gnar~ first off, i know another gnar, i wonder if your the same one? do you play internet games? lol....
Anyway, back to your situation...I want to say I'm no expert.
My 1st suggestion is for you NOT to file BK. let's just get that out there. Too many people feel like when things are bad they have no other options other than BK. So that is not an option for you at this point.
My 2nd suggestion is for you NOT to get another loan. Don't rob Peter to pay Paul. IMO you would hurt your score more and go in more debt by taking out another loan. Unless of course that is your only option. This would be something as a last resort. Even over BK.
So what can you do?
Well I would keep your car. Keep making the payments. If you have a job and things are solid from your salary perspective then it's best to maintain your position on that loan. Keep making the payments and your credit will look much better than if you tried to get out of the loan by trading it in on something else.
Now if you just cannot afford this car payment then you could try to sell it outright but the money you would make off of it probably wouldn't pay it off. This could be an option if you just can't afford the payments at this time but keep in mind you would owe the difference on the loan.
When you say you paid off your old credit card debt does that mean you have $0.00 owed to any credit card accounts right now? If you do have balances you could make the minimum until you get sorted out with your car situation.
Take one thing at a time. Try not to feel like you have to pay everything off at once or else you will become overwhelmed.
I wouldn't worry about your scores at the moment. Focus instead on your budget and what you want to do about your car loan. Another suggestion might be to refinance your car loan. I don't know if that would be an option for you at this point.
If you have no savings or spare cash this becomes a pay check to pay check thing and that is when people feel really overwhelmed. Again, not to beat a dead horse, but you don't have to pay everything off at once. Focus on one thing at a time.
One final suggestion would be to consider asking a family member or a friend to borrow some cash. I would right down all your expenses. Figure out what you need to get your head above water and then form a game plan. If you have someone to borrow money from maybe they will and not charge you interest or expect it back right away. This is a good way to take a little of your debt down and give you a lot more piece of mind.
Hope something in there helped. Good luck!
Anyway, back to your situation...I want to say I'm no expert.
My 1st suggestion is for you NOT to file BK. let's just get that out there. Too many people feel like when things are bad they have no other options other than BK. So that is not an option for you at this point.
My 2nd suggestion is for you NOT to get another loan. Don't rob Peter to pay Paul. IMO you would hurt your score more and go in more debt by taking out another loan. Unless of course that is your only option. This would be something as a last resort. Even over BK.
So what can you do?
Well I would keep your car. Keep making the payments. If you have a job and things are solid from your salary perspective then it's best to maintain your position on that loan. Keep making the payments and your credit will look much better than if you tried to get out of the loan by trading it in on something else.
Now if you just cannot afford this car payment then you could try to sell it outright but the money you would make off of it probably wouldn't pay it off. This could be an option if you just can't afford the payments at this time but keep in mind you would owe the difference on the loan.
When you say you paid off your old credit card debt does that mean you have $0.00 owed to any credit card accounts right now? If you do have balances you could make the minimum until you get sorted out with your car situation.
Take one thing at a time. Try not to feel like you have to pay everything off at once or else you will become overwhelmed.
I wouldn't worry about your scores at the moment. Focus instead on your budget and what you want to do about your car loan. Another suggestion might be to refinance your car loan. I don't know if that would be an option for you at this point.
If you have no savings or spare cash this becomes a pay check to pay check thing and that is when people feel really overwhelmed. Again, not to beat a dead horse, but you don't have to pay everything off at once. Focus on one thing at a time.
One final suggestion would be to consider asking a family member or a friend to borrow some cash. I would right down all your expenses. Figure out what you need to get your head above water and then form a game plan. If you have someone to borrow money from maybe they will and not charge you interest or expect it back right away. This is a good way to take a little of your debt down and give you a lot more piece of mind.
Hope something in there helped. Good luck!
gnarkill, is the loan in your mom's name alone or did she co-sign for you? I don't understand how you would take a fico hit by selling this car, unless you had to max out the CCs. I agree w/Cobra. Get this 500 lb. gorilla off of your back. It is not worth it to have this stress about a car.
I remember about a dozen years or so ago, I had to have this new-style Blazer LT. It looked so good, but the $500/mo payment + $100/mo insurance + $200/mo gas made it the ugliest thing in the world. My wife and I used to race to see who would drive that thing. After about two or three months, we raced to the corolla (umm...gas mileage). After about a year, I sold that sumgun and got out. Came up short, put the rest on my CC. Bought a much cheaper (used) SUV and put the difference towards my CC (paid it off in about 8 months). Rested much easier, b/c my monthly payment was less than half of the Blazer's.
Best of luck to you.
I remember about a dozen years or so ago, I had to have this new-style Blazer LT. It looked so good, but the $500/mo payment + $100/mo insurance + $200/mo gas made it the ugliest thing in the world. My wife and I used to race to see who would drive that thing. After about two or three months, we raced to the corolla (umm...gas mileage). After about a year, I sold that sumgun and got out. Came up short, put the rest on my CC. Bought a much cheaper (used) SUV and put the difference towards my CC (paid it off in about 8 months). Rested much easier, b/c my monthly payment was less than half of the Blazer's.
Best of luck to you.
Starting Score: 469
Get out from under the car loan!! If you have to pay the diff w/ cc's, then do so! Yes, you will take a TEMPORARY point drop, BUT, pay them down as much as possible in a short amount of time...and your scores should go right back up, I guessing even higher! FICO likes to see cc's being used...you mentioned you have 0.00 cc debt, so you aren't using the cards currently...use them, pay them off, scores go up!!
BTW...what are your scores and why are they so bad? You know....we can help you clean up your credit reports?! That is what these forums are for! Hope we can help you some more!!
Good Luck!!
