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Credit Scores and Vehicle Financing

929 messages,  Last post on Jul 04, 2009 at 1:02 PM

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#920 of 929 Re: Finance Rate Question - 645 credit score - where to finance? [kyfdx] by dtownfb Jul 01, 2009 (7:37 am)
Replying to: kyfdx (Jul 01, 2009 4:25 am) Your situation is like mine and probably millions of others. I finally sat down and did a budget 2 months ago because i knew I needed to replace my car soon. We included EVERYTHING. I was stunned at how much money I was supposed to have extra each month. It's those daily decision we make like getting a cup of coffee out, going out for lunch instead of packing, impulse buying at the grocery store, etc.   i think the OP should be fine if she cleans up those collections.
#921 of 929 Re: more info [lyndacarter] by dtownfb Jul 01, 2009 (7:48 am)
Replying to: lyndacarter (Jun 30, 2009 8:37 pm) it seems like you have the credit card situation under control or soon to be under control. And that is a huge accomplishment. But don't expect a huge jump from paying the credit cards off.   but as others have suggested, you have to address those collections. That is keeping your credit score down and causing you not to qualify for the lower interest rate. i would make this a priority.   Like oldfarmer said, why keep them if you don't need them. Keep your oldest or maybe the one with the lowest interest rate or the one that actually treats you like a human (most likely your credit union).
#922 of 929 Re: more info [oldfarmer50] by verdugo Jul 01, 2009 (7:58 am)
Replying to: oldfarmer50 (Jul 01, 2009 4:37 am) Also lyndacarter I just have to say, I loved you in 'Wonder Woman'.   LOL Too funny oldfarmer.
#923 of 929 Re: Finance Rate Question - 645 credit score - where to finance? [grandtotal] by cadillacmike Jul 01, 2009 (10:31 am)
Replying to: grandtotal (Jun 30, 2009 11:19 am) dammm you beat me to it!   Pay the highest rate off first. It's costing you the most.   I would not use capitol one for ANY type of loan, they are among the worst. Let's see a few years back (and some things have changed) I bought a 5 year old car with oveer 30,000 in CC debt, but hadn't had a late payment forever and have / had no collections, etc and score was arounf 770. 4.7% from essentially my "credit union" i.e.USAA's bank. Took anoter loan out six months later, 4.5% same bank. Check w/ your credit union.   The CC banks, they can't close EVERY "fragile account" then they'd have no income. Chase did close one on my wife - but we hadn't used it in 4 or 5 years. We had no reason to, I had then sucked into a zero percent until it 's paid off transfer on one of my accounts - and they keep sending me "offers" no thanks that will negate the 0% benefit! Replies to this message: tidester (Jul 01, 2009 10:43 am)
#924 of 929 Re: Finance Rate Question - 645 credit score - where to finance? [cadillacmike] by tidester HOST Jul 01, 2009 (10:43 am)
Replying to: cadillacmike (Jul 01, 2009 10:31 am) dammm you beat me to it!   Yes, but you have no idea how many before you refrained from making such a silly comment.   tidester, host SUVs and Smart Shopper
#925 of 929 Re: more info [oldfarmer50] by cadillacmike Jul 01, 2009 (10:45 am)
Replying to: oldfarmer50 (Jul 01, 2009 4:37 am) We have over 8 cards and my wife's score is right up there with yours at 788. (mine is lower at 770 because i "own" the two with the highest balance). It's not the number of cards, it how you use them. I haven't paid more than 4% APR in CC balances since November. With more than one card you can work them for interest free loans. and use your money for other things like the 10% US gov't guaranteed rate on some money i deposited when i got sent here to afghan. If i used that to pay off two cards, i would have saved 4% (or zero%) but lost 10% - thanks but no thanks. Replies to this message: dtownfb (Jul 01, 2009 11:52 am) oldfarmer50 (Jul 01, 2009 4:55 pm)
#926 of 929 Re: more info [cadillacmike] by dtownfb Jul 01, 2009 (11:52 am)
Replying to: cadillacmike (Jul 01, 2009 10:45 am) i want to be like Mike!   I think it depends on how far you are in debt. If you are way over your head, get those little victories by paying off the smallest debt can keep you going. Again mathematically, you all are absolutely correct. But sometimes it's more than crunching numbers.   Stay safe.
#927 of 929 Re: more info [cadillacmike] by oldfarmer50 Jul 01, 2009 (4:55 pm)
Replying to: cadillacmike (Jul 01, 2009 10:45 am) "...It's not the number of cards, it how you use them..."   True, but I believe the credit raters also look at your available credit vs. your income as part of the calculation. If you have 8 credit cards with $5K of available credit they may ding you just because you "might" run up $40K in debt.   Better to get rid of the ones you don't need...less temptation.
#928 of 929 Car Loans by tazzi Jul 01, 2009 (5:33 pm)
I have a question regarding credit scores and car loan criteria. I checked my 3 credit scores and they range from 745 to 770 but I really don't have any major loan history. I have one active credit card with a modest balance. I closed the other two cards I had a few years ago - I just wanted one to deal with.   So, I'm thinking my scores are good but will the lack of other major items on my credit report be a bad thing? Or should I qualify for the low interest loans? Replies to this message: volvomax (Jul 04, 2009 1:02 pm)
#929 of 929 Re: Car Loans [tazzi] by volvomax Jul 04, 2009 (1:02 pm)
Replying to: tazzi (Jul 01, 2009 5:33 pm) It depends, have you had a car loan before? If not, the big banks may not accept you,regardless of your score. The captives probably would.

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