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Regular Contributor
Posts: 146
Registered: ‎04-08-2008
0 Kudos

Got approved for a 42 month loan from members exchange..

Ok this is awful but I am going to pay it off pretty quick within 2 years I hope.. I may refinace ... Sale price of vehivle total tax an all 9985.00  Financed thru members exchange 42 months payments of 310.00 a month must be drafted from my checking account.. No money down.. Looks like 15% or so Score they pulled was 632 TU but said it was due to not enough revolving credit accounts..
So in 42 months I will pay  13020.00
But there is no penalty for early pay off and once I am 12 months in the good I will have the option to refinance the full remaining balance at a better rate as long as my scores stay the same or greater ..
We all got to start back somewhere...
My credit scores are killing me slowly at 640, 672 and 663 I am moving up a little bit ..
Regular Contributor
Posts: 146
Registered: ‎04-08-2008
0 Kudos

Re: Got approved for a 42 month loan from members exchange..

Just wondering if they are pulling a bank draft out of my account is this still reporting good on my CRA's.. So if they draw out 12 months worth of payments of 310.00 a month,with no problems and I pay my cap one card down to about 12% ... CL 1500  ( Is this going to help my scores) Also in October I have to come up with 900.00 for the IRS.. and also in the same month my sallie mae comes out of deferment so that will be 121.00 a month.. So I start paying on it.. It looks like I need to work out a budget to make this work..
Looks Like
400.00 rent
131.00 month IRS Arangment
128.00 month 2 auto insurance
80.00 month cellphone
75.00 month Internet and home phone
310.00 truck note
65.00 Direct Tv
25.00 month cap one payment
135.00 ELEC
1349.00 a month
My credit scores are killing me slowly at 640, 672 and 663 I am moving up a little bit ..
Posts: 6
Registered: ‎06-06-2008
0 Kudos

Re: Got approved for a 42 month loan from members exchange..

I have my car payment deducted every week out of my checking account. My auto loan is through Credit Acceptance which will approve anyone, since they approved me a year ago (18% int.) with scores in the low 400s Im sure at the time. My payments are showing up on TU and EX only, but they are showing paid-on time-"ok". I believe your will be reported as well. Its up to the finance company as with any loan or cc, I would assume.
Now that my scores are getting better, Im looking to get a new car or at the very least refincance.
Quite literally obsessed with getting my score up!
I do check it every day...
FAKO SCORES: 6/09/08-TU 583-EX 575-EQ 621

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