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

Re: what would you do?

BUMP

advice please on Beneficial

Established Contributor
Shnapple
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
llecs
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
llecs
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
scottie_mommy
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
scottie_mommy
Posts: 236
Registered: ‎08-31-2008
0

Re: Beneficial Auto

BUMP

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


myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}