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 really enjoyed the last year when I did not get many credit offers in the mail.
Getting them daily now-
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.
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.