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

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Anonymous
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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...
Message 1 of 3
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Anonymous
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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
TOTAL SO FAR UNTIL OCT THEN ADD SALLIE MAE
 
Message 2 of 3
Anonymous
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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.
Message 3 of 3
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