash or was a gift so he might have some untapped equity, then again we are talking about $1600 bucks, if that's the case I would think his finances would allow him to have some cash laying around.

 

[espyking83]

Are you referencing truck credit or Snap on credit?

Whoops. Truck credit, that may be the difference. My bad. Carry on.

 

[NorCalWrenchin]

Dang. Lots of good info and opinions.. I've never financed anything, I rent the house that I live in, and both my truck and my fiance's truck I bought with cash/worked off. The main reason I am wanting to buy this cart (krsc43) is my small KRBC10, the HF 5 drawer's size equivalent is stuffed to the gills and it's important to me to be able to have ALL my tools mobile. The bigger cart I think is something that will allow me to work in the shop, on the apron and in the parking lot (having the brakes and suspension ASE I seem to always get the massive agriculture trailers haha). I either make do for now, until I get taxes back in Feb which is when I usually do all my big purchases, or finance now, and pay X amount per week until Feb and pay it off... I know I can make the payments, so I was thinking that it wouldn't hurt to possibly build a little credit history along the way.

It's also going to be a finance through SO credit, not a truck account. My driver said he would 'co-sign' the loan for me? Is this normal? I have a truck account now, that I make a 50 dollar payment on every single week without fail... so maybe he likes me haha?

 

[NorCalWrenchin]

Your dealer needs the name address and phone number of 2 relatives and one friend. None of these references can live at the same address as you do.

Jim1987 is smoking some mighty fine stuff if he thinks a positive payment history does not build credit.

chadster, thank you. This is what I was after

 

[AndrewV]

Truck credit has no effect on credit(besides negative)
So credit line is diff. It's reported, and will reflect on the credit rating.

 

[rival904]

So much misinformation in here, sounds like alot of people need to check their credit more often.

SO has reported every month, on time for me, for all 3 bureaus

 

[Hiball]

So much misinformation in here, sounds like alot of people need to check their credit more often.

SO has reported every month, on time for me, for all 3 bureaus

I believe the membership was confusing truck credit versus Snap on Credit.

 

[ChevyEFI]

Just to interject with some credit info:

- On time payments don't "help" persay, but late payments definitely hurt.
. . .
- Average age of credit history helps your credit score the higher it is. So establishing some credit now in the form of credit cards will help this metric a few years down the road.

You are partially contradicting. A gradually reducing balance LOC helps.

I believe the membership was confusing truck credit versus Snap on Credit.

Right.

 

[rsanter]

For a tool cart...that's crazy money....
List my opinion, if you want it get it but I would rather buy a HF 41" toolbox to use as a tool cart so I had the top surface to work on or write on
The top wide drawer will act the same or better than the top bin on that thing

Bob

 

[Hiball]

For a tool cart...that's crazy money....
List my opinion, if you want it get it but I would rather buy a HF 41" toolbox to use as a tool cart so I had the top surface to work on or write on
The top wide drawer will act the same or better than the top bin on that thing

Bob

I don't want to get into a brand X versus Y debate because the OP didn't ask for suggestions, but I will say that Snap on cart is more than your typical cart, case and point it has about 30% more storage capacity versus the HF 41" box. If I wasn't so tight, I'd own that cart, but I haven't found a used one yet in my area.