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Frequent Contributor
Tmleverage
Posts: 452
Registered: ‎07-14-2007

Crappy Credit offers coming out of the woodwork..

Getting all the junk mail affers now where for 5 or 6 years they would not send me a thing..
Orchard bank sent one for CC even after I disputed SOL and had one removed from CR'S..
Any body here of Blue sky financial for Auto loans ??
also 3 more from local Ford, GMAC and Chevy dealers....( at least there trying to keep it in the states )
I hate new auto loans and think they are the worst kind of financial investment out there, drive off the lot and depreciate 5,000+ instantly....
I guess if were not careful we can get in real deep again fast before the scores escape the low
600's..
 
New Contributor
uptomyneck
Posts: 51
Registered: ‎06-07-2007

Re: Crappy Credit offers coming out of the woodwork..

my credit now is the lowest it's ever been and going up.  I get a credit card offer every week or so & an auto loan ad from a dealership about once a month.  I don't know why but it seems like those with the credit score to rate secondary lendors are heavily marketed.  And those are the ones who should be building credit, not trying to get more.
Never heard of Blue Sky financial.  I would hold off on buying a car until your credit is a little higher and you've finished the credit clean-up you're working on.  And if you shop smart a new car is a good buy.  You won't lose 5k right off the back unless you shop dumb.
Frequent Contributor
Tmleverage
Posts: 452
Registered: ‎07-14-2007

Re: Crappy Credit offers coming out of the woodwork..



uptomyneck wrote:
my credit now is the lowest it's ever been and going up.  I get a credit card offer every week or so & an auto loan ad from a dealership about once a month.  I don't know why but it seems like those with the credit score to rate secondary lendors are heavily marketed.  And those are the ones who should be building credit, not trying to get more.
Never heard of Blue Sky financial.  I would hold off on buying a car until your credit is a little higher and you've finished the credit clean-up you're working on.  And if you shop smart a new car is a good buy.  You won't lose 5k right off the back unless you shop dumb.



I won't buy a new car, I got to a point where I pay cash for slightly used and save money for
the next one, I am gonna start paying me and when there is a decent buy then plunk the
cash down at that point, I would rather make the 6 - 20% on mutal funds or stocks untill
the next deal comes along...
I just got irked at the fact that we try to reestablish credit and they bombard us with crap
as if they want us to stay broke and have poor credit when it would only take several more
months from the time we eliminated our debt too get scores in the 700 range and get the better interest rates..
We take the crap offers and then they tell us we have too much credit when we could just wait
a few months longer and get the better rates...
Moderator Emeritus
Timothy
Posts: 9,252
Registered: ‎03-19-2007

Re: Crappy Credit offers coming out of the woodwork..

I really enjoyed the last year when I did not get many credit offers in the mail.

Getting them daily now-
Frequent Contributor
Tmleverage
Posts: 452
Registered: ‎07-14-2007

Re: Crappy Credit offers coming out of the woodwork..



Timothy wrote:
I really enjoyed the last year when I did not get many credit offers in the mail.

Getting them daily now-


I am learning to have patience and weeding thru them so as not to get trapped with
lousy credit offers that I don't need..
Member
destinylove
Posts: 8
Registered: ‎06-01-2007

Re: Crappy Credit offers coming out of the woodwork..

I have been receiving things from Orchard, First Premier even though i had an account with them before and Blue Sky and they are all a waste of time expecially the Blue Sky.  You don't want to pay 27% APR on a vehicle just becuase they are sending you a chance to get a car.  You might as well wait until you get your score up a bit and then think about a car or credit card, because they really aren't going to help you at this point.
Contributor
George2037
Posts: 148
Registered: ‎08-15-2007

Re: Crappy Credit offers coming out of the woodwork..

When I was just starting to rebuild my credit I went to those "Your Job is your Credit" places. I went with absolutly no faith in buying a car.  I had a score in the 450 range and was expecting an intrest rate in the mid 20's, but my truck needed $2k worth of work (I had the cash but had already dumped $1k into it).  I walked out with a used Malibu at 16% with $1k down, a year later I refinanced through E-Loan at 9.9% and am sitting just on the edge of breaking even if or when I decide to trade in.
 
True I could be throwing my payment in the bank vs making car payments, but the credit history of my car loan is worth 100x's that of the 16% im getting on investments.  Next spring when I go to buy a house and my score is 50 points higher because of my car payment history that may be just enough to push me in the 720-750 range dropping my intrest rate almost 1.5 points saving me up to $300 a month.
 
It's up to everyone to decide where to invest their money, but I invested in my credit history and it's paying off.
Contributor
Missy_Bell
Posts: 98
Registered: ‎08-09-2007

Re: Crappy Credit offers coming out of the woodwork..

Responding to:
"I  just got irked at the fact that we try to reestablish credit and they bombard us with crap
as if they want us to stay broke and have poor credit when it would only take several more
months from the time we eliminated our debt too get scores in the 700 range and get the better interest rates..
 
They know this and that you are on the way and that is why they solicit so heavily!
Frequent Contributor
Tmleverage
Posts: 452
Registered: ‎07-14-2007

Re: Crappy Credit offers coming out of the woodwork..



destinylove wrote:
I have been receiving things from Orchard, First Premier even though i had an account with them before and Blue Sky and they are all a waste of time expecially the Blue Sky.  You don't want to pay 27% APR on a vehicle just becuase they are sending you a chance to get a car.  You might as well wait until you get your score up a bit and then think about a car or credit card, because they really aren't going to help you at this point.


Thats funny I applied for Orhard today and I payed a CO with them earlier this year and of course they
turned me down...
Frequent Contributor
Tmleverage
Posts: 452
Registered: ‎07-14-2007

Re: Crappy Credit offers coming out of the woodwork..



George2037 wrote:
When I was just starting to rebuild my credit I went to those "Your Job is your Credit" places. I went with absolutly no faith in buying a car.  I had a score in the 450 range and was expecting an intrest rate in the mid 20's, but my truck needed $2k worth of work (I had the cash but had already dumped $1k into it).  I walked out with a used Malibu at 16% with $1k down, a year later I refinanced through E-Loan at 9.9% and am sitting just on the edge of breaking even if or when I decide to trade in.
 
True I could be throwing my payment in the bank vs making car payments, but the credit history of my car loan is worth 100x's that of the 16% im getting on investments.  Next spring when I go to buy a house and my score is 50 points higher because of my car payment history that may be just enough to push me in the 720-750 range dropping my intrest rate almost 1.5 points saving me up to $300 a month.
 
It's up to everyone to decide where to invest their money, but I invested in my credit history and it's paying off.


No doubt that a car loan would be good to rebuild credit, I won't do it only from the
standpoint of having a long drawn out payment and the depreciation of the car combined
with the interest rates, with that not everybody is financially able to save for one so a loan
makes sense and the warranties guarantee dependability, but a slightly used car payed for
in cash is money in the bank later..

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