09-26-2012 01:58 PM
First time posting over here.... I still have a lot of baddies on my report (normally I stick to the repairing board).
However, I have had my Auto Loan with Crescent Bank & Trust (super sub-prime-bought out North Amer Fin after I had the loan for 4 months)
since January of this year, 2012.
I REALLY want to refi. I just don't know where would be willing. I was going to try Cap One, but FAQ says they require $7500 or more left on the note.
I have about $6500 left to pay off, monthly payment $313 and 2 years exactly until the last month's payment with CB&T. I have NO late marks on my CR from this loan of 9 months.
I do have charge offs and judgments I am trying to work on and pay but probably won't be fixed until tax time because of $$$ restraints?
Do I have a chance????? And if so, where?!?! THANKS!
09-26-2012 05:19 PM
Hi there. I think we've met. Do you belong to a CU? Do you have a local bank you use? I had 2 loans with Santander. Yeah,, I said that. This was last year, had cleaned up my report some, not sparkling and got a mortgage. Loan officer said, "come back in a month and let's get rid of those high interest car loans". And she sure did.
So what I'm trying to say is that if you have a working relationship with an institution it may work out better.
BTW... she now calls me once a month and asks me if I need any money.
09-26-2012 07:24 PM
I don't!! I bank with wells fargo (hate it... I know, but I used to work for wachovia before/during the merge and I am on chex bc of old joint account that doesn't fall off till next year. and the CUs around here that don't do chex seem to have strict score restrics ) And yes... you seem quite familiar... but I can't figure out why!!!
Well I had a repo in 2007-2008 ish... that was with Santander (It was originally drive financial... I guess they bought my loan or something after the fact...)
And then I have these past 9 months of on time car payments with another sub prime.
I guess I am hoping that the newer on time payments will be "worth" more than the repo that is 4-5 years old. due to fall off march 15.
I am also just wondering if I should just try to trade in my car and get a new one with a lower rate if I can't refi??! If so I wonder how much DPayment I'd need?! Sigh.
09-27-2012 07:26 AM
This sounds eerily similar to my situation, but with different creditors. I have been making payments on one of my vehicles for a year, through a buy here pay here place. I got screwed with a 30% interest rate and I put $4200 down. The car was about $10k, and I owe about $6400. I call every month to find out the balance and I swear it moves a dollar each month! My payment is $308. Well I just joined a local CU, and I applied for a cc but they are sort of counteroffering with a refi on my car instead. I said GREAAATTT! They said their interest rate wont be more than 18%, which is a dream for me! My other car is 25% interest. But the one with higher interest isnt reporting to my credit, so it will once I get it refinanced. I will find out the details today, but I am very thankful! They said after about 6 months of making on time payments, they will likely offer me a credit card. They also have a great homebuyers program for people with crappy credit like me! So, there is hope out there. I was also on chex systems, but the account that was reporting unpaid was actually included in my BK. So I had to fax Chex a copy of my discharge papers, and it was removed immediately. Good luck!
09-27-2012 08:17 AM
That sucks! I tried one of those places right before I got the car I have now and the car crapped out in 13 days!!! I was out a thousand bucks! BUT I am sooo thankful that it didn't ever report to my credit. I am still thinking about going back and suing them for the $1000 and damages as well! Haven't sought legal advice though yet I was more concerned with getting another car.
Did the CU approve you before you were out of Chex? I am hoping to still possibly get through because I know that there are some that will let you... but my score's not over 600 yet! It's like a never ending battle it seems. Congrats on your refi though! That is awesome about the cc too!
09-27-2012 08:28 AM
That happened to me with my very first car! The clutch went out twice in the first month, I didn't even make my first payment, they took my old car(given to me as a gift when my grandma died) as a down payment. And then they blamed me for "not knowing how to drive a stick" Well I let them come pick it up, and was under the impression that a voluntary return was not a repo. They told me it would be fine. Lies. They took me to court, sued me, garnished my wages, i had to file BK, blah blah! They are history though.
I initially applied through the CU for a cc. They denied me. Two weeks later, I decided to try and open an account with them, so I went to the branch. The guy was incredibly friendly and understanding. That was the same day I had faxed Chex my discharge papers, and he checked it and said that us bank wasn't reporting on there, so they got it removed rather quickly. He approved me for the account, and then I asked him to reconsider the cc app. We went over my credit report, and I explained every single thing to him. He took notes, and said they like to call it "colorful credit" and he said he would see what he could do. Monday he called me and told me that instead of the cc, they would like to try the refi first. He just called me and said I was approved for the refi, at 12% interest, and $200 a month! I am relieved!
09-27-2012 08:34 AM
wow!!! that is awesome!!! I think I will go apply at the CU TOMORROW lol! If not at least I can say I tried. I just don't want even more inquiries. ***frustrated***
09-27-2012 10:08 AM
My advice would be to talk with a personal banker one and one. Explain to them your situation before they run your credit, let them know that you have had issues in the past but that you would like the opportunity to rebuild your credit and see what they say before they run your credit. If it sounds like there is a good chance that they will be able to help you, then go for it. But if they tell you upfront that you need to meet certain criteria, then maybe try another CU. I applied at 4 or 5 other credit unions who ALL denied me due to Chex systems. So, don't give up!
09-27-2012 10:13 AM
thank you for the encouragement!
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO