I've become a victim of Spot Delivery Scam.
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Originally Posted By: Alfred_B
Come for an advice, get ridiculed by self-righteous people. That's how it works sometimes.
Yep, that's why people with 574 fico's usually keep quiet and end up getting reamed at the dealer because most dealers know that people are usually embarrassed to have a score that low and they know that they won't shop around much so they can jack the rate as high as they like.
As for the guy with the 4.6% rate, again, it's just about shopping around. Penfed has 2.75% on a 6 year loan on a new car and 3.5% on a used one. No reason to pay 4.6%, refinance now. If you shop around more, you might even find a lower rate, but Penfed is always a good place go for rates, they usually have some of the lowest around. Meanwhile the OP was stuck with paying 10%, that's an extra 7.25% because he's a deadbeat. If we figured out the purchase price and term, we'd probably figure out exactly how much extra he's paying because he's a deadbeat and the rest of us would know what the exact cost of being a deadbeat is.
For example, at 30k at 6 years, total interest at 10% is $10,015.53, at 2.75%, it's $2,577.31. Difference of $7,438.52. The question is, is it more profitable to be a deadbeat or to pay your bills on time? I guess if you have charge offs greater than 7k, then maybe it was worth it money wise, but you still get ridiculed by random people on the internet.
Come for an advice, get ridiculed by self-righteous people. That's how it works sometimes.
Yep, that's why people with 574 fico's usually keep quiet and end up getting reamed at the dealer because most dealers know that people are usually embarrassed to have a score that low and they know that they won't shop around much so they can jack the rate as high as they like.
As for the guy with the 4.6% rate, again, it's just about shopping around. Penfed has 2.75% on a 6 year loan on a new car and 3.5% on a used one. No reason to pay 4.6%, refinance now. If you shop around more, you might even find a lower rate, but Penfed is always a good place go for rates, they usually have some of the lowest around. Meanwhile the OP was stuck with paying 10%, that's an extra 7.25% because he's a deadbeat. If we figured out the purchase price and term, we'd probably figure out exactly how much extra he's paying because he's a deadbeat and the rest of us would know what the exact cost of being a deadbeat is.
For example, at 30k at 6 years, total interest at 10% is $10,015.53, at 2.75%, it's $2,577.31. Difference of $7,438.52. The question is, is it more profitable to be a deadbeat or to pay your bills on time? I guess if you have charge offs greater than 7k, then maybe it was worth it money wise, but you still get ridiculed by random people on the internet.
Originally Posted By: exranger06
LOL, I don't think this thread went the way the OP intended.
Actually, reading some of his other threads, I'm certain that this one goes exactly the way he wanted it to go.
LOL, I don't think this thread went the way the OP intended.
Actually, reading some of his other threads, I'm certain that this one goes exactly the way he wanted it to go.
Originally Posted By: Alfred_B
Come for an advice, get ridiculed by self-righteous [censored]. That's how it works sometimes.
Except that he really didn't come here for advice; he came here for sympathy and commiseration- and to vent about how a poor downtrodden little guy was getting victimized by The Man. The thing is, not many people feel all that sorry for someone with a 574 FICO score and a two year Mazda 3 who then complains that he can't find easy credit so he can go buy a brand new Accord. Especially when the OP refers to himself as a "victim" from the get-go.
Come for an advice, get ridiculed by self-righteous [censored]. That's how it works sometimes.
Except that he really didn't come here for advice; he came here for sympathy and commiseration- and to vent about how a poor downtrodden little guy was getting victimized by The Man. The thing is, not many people feel all that sorry for someone with a 574 FICO score and a two year Mazda 3 who then complains that he can't find easy credit so he can go buy a brand new Accord. Especially when the OP refers to himself as a "victim" from the get-go.
Originally Posted By: MCompact
Originally Posted By: Alfred_B
Come for an advice, get ridiculed by self-righteous [censored]. That's how it works sometimes.
Except that he really didn't come here for advice; he came here for sympathy and commiseration- and to vent about how a poor downtrodden little guy was getting victimized by The Man. The thing is, not many people feel all that sorry for someone with a 574 FICO score and a two year Mazda 3 who then complains that he can't find easy credit so he can go buy a brand new Accord. Especially when the OP refers to himself as a "victim" from the get-go.
this.^^
we all do dumb things, from time to time, and, signing a car loan at 10% is dumb.but, we should not blame another, when we do something dumb. live and learn, I guess.
I wonder if Alfred b.(from the above post) is the o.p.'s grandpa ?
Originally Posted By: Alfred_B
Come for an advice, get ridiculed by self-righteous [censored]. That's how it works sometimes.
Except that he really didn't come here for advice; he came here for sympathy and commiseration- and to vent about how a poor downtrodden little guy was getting victimized by The Man. The thing is, not many people feel all that sorry for someone with a 574 FICO score and a two year Mazda 3 who then complains that he can't find easy credit so he can go buy a brand new Accord. Especially when the OP refers to himself as a "victim" from the get-go.
this.^^
we all do dumb things, from time to time, and, signing a car loan at 10% is dumb.but, we should not blame another, when we do something dumb. live and learn, I guess.
I wonder if Alfred b.(from the above post) is the o.p.'s grandpa ?
Originally Posted By: Alfred_B
When you learn the circumstances behind things, it is usually what you never thought of.
Don't judge lest be judged yourself.
Hey, he's the one who posted his predicament here. I seriously doubt that anyone forced him to do it.
A two year old Mazda 3 trade in? Oh, that's right. I'm driving an 11 year old pickup, but I'd never trade my credit score for his, either.
When you learn the circumstances behind things, it is usually what you never thought of.
Don't judge lest be judged yourself.
Hey, he's the one who posted his predicament here. I seriously doubt that anyone forced him to do it.
A two year old Mazda 3 trade in? Oh, that's right. I'm driving an 11 year old pickup, but I'd never trade my credit score for his, either.
Originally Posted By: Ben Boyle
"No installment loan information".
This is it....you have to build a history of paying bills regularly on time....and a few different cards' records, and even financing cheap used car is all it takes over a few years to build a decent credit #.
"No installment loan information".
This is it....you have to build a history of paying bills regularly on time....and a few different cards' records, and even financing cheap used car is all it takes over a few years to build a decent credit #.
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My credit union offered 0.79% for members with FICO above 800, between 700-800 interest rate went up to 1.29%, but this offer was valid for only the month of December 2015.
I have 3 credit cards including one I probably easily put $2k on a month that I pay in full. I've never paid a cent of interest in my life on anything, I have no student loans, and pay all my bills on time and have a credit score of 780. Compared to have the people in this world I'd say I have it together.
Originally Posted By: KitaCam
Originally Posted By: Ben Boyle
"No installment loan information".
This is it....you have to build a history of paying bills regularly on time....and a few different cards' records, and even financing cheap used car is all it takes over a few years to build a decent credit #.
Originally Posted By: KitaCam
Originally Posted By: Ben Boyle
"No installment loan information".
This is it....you have to build a history of paying bills regularly on time....and a few different cards' records, and even financing cheap used car is all it takes over a few years to build a decent credit #.
Originally Posted By: Ben Boyle
I have 3 credit cards including one I probably easily put $2k on a month that I pay in full. I've never paid a cent of interest in my life on anything, I have no student loans, and pay all my bills on time and have a credit score of 780. Compared to have the people in this world I'd say I have it together.
12-13 years ago I refinanced my home loan, the mortgage broker told me that all his 10+ years in mortgage loan he only saw 1 person had 849 out of maximum 850, I had the second highest at 845. Currently(a month ago) mine is 824 which isn't bad.
I have 3 credit cards including one I probably easily put $2k on a month that I pay in full. I've never paid a cent of interest in my life on anything, I have no student loans, and pay all my bills on time and have a credit score of 780. Compared to have the people in this world I'd say I have it together.
12-13 years ago I refinanced my home loan, the mortgage broker told me that all his 10+ years in mortgage loan he only saw 1 person had 849 out of maximum 850, I had the second highest at 845. Currently(a month ago) mine is 824 which isn't bad.
I don't dispute that other people have better credit scores than me. But since, until the last month, I've never taken on more than I could pay off within a few weeks that makes me a more acceptable credit risk than somebody who has had stuff repo'd and the rest. I own 9 cars and all of them run! The fact that I can do this without racking up debt and interest must be worth something!
I'm glad the thread took the direction it did, there's people with common sense here. I work with people who have the OP's mind set, they always complain about their financial situation then when you confront them about it they're quick to say " If I don't enjoy my life now, when am I going to enjoy it.... when I'm 70 ?"
Originally Posted By: Ben Boyle
I don't dispute that other people have better credit scores than me. But since, until the last month, I've never taken on more than I could pay off within a few weeks that makes me a more acceptable credit risk than somebody who has had stuff repo'd and the rest. I own 9 cars and all of them run! The fact that I can do this without racking up debt and interest must be worth something!
Your credit is fine with a 780.
Your score will go up as you successfully pay off your car loan.
You might want to study up on how FICO scores are calculated and how ratios of debt to available credit play into the calculation.
Sounds like you are ahead of the game.
I don't dispute that other people have better credit scores than me. But since, until the last month, I've never taken on more than I could pay off within a few weeks that makes me a more acceptable credit risk than somebody who has had stuff repo'd and the rest. I own 9 cars and all of them run! The fact that I can do this without racking up debt and interest must be worth something!
Your credit is fine with a 780.
Your score will go up as you successfully pay off your car loan.
You might want to study up on how FICO scores are calculated and how ratios of debt to available credit play into the calculation.
Sounds like you are ahead of the game.
I think the OP has left the room.
Originally Posted By: laserred96gt
I'm glad the thread took the direction it did, there's people with common sense here. I work with people who have the OP's mind set, they always complain about their financial situation then when you confront them about it they're quick to say " If I don't enjoy my life now, when am I going to enjoy it when I'm 70 ?"
I get the point of that mentality - my Mom died well before 70 and by then your health may not be the best so you can't enjoy it. But it's enjoying your life within your means. Maybe not the new car every few years but a new car every 6-10. Or a nicer used one. Not the McMansion but a decent house. Instead of $200 Jordans a $70 pair of Nikes, etc.
Save now, be done at 55 or 60 and then enjoy it. We live in a time where it's only going to get better.
I'm glad the thread took the direction it did, there's people with common sense here. I work with people who have the OP's mind set, they always complain about their financial situation then when you confront them about it they're quick to say " If I don't enjoy my life now, when am I going to enjoy it when I'm 70 ?"
I get the point of that mentality - my Mom died well before 70 and by then your health may not be the best so you can't enjoy it. But it's enjoying your life within your means. Maybe not the new car every few years but a new car every 6-10. Or a nicer used one. Not the McMansion but a decent house. Instead of $200 Jordans a $70 pair of Nikes, etc.
Save now, be done at 55 or 60 and then enjoy it. We live in a time where it's only going to get better.
Originally Posted By: Tdbo
Your credit is fine with a 780.
Your score will go up as you successfully pay off your car loan.
You might want to study up on how FICO scores are calculated and how ratios of debt to available credit play into the calculation.
Sounds like you are ahead of the game.
I knew how FICO are calculated I then play their games.
I had more than a dozen credit cards with more than $300,000 credit limit. I used 2-3 cards a month, then another 2-3 cards next month then another 2-3 cards the month after. I always paid off the balance each month. I also had mortgage and never late, and some car loans that I paid off within 2-3 months.
I was surprise that my FICO score was that high, I expected it was around 780-820 not 845.
One good thing with 800+ is interest rate for any loan is lowest possible from any lender.
Your credit is fine with a 780.
Your score will go up as you successfully pay off your car loan.
You might want to study up on how FICO scores are calculated and how ratios of debt to available credit play into the calculation.
Sounds like you are ahead of the game.
I knew how FICO are calculated I then play their games.
I had more than a dozen credit cards with more than $300,000 credit limit. I used 2-3 cards a month, then another 2-3 cards next month then another 2-3 cards the month after. I always paid off the balance each month. I also had mortgage and never late, and some car loans that I paid off within 2-3 months.
I was surprise that my FICO score was that high, I expected it was around 780-820 not 845.
One good thing with 800+ is interest rate for any loan is lowest possible from any lender.
800+ is my goal, at 745 right now.
A year ago I was under 700 so vOv
A year ago I was under 700 so vOv
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