Reply
Regular Contributor
Posts: 236
Registered: ‎08-31-2008
0

Beneficial Auto

[ Edited ]

I applied for a siggie loan on lendingtree.com to consolidate my CCs.  I am self employed and I am having a hard time proving income, but Beneficial offered to refi my car instead of giving me a siggie.

 

Heres the deal:

Currently with Cap One Auto Finance (I hate them)

Bought the car in Feb 08.  Made one pmt 15days late, got a $40 fee and they refuse to waive it.  Couldn't get approved thru CU cuz I rolled over some negative equity.

The rate is 13.91% for 6 years.  =$707.80 monthly

 

Offer is from Beneficial

Next pmt is 45 days out (which saves me $1420 right now, so I can apply that towards my CCs)

APR 13.80% BUT they will only do 5 years, so the pmt is $770.

They are saying they can approve me with bank statements and my tax return (there is about a 40k difference between the statements and returns).

 

Should I do it???

The 770 pmt won't be a problem.  If I  can apply the 1420 towards my CCs that will actually save me $150 on monthly bills because I am sending large pmts to this CC every month currently.

 

Anyone with Beneficial???

Likes or dislikes????

HELP!!!!

 

I have a Sears card with a promo balance of 2300.  1350 of that expires in Nov 08, I will put the 1420 in saved car pmts towards the Sears balance.  Which brings my CC util down to  64.5% from 87%

Util for the card will go from 75% to 31%.

Will I be helping or hurting myself by refinancing???

 

My util would be lowered due to the money I save on car pmts getting applied to CC debt, but my Cap One Auto account would be PIF after only 8 months and a new auto account would be created. 

Message Edited by scottie_mommy on 10-08-2008 04:28 PM
Message Edited by scottie_mommy on 10-09-2008 10:39 AM
Regular Contributor
Posts: 236
Registered: ‎08-31-2008
0

Re: what would you do?

BUMP

advice please on Beneficial

Established Contributor
Posts: 837
Registered: ‎02-27-2008
0

Re: what would you do?

I used them years ago. They were nice and easy to deal with. Now I believe you have to own a home to work with them.

 

 

But I don't know that this is the best action for you. I'll let other chime in on that.

FEB '08 FAKOs: TU 628 | EX 650 | EQ 584
JAN'09 FAKOs TU 686 | EX 705 | EQ 664
EQ FICO: FEB '08 646 | APR '08 678 | SEP '08 679
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: what would you do?


Shnapple wrote:

I used them years ago. They were nice and easy to deal with. Now I believe you have to own a home to work with them.

 


Oh, so that is why they stopped sending me the fake checks. I felt unloved when they stopped writing me. At least I have Citifinancial sending me their $5k checks.

Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: what would you do?

OP, I personally wouldn't do it. I think Beneficial scores as a CFL.
Regular Contributor
Posts: 236
Registered: ‎08-31-2008
0

Beneficial Auto

I do own a home, and I have been approved, just waiting for my proof of income to clear.

 

Has anyone, looked at your FICO scores after having a loan with them?

I'm afraid of my score plummeting.

I'm trying to boost my score by lowering my CC util, but if this reports as a CFL and hurts me, it defeats the purpose of the refi.

 

 

 

Regular Contributor
Posts: 236
Registered: ‎08-31-2008
0

Re: Beneficial Auto

BUMP

anyone know how an auto loan with Beneficial affected your FICO???

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.