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Im in my twenties, im single, have health insurance and a retirement plan at work. Im gona try to enjoy life, and not kill myself my entire youth to pile up cash. Thanks for the advice tho.
I'm not going to be like the other guys and criticize your choice. You want to drive a hot car? Drive a hot car. However, I will criticize your way of going about it. You could have walked in there gotten the car nothing down and a ridiculously low interest rate. Instead you walked in unprepared figuring your 10K could bluff your way into a car. Based on your userid, my guess is you're in the military. That kind of planning and thinking in your day job gets your butt blowed up. You use checklists and op plans at work and you have to use them out of work as well. Head over to the rebuilding forum and see what you have to do to get your scores up in the shortest amount of time. More savings for a larger down payment aren't going to help as you will be paying way too much in interest and stripping out your cash reserves for emergencies. You also need to develop a plan to keep your credit from getting sloppy again.
A short list plan would include:
If you jump on this stuff now, I would put money on you having the car at a good interest rate in 6 months. And a score at least 100 points higher than it is today. An added benefit is if you need security clearances in the future, you won't need to spend months writing letters of explanation about why you screwed up or coming up with a big lump sum to clear up any open collections.
@Army275RGR wrote:Im in my twenties, im single, have health insurance and a retirement plan at work. Im gona try to enjoy life, and not kill myself my entire youth to pile up cash. Thanks for the advice tho.
You are right about the bluff. I will start to put your advice to work. Btw I used to be in the Army.
@Army275RGR wrote:You are right about the bluff. I will start to put your advice to work. Btw I used to be in the Army.
I used to have to go to the car dealerships with the lower enlisted in my squad so they didn't get taken advantage of by the "retired CSM" who ownes the small car dealereship and will "finance anybody."
I am fully aware that the Army (probably military in general) does not educate on the world of credit. Lucky for me, I had a squad leader when I first got to the 101st that taught me enough about credit so I would not hurt myself in the long run. The worst thing the Army does is the MILES program for first time car buyers. I think they were trying to push that on me at 18% even after I told them I was offered 6% from USAA.
Experian says that late payments, low credit limits, and debt to income and inquries are hurting my score. The late payments must be those CA that are refreshing old accounts am i right? im current on everything from last two years. Either way i paid them today so they can stop refreshing those accounts, i think thats bs if you ask me.
Did you get a PFD? If so, your score could easily jump 50 or 75 points. If you didn't they will continue to hurt your score.
@Army275RGR wrote:Experian says that late payments, low credit limits, and debt to income and inquries are hurting my score. The late payments must be those CA that are refreshing old accounts am i right? im current on everything from last two years. Either way i paid them today so they can stop refreshing those accounts, i think thats bs if you ask me.
Good point. If you are going to pay off a collection account you might as well negotiate in deletion. It just makes sense.
@Army275RGR wrote:Lots of missed payments, collections...etc...etc loans and credit cards. What a person with a 561(according to experian) would have. I literally own everything I have except my truck because of my irresponsibility. I have ONE credit card and it's a secured card from wells fargo with a 300 limit. Its paid off right now. I was trying to buy a 2014 SRT 8 Challenger btw. Great car, awesome power.....but I cant have it. Boy it sucks having a terrible history of credit, i really feel this system is in need of an update to reflect a persons true capacity to pay off a loan.
Reflect the true capacity? It does reflect the true capacity... You missed payments, Got sent to collections, etc. That's your "true capacity".