Plans are on track!

Anonymous · ‎07-26-2016

Well I can say that I am officially in the garden!!! Although I was to wait until the end of year I acquired my new vehicle on 07/15!!!! Now it's on to paying down my balances, attacking these student loans, and goodwilling some things off my report. I went ahead and cancelled my 3B subscription because I wont need to see any ficos again until the end of year when it's time to look for an apartment. Right now I'll just stick to credit karma to monitor what's going on with my reports.

I still have not combined my cap1's nor have I gotten my quicksilver but I will definitely wait until next year. Thanks for all the wealth of knowledge here. Now back to just lurking.

PS: Will be refinancing for a better APR in 6-12months.

Anonymous · ‎07-26-2016

Grats on improving in credit. But decision to not be on top of all 3 CB during rebuilding I would not do. I would at least get CCT trial then cancel and get it for $15 a month. You don't want any surprises after 1 year. Just my opinion again good job though and hope everything works out for you.

Anonymous · ‎07-26-2016

+1

Anonymous · ‎07-26-2016

@Anonymous wrote:
Well I can say that I am officially in the garden!!! Although I was to wait until the end of year I acquired my new vehicle on 07/15!!!! Now it's on to paying down my balances, attacking these student loans, and goodwilling some things off my report. I went ahead and cancelled my 3B subscription because I wont need to see any ficos again until the end of year when it's time to look for an apartment. Right now I'll just stick to credit karma to monitor what's going on with my reports.
I still have not combined my cap1's nor have I gotten my quicksilver but I will definitely wait until next year. Thanks for all the wealth of knowledge here. Now back to just lurking.
PS: Will be refinancing for a better APR in 6-12months.

Grats on new car! Make sure you are overpaying on your loan so you don't wind up in a negative DTV in 6-12 months. That's where I'm at :[

Anonymous · ‎07-26-2016

@Anonymous wrote:
@Anonymous wrote:
Well I can say that I am officially in the garden!!! Although I was to wait until the end of year I acquired my new vehicle on 07/15!!!! Now it's on to paying down my balances, attacking these student loans, and goodwilling some things off my report. I went ahead and cancelled my 3B subscription because I wont need to see any ficos again until the end of year when it's time to look for an apartment. Right now I'll just stick to credit karma to monitor what's going on with my reports.
I still have not combined my cap1's nor have I gotten my quicksilver but I will definitely wait until next year. Thanks for all the wealth of knowledge here. Now back to just lurking.
PS: Will be refinancing for a better APR in 6-12months.
Grats on new car! Make sure you are overpaying on your loan so you don't wind up in a negative DTV in 6-12 months. That's where I'm at :[

@Very good point @Anonymous

This happens for a few reasons....in addition to the fact that a car by nature is a depreciating 'asset'...attached to money we're paying to use.

Most don't use large down payments, so we start out in a pickle

2nd we don't BUY very well...the better price you get upfront, the better you are o nthe back-end..in the car business they say, you make or lose money based upon how well you purchase...of course brand new cars are the freaking worse....that's why I buy AFTER the other guy 'pays' for all the fluff and lights and 'new car' overhead.

The other way a 6-12 refi makes sense is, if the 1st loan just absolutely sucks due to repos or collections or some real nonsense that be will clean within a few months and the debtor just needs a Step1 loan to drive NOW.....The OP scores don't indicate such a situation...

Anonymous · ‎07-26-2016

@Anonymous wrote:
@Anonymous wrote:
@Anonymous wrote:
Well I can say that I am officially in the garden!!! Although I was to wait until the end of year I acquired my new vehicle on 07/15!!!! Now it's on to paying down my balances, attacking these student loans, and goodwilling some things off my report. I went ahead and cancelled my 3B subscription because I wont need to see any ficos again until the end of year when it's time to look for an apartment. Right now I'll just stick to credit karma to monitor what's going on with my reports.
I still have not combined my cap1's nor have I gotten my quicksilver but I will definitely wait until next year. Thanks for all the wealth of knowledge here. Now back to just lurking.
PS: Will be refinancing for a better APR in 6-12months.
Grats on new car! Make sure you are overpaying on your loan so you don't wind up in a negative DTV in 6-12 months. That's where I'm at :[
@Very good point @Anonymous

This happens for a few reasons....in addition to the fact that a car by nature is a depreciating 'asset'...attached to money we're paying to use.
Most don't use large down payments, so we start out in a pickle
2nd we don't BUY very well...the better price you get upfront, the better you are o nthe back-end..in the car business they say, you make or lose money based upon how well you purchase...of course brand new cars are the freaking worse....that's why I buy AFTER the other guy 'pays' for all the fluff and lights and 'new car' overhead.

The other way a 6-12 refi makes sense is, if the 1st loan just absolutely sucks due to repos or collections or some real nonsense that be will clean within a few months and the debtor just needs a Step1 loan to drive NOW.....The OP scores don't indicate such a situation...

I'm assuming the APR is bad, given that she just bought it and already is thinking refi.

Anonymous · ‎07-26-2016

@Anonymous wrote:
Grats on improving in credit. But decision to not be on top of all 3 CB during rebuilding I would not do. I would at least get CCT trial then cancel and get it for $15 a month. You don't want any surprises after 1 year. Just my opinion again good job though and hope everything works out for you.

Agreed, don't want surprises but this is exactly where some of the FRRE options are just fine...to monitor changes and trends, so again no major surprises.

CK is good enough for that, yeah we know the scores aren't Fico but, they are good enough indicators for base line monitoring.

Many times the alerts on CK are even quicker than 'paid sites'

In addition with the Free Disco/Xpn product offering a true Fico score based on Xpn...a person can keep a pretty good tabs on what's going on w/o paying any money.

That's TU & EQX from CK and at least a dashboard and Free score with creditscoreboard from Disco/Xpn ,among other products again just to keep tabs and maintain a baseline of any changes....

Anonymous · ‎07-26-2016

@Anonymous wrote:
I'm assuming the APR is bad, given that she just bought it and already is thinking refi.

Agreed, in this case. you're very right if she didn't buy very well , she won't be able to refi anyway b/c the value won't support it.

That being the case the OP should refi ASAP closer to 3-6 if at all possible....some lenders are ok scooping up REFI's with a few payments

and aren't as acrtive in the purchase game...they just want to service secured debt.

The rates might not be anywhere near Prime but , they may be better than the bottom feed rates given during the purchase process...

Ex: A nonsense 20-24% ( we've seen 'em) is a blessing if one can trade it in for a high but less than that B.S. ...say 12%-15%

b/c those rates are still 10-15 times higher than the 'good' rates of .74%-2.99%...there is a market for these 'better-smelling-B.S.' loans

But as said, the value at the time must support the loan and 6-9 is pushing it a year later the value may have slipped too much to do ANYTHING.

Just FYI keep ...all the numbers in mind...I see too many ppl wait just a 'little' too long then they are STUCK!