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How to Advance

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Cookie2120987
Frequent Contributor

How to Advance

First off, Hello everybody! It's been quite a while now since I posted, I have been busy with work and such along with divorce preceedings. So now I have a question and a predictment. As of today, before a 255 payment my car had 3200 left on it and I'm paying nearly all principle now, which means it should be done to almost 3k, come February I plan to trade it in, it will cost more to repair it than what it would be worth for it so come tax season it's time to get a better vechile. Cut and dry right? Nope... my wife went and abounded my van on a car lot, lovely right? Well when you believe bankruptcy can and will fix everything on your end why care right? Back to it. I paid $700 to get it out of being impounded, and than volountinary had it repossed, it says that on my report. Still dropped me 60 points (or transunion which dropped 114) and it's at that with 4 months now. One of my reports has it being a month late, when it was NOT, the other two are clear. My average score will even out to a 655 now. Sad Smiley Sad I had my score around 720 before the repo hit. Here ia my idea..My father's scores are between 725 to 750. His income is only 20,000 while mine is $35,000. Should I attempt to have him cosign in hopes to lower the rate on a newer vechile? Or should I attempt to cosign for him to help with income and a "set" job. The only thing I worry about is he's paying back the IRS $100 a month on a set plan. It was mentioned to me in a previous post as long as he pays the IRS won't care to bat a eye. And advice for advancing? I still have hopefully 2 more moths unless my car just gives up. Smiley Sad
Message 1 of 8
7 REPLIES 7
Cookie2120987
Frequent Contributor

Re: How to Advance

Edit, I am paying $75 a month by myself paying for the other vechile which was refinanced the remaining balance after it was sold, I am also going after my wife for the $700 she cost me, (luckily saved evidence that she said it was given back to the bank) as well as my lawyer looking into the fact she refuses to pay a dime on it a month. And of course, child support. Since I am a single dad. BUT child support of course goes towards the children, even though it would help me catch up and pay my other bills. This post is a little confusing but it hit me writing ir because I worked hard for 3 years to rebuild... I have over $65,000 in credit and my student loans are down to $7900 for over $20,000 and my CC debt is down to around $6,000. I put in so much work for this day to come and be able to get a new veChile and in a instant a few months ago that was ruined
Message 2 of 8
Anonymous
Not applicable

Re: How to Advance

Complicated situation that is for sure but you have some good things going for you.  Overall your credit is pretty good so if you get the right lender I think you will still be ok but will get hit for higher interest.  I suggest joining a credit union and establishing a relationship.  I would dispute the inaccuracy on the other car payment being late. 

Message 3 of 8
Cookie2120987
Frequent Contributor

Re: How to Advance

Anyone else have any more advice? Capitol one can be "eh" rates so far and I have cut my price down to a few good vechile around 10,000 to 12,500. 15% is a killer intrest rate for my scores being. Killer me, my father got a 3.5% pre-approval Smiley Sad
Message 4 of 8
cartwrna
Valued Contributor

Re: How to Advance

That Cap 1 pre-qualifier is no good, they gave me rates from 6.49-10%! My wife's car I financed for her at 1.49%, my truck is at 3%, and my motorcycle is at 3%. Capital one is good at one thing, credit cards LOL
Don’t take your credit for granted, use it with care! These days, catch me in the bankruptcy forum!?
Message 5 of 8
cartwrna
Valued Contributor

Re: How to Advance

Those rates are by scores of 650-690. Not the 700s in my signature btw. Car is through DCU, truck BMO Harris, and my motorcycle is through my local CU.
Don’t take your credit for granted, use it with care! These days, catch me in the bankruptcy forum!?
Message 6 of 8
cartwrna
Valued Contributor

Re: How to Advance

As far as the "voluntary" repossession, it will still be looked at negatively by possible creditors. They look at your ability to repay, and if they see a repossession that looks as if you were unable to handle that finance. Talk with a few credit unions, explain your credit situation, don't let them pull credit until you've gone over it and they assure you it will be ok. Give them your FICO scores and explain your report and they will be able to let you know if they can help and if so an estimate of your APR.
Don’t take your credit for granted, use it with care! These days, catch me in the bankruptcy forum!?
Message 7 of 8
Cookie2120987
Frequent Contributor

Re: How to Advance


@cartwrna wrote:
As far as the "voluntary" repossession, it will still be looked at negatively by possible creditors. They look at your ability to repay, and if they see a repossession that looks as if you were unable to handle that finance. Talk with a few credit unions, explain your credit situation, don't let them pull credit until you've gone over it and they assure you it will be ok. Give them your FICO scores and explain your report and they will be able to let you know if they can help and if so an estimate of your APR.

Thank you by the way, I've been kinda df thrown for A loop here and been working to much to think straight, I also have the wife trying to get me to commit tax fraud because she only wants a quick dollar, pathetic.

 

my plan is to contact the Cu I am already with tomorrow for the auto loan, it sucks even more that the BEST CU within about 50 miles is the one she decided to try to screw me with, but since I already have the loan and refinanced it I may be able to put my foot in.. I've also been with my bank for almost 7 years so that may help me there, I also may try Digital because they still loan to other with mediocre credit.

 

thanks for you advice!

Message 8 of 8
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