Really complicated matter with my credit

[Anonymous]

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@Anonymous wrote:

Mechanics cost a lot don't they?

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For repairs a mechanic can be expensive, but for an inspection not so bad. It's usually a one hour labor charge which ranges between $65 and $85.

[Anonymous]

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@Anonymous wrote:

Your first post isn't clear about your income. Many read it being $500, but I interpret it as government benefits + $500. If so, then presumably, your income is around $1200-$1600 minimum monthly. If so, you can get a car loan, but you'll be very limited in what you can buy. If the Honda loan + $1K deposit deal was for a new, or at minimum a certified pre-owned, go back there pronto. Also, try Carmax. Figure on full coverage insurance being $100-$200 per month, or possibly far more depending on your past driving history and other factors. Good luck.

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My income is $488 a month. I will have overall $720 by the 1st. But around $550 after I pay the utility, internet bills and my phone bill. Yeah they won't even let me have the max paying $170 a month. I have to have my own place. SC is harder than living in FL where I could get the max paying $250 for rent.

I just got my license in June. I have not owned a car before and never had a ticket so I don't know what extra they would charge me. I will have to pay $39 for a tag and I don't know how much a title would be, plus a license plate.

[Anonymous]

Can you direct me to a high interest account where I could 4x my money in six months? I'm interested. This is too farfetched in the time of near 0% interest. 

[Anonymous]

Redeyz, he said he can afford 400 per month. After saving 400 every month for six months he will have 2400. Actually slightly more.

[Anonymous]

I'm probably gonna go the used car route but I want to avoid a bye here pay here if I can. Maybe just go to one of those used car places that are not buy here pay here.

[creditgambler2018]

IT IS NOT A COMPLICATED MATTER. In fact, it is a VERY EASY matter to understand. I suggest you >> DO NOT get an auto loan. It sounds like you cannot afford it. It is not a matter of getting approved, YOU HAVE TO PAY IT BACK CONSISTENTLY MONTH AFTER MONTH NO MATTER WHAT AND ON TIME and IT MUST HAVE FULL COVERAGE INSURANCE. THEY CAN ALSO REPO A VEHICLE FOR NOT HAVING FULL COVERAGE INSURANCE. DID YOU KNEW THAT? I bet you it is written somewhere in the contract. or else a tow truck will show up at 4 AM to pick it up and your credit will be ruined for good and then YOU MIGHT get sued for the difference of auction price and owed amount. THINK CAREFULLY WHAT YOU DO AND REALLY GET YOUR BUDGET DOWN.

If you really are STUBBORN to get a newer car with a loan you REALLY HAVE TO GET A GOOD DEAL, I MEAN GET LIKE 4 CALLS BACK FROM DEALER. MAKE CAR DEALERS WORK FOR THEIR SALE. 

Do the test drive and at the bare minimum take someone with you to look at the car and KNOW WHAT YOU ARE BUYING. We dont want to hear "i thought it had AC, but it does not" 

They will shoot you with A VERY EXPENSIVE OUT THE DOOR TOTAL PRICE OF CAR INCLUDING AN EXPENSIVE WARRANTY, ALARM, AND EXPENSIVE BS THIS AND THAT AND EXPENSIVE INTEREST. DO NOT BE A MONTHLY PAYMENT BUYER SUCKERRRRRR!! (KNOW WHAT THE TOTAL AMOUNT FINANCED IS) Have a straight face and walk out and let them know that you will not over pay for everything and that you do not need UNNECESSARY extras LIKE VIN ETCHING, ETC....

When they call you back, tell them you just want  the vehicle, and maybe maybe an extended warranty IF THEY GIVE YOU A REALLY GOOD "DEAL" ON IT.

I was able to get a new car deal done in an hour with a negative equity trade going into A loan of about 2500 bucks.

I still managed to score a deal ON A NEW VEHICLE with 3180 grand below MSRP (out the door) EVEN with the 2500 bucks negative equity on a trade.

I told them deal had to be done quick and no games WITH NO EXTRAS if not i walked out simple as that.

[Anonymous]

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@elcocaino2010 wrote:

IT IS NOT A COMPLICATED MATTER. In fact, it is a VERY EASY matter to understand. I suggest you >> DO NOT get an auto loan. It sounds like you cannot afford it. It is not a matter of getting approved, YOU HAVE TO PAY IT BACK CONSISTENTLY MONTH AFTER MONTH NO MATTER WHAT AND ON TIME and IT MUST HAVE FULL COVERAGE INSURANCE. THEY CAN ALSO REPO A VEHICLE FOR NOT HAVING FULL COVERAGE INSURANCE. DID YOU KNEW THAT? I bet you it is written somewhere in the contract. or else a tow truck will show up at 4 AM to pick it up and your credit will be ruined for good and then YOU MIGHT get sued for the difference of auction price and owed amount. THINK CAREFULLY WHAT YOU DO AND REALLY GET YOUR BUDGET DOWN.

If you really are STUBBORN to get a newer car with a loan you REALLY HAVE TO GET A GOOD DEAL, I MEAN GET LIKE 4 CALLS BACK FROM DEALER. MAKE CAR DEALERS WORK FOR THEIR SALE. 

Do the test drive and at the bare minimum take someone with you to look at the car and KNOW WHAT YOU ARE BUYING. We dont want to hear "i thought it had AC, but it does not" 

They will shoot you with A VERY EXPENSIVE OUT THE DOOR TOTAL PRICE OF CAR INCLUDING AN EXPENSIVE WARRANTY, ALARM, AND EXPENSIVE BS THIS AND THAT AND EXPENSIVE INTEREST. DO NOT BE A MONTHLY PAYMENT BUYER SUCKERRRRRR!! (KNOW WHAT THE TOTAL AMOUNT FINANCED IS) Have a straight face and walk out and let them know that you will not over pay for everything and that you do not need UNNECESSARY extras LIKE VIN ETCHING, ETC....

When they call you back, tell them you just want  the vehicle, and maybe maybe an extended warranty IF THEY GIVE YOU A REALLY GOOD "DEAL" ON IT.

I was able to get a new car deal done in an hour with a negative equity trade going into A loan of about 2500 bucks.

I still managed to score a deal ON A NEW VEHICLE with 3180 grand below MSRP (out the door) EVEN with the 2500 bucks negative equity on a trade.

I told them deal had to be done quick and no games WITH NO EXTRAS if not i walked out simple as that.

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This is a bit hard for me to comprehend. As you saw in the OP, I need to go back to school to learn this stuff. But I need a basic understanding here. I do not want to though here and here and here as that will do nothing but drive down my score and I could be under 600 again when thats all said and done. Ntm my scores will get pulled multiple times when they run my app a number of times to find a loan.

[creditgambler2018]

Ok i will say it as best as i can for you to understand super easy to understand.

Example

So we have Sally that wants a new shiny 2016 honda civic. She somehow has a 850 perfect FICO score on all 3 credit reporting agencies. She also qualifies for 0 percent interest rate for 6 years. Woo hoo awesome deal!!!  And the dealer even is willing to sell the civic for 6 grand under stiker price because business is slow.

But Sally walks out of the dealer crying because she did not get the new civic. Sally took her best friend monica with her to the dealer. Monica told Sally at the dealer, it is an awesome deal, BUT HOW DO YOU INTEND TO PAY THE MONTHLY LOAN PAYMENTS and full coverage insurance and gas and maintenance if you have no job and very little income? Sally realized that credit and loans must be paid back. Sally realized she would not be able to survive with the added loan payments and insurance, gas, and maintenance. Sally cried and walked out of the dealer with no deal and no civic.

[takeshi74]

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@Anonymous wrote:

Is my score deceiving me because of my lack of history but having all those cards?

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Your score isn't deceiving you.  Payment History is the biggest factor but AAoA/Length of Credit History and other factors matter as well.

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

With a thin credit profile like yours, adding the new account and your recent credit seeking is also seen as risky activity.

You also need to keep in mind that many auto lenders use an auto enchanced FICO and not the more common FICO 8.  If you're relying on scores make sure you're aware of the specific models being used.

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@Anonymous wrote:

They do, but I think you are confusing the word "Used" with "Broken".

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+1 -- don't conflate the two.  Most of our cars have been used but they have all been very reliable.  The OP doesn't have to consider just dealers for new or used cars.  Private sales are also an option.

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@elcocaino2010 wrote:

IT IS NOT A COMPLICATED MATTER.

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It really isn't and people deal with this sort of stuff all the time.  The OP just needs to spend some time on self education, breaking the problem down into smaller pieces and thinking it all through.  I'd agree with others indicating that with the information we have been given that the finances do not seem to make sense.

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@Anonymous wrote:

I just got my license in June. I have not owned a car before and never had a ticket so I don't know what extra they would charge me. I will have to pay $39 for a tag and I don't know how much a title would be, plus a license plate.

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You need to consider insurance, fuel costs, maintenance costs (new cards need routine maintenance as well) and down the road costs for consumables such as tires.  Buying the car is just the beginning of all the expenses.  If you're buying a used car you also need to consider the cost of having it inspected as part of your due diligence to help mitigate reliability concerns.

[Gunnar419]

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@Anonymous wrote:

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@elcocaino2010 wrote:

IT IS NOT A COMPLICATED MATTER. In fact, it is a VERY EASY matter to understand. I suggest you >> DO NOT get an auto loan. It sounds like you cannot afford it. It is not a matter of getting approved, YOU HAVE TO PAY IT BACK CONSISTENTLY MONTH AFTER MONTH NO MATTER WHAT AND ON TIME and IT MUST HAVE FULL COVERAGE INSURANCE. THEY CAN ALSO REPO A VEHICLE FOR NOT HAVING FULL COVERAGE INSURANCE. DID YOU KNEW THAT? I bet you it is written somewhere in the contract. or else a tow truck will show up at 4 AM to pick it up and your credit will be ruined for good and then YOU MIGHT get sued for the difference of auction price and owed amount. THINK CAREFULLY WHAT YOU DO AND REALLY GET YOUR BUDGET DOWN.

If you really are STUBBORN to get a newer car with a loan you REALLY HAVE TO GET A GOOD DEAL, I MEAN GET LIKE 4 CALLS BACK FROM DEALER. MAKE CAR DEALERS WORK FOR THEIR SALE. 

Do the test drive and at the bare minimum take someone with you to look at the car and KNOW WHAT YOU ARE BUYING. We dont want to hear "i thought it had AC, but it does not" 

They will shoot you with A VERY EXPENSIVE OUT THE DOOR TOTAL PRICE OF CAR INCLUDING AN EXPENSIVE WARRANTY, ALARM, AND EXPENSIVE BS THIS AND THAT AND EXPENSIVE INTEREST. DO NOT BE A MONTHLY PAYMENT BUYER SUCKERRRRRR!! (KNOW WHAT THE TOTAL AMOUNT FINANCED IS) Have a straight face and walk out and let them know that you will not over pay for everything and that you do not need UNNECESSARY extras LIKE VIN ETCHING, ETC....

When they call you back, tell them you just want  the vehicle, and maybe maybe an extended warranty IF THEY GIVE YOU A REALLY GOOD "DEAL" ON IT.

I was able to get a new car deal done in an hour with a negative equity trade going into A loan of about 2500 bucks.

I still managed to score a deal ON A NEW VEHICLE with 3180 grand below MSRP (out the door) EVEN with the 2500 bucks negative equity on a trade.

I told them deal had to be done quick and no games WITH NO EXTRAS if not i walked out simple as that.

---

This is a bit hard for me to comprehend. As you saw in the OP, I need to go back to school to learn this stuff. But I need a basic understanding here. I do not want to though here and here and here as that will do nothing but drive down my score and I could be under 600 again when thats all said and done. Ntm my scores will get pulled multiple times when they run my app a number of times to find a loan.

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Unfortunately, school won't teach you any of this stuff -- if by this stuff you mean how to manage finances and avoid car buying pitfalls in the real world. MyFico.com is better than grad school when it comes to that.

One thing you can learn here is that if you want to buy a car you don't need to go around from dealer to dealer having your credit pulled. You can simply go ONCE to your bank or credit union, line up your financing, then go car shopping.

On $488 a month total income, it's not sure that anybody would finance you, but at least if you start out with a bank or CU, you'll get that reality check first thing and won't have to put yourself into the hands of shady credit pullers (and yes, even new car dealers can be shady credit pullers).