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Posts Tagged ‘car loan’

I was the typical college kid with credit card debt. I fell behind, and eventually it all went to collections, which wrecked my perfect credit. I recently inherited money, and paid off my collection debt, leaving my car loan and Student Loan, but I want to buy a house this time next year, and perhaps buy a newer car at a better APR. I make a good salary for 25 yr old. What can I do to raise my credit score now to prepare myself? Should I get another credit card, and if so what is a good credit card to open? I feel like I have a scarlet letter on my chest!!

I will soon be receiving approx 200K. I have very little debt in the way of credit cards, and one small 0% interest account if we pay it off within 2 years, which is no problem. I took money out of 401K to buy a car, which I pay myself back at 10% rate, I have a mortgage, and my son has about 60K in student loans… with another daughter getting ready to enter college, and 2 siblings behind her (15 and 6).

Do I take this money and pay off the mortage (150K)? Do I pay off the school loans for my son (60K?). Do I pay off the car loan in the 401K(30K)? Do I do none of these and take my dream trip to Ireland and invest the rest? I would love to own a vacation home some day… do I just invest everything… or is it better to free up our monthly expenses and start saving on our own again?

I have 00 in savings. I have a credit card that has 00 on it.

I just bought a house and believe I am living simply and within my means. After all mortgage payments, car loan, student loans, and the above mentioned credit card, I have about 5 for the month.

If I consider electric and phone/internet that’s about 0. Leaving me with 5 for gas and groceries. Sewer and water bill are negligible.

The credit card has a minimum payment of about monthly.

I’m most comfortable having the least amount in monthly expenditures.

Would it be wise to just pay off the credit card with the money from savings and free up that each month? I’d then have about 00 in savings and would hopefully be able to save a little bit each month, but my monthly expenditures would be less.

Advice appreciated.

I have 10grand in credit card debt, plus about 25grand in car loan debt. I have heard that debt consolidation is actually worse for your credit than bankruptcy, is this true?

I am currently a little over ,000 in debt, not including my car loan. I am planning to move to a new city at the beginning of 2009 and am trying to get myself out of debt. I went to Care One Credit and applied to use their services without looking into their company. I have since found out using this service can hurt my credit. I have been a member of this service for about a week now, and am starting to get notices saying my credit cards are being revoked. I have never been late on a payment and I was just wanting to get out of debt quicker and get lower interest rates. Should I get with care one and cancel the service, and speak to my credit card companies on my own, or is it too late to stop this from hurting my credit?

I want to start putting funds in a saving account but I have heard that the best way to increase your score is get a significant loan, such as a car loan, and start servicing that debt. Your advice would be helpful.

I apologize this is going to be a long one.
Past May I lost my job and was not able to get unemployment. I abandoned my apartment since I was very honest and informed my landlord I don’t think they ever filed anything against me, haven’t seen anything on my credit report yet. Anyways I was well off in my job, had 4 credit cards, a car loan and a loan for my furniture set. All of these had never had a late payment, my credit score was at 720 something. Obviously afterwards everything except my car loan is now at least 180 days overdue, all but 2 of the cards are in collections. About ,000 in debt and I owe my dad ,000. I owe my dad ,000 because he drove out and helped me move back across country with all of my stuff since I had no place to live. Well, I took a phlebotomy class and after 3 months of applying the only place that was offering me a job was back in my original state so I packed my car up and I am living rent free with my long time boyfriend who I had moved away from… I hope that wasn’t confusing. So I’m out where I began, all of my furniture that I owe 00 on is 1000 miles away. I’m only making 00 a month. I have 00 in credit card debt. I’m trying to pay off this debt and I’m wondering the best way to go about this while keeping my credit score in mind. Since May it has dropped down to 516. I’ve thought about filing for bankruptcy but I think that would be a bigger scar on my credit. Also I think it’s a moral issue, I made this debt and it’s my responsibility. I’ve thought about trading in or selling my car, but even if I did I’d still be paying on it since it would resell for so much less. I’ve also thought about selling my furniture but I don’t think I would get that much money from it. It’s all in my parents basement not getting any use and I’d love to have it out here but from what I’ve found it costs a lot of money to transport it across the country. So does anyone have any advice?
The credit cards were cut up as soon as I lost my job, all of my extra money is going towards the debt. I am not spending on anything extra at all.

I did the old "get a credit card and go nuts" thing in college. Now, I have just recently come upon some money and paid off all of my debts. I am driving a car that is ready to fall apart and in desperate need of a new one. I just want to know if anyone knows of any way I can help repair my credit so that I do not have a 500% interest rate on a car loan (If anyone will even give me one!).

I had car loan 7 months now I can refinance at a lower rate.
But still paying 13%. I want to rebuild my credit.
The new loan I will take I had planed to payoff car in 6 months.
Balance is 15,000 but I put 5,000 down and had planed to pay 1,500 to 3,000 a month to get paid off to aviod the big interest charges.

Bank said I should not pay off so fast may look bad on credit report if take loan of 10,000 and pay off within 6 months.
I was told pay loan down to a few thousand and then just pay normal payment of 250 a month to show on time payments.
But the interest charges make me sick. I want to build credit but at same time not pay sub prime interest. What is best route to pay off with helping credit too.
Once paid off car loan only other revolving acct is a credit card.
I listen to Dave Ramsey and cant wait to be Debt Free.
Should I pay off within 6 months?

That’s the big question. We’ve been dating for almost 18 months. Currently on a long distance relationship (450km apart). She has an average of CAD 45,000 in debt (student loan, car loan). And she is pretty much living pay check after pay check. Has no money do to anything else. But she has a nice provincial job.
I have zero debt, around CAD20,000 in savings, a federal job and I am planing to save around CAD12,000 per year in the next two years for a down payment in a house.
At the current pace, it would take her an average of 3 years (if not more) to be debt free. Then she would be able to start saving money.
Should I pursue this relationship or should I find someone who is in the same page financially? We’ve been talking about moving in together in the same city I live, but this means a lot of sacrifices. We can’t even go to a concert because she has no money left. And it will always be like that. So no house before 2013 (or 2014) best case scenario.
I really need some serious advice. Thanks!