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Smart Shopper Credit Scores and Vehicle Financing
941 messages, Last post on Dec 04, 2009 at 4:07 PM
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Replying to: lyndacarter (Jun 30, 2009 7:37 pm) 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). |
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Replying to: oldfarmer50 (Jul 01, 2009 3:37 am) LOL Too funny oldfarmer. |
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Replying to: grandtotal (Jun 30, 2009 10:19 am) 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! 
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Replying to: cadillacmike (Jul 01, 2009 9:31 am) Yes, but you have no idea how many before you refrained from making such a silly comment.  tidester, host SUVs and Smart Shopper |
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Replying to: oldfarmer50 (Jul 01, 2009 3:37 am) |
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Replying to: cadillacmike (Jul 01, 2009 9:45 am)  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.
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Replying to: cadillacmike (Jul 01, 2009 9:45 am) 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. |
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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? 
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Replying to: tazzi (Jul 01, 2009 4:33 pm) If not, the big banks may not accept you,regardless of your score. The captives probably would.
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Replying to: dtownfb (Jul 01, 2009 10:52 am)  But, partly as a result of not being able to spend any money out here (except on Canons from ebay) I have low or no interest on ccs and can get them all zeroed out by year end. Too bad the dealers won't take more than 3-4000 deposit via a cc (because of the bank fees), I could buy a NorthStar STS AND an XLR-V just with my available credit.
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