Honest Opinion Please!!!!

[Anonymous]

Hello Folks,

I am really hoping to get a new honda civic from one of the local dealerships and was wondering if I  even stand a chance at financing and what would be the terms, furthermore what would be the lowest down payment for me to get financed with? I will NOT have a co-sighner. Got declined by my credit union. I am 20 yo with a stable job( for over 6 months) and will have no problems making the payments, will refinance w/ nfcu later on when my scores improve. Will I get financed through honda??? Below are the facts. THANK YOU ALL FOR YOUR INPUT!!!

Revolving Credit Cards:

Bank of America  Balance: $500 ( on file for 27 months with 2 30 days lates)
                             Limit: $700

USAA CC Balance $700 ( on file for 27 months with 2 30 days lates)

                 Limit    $1000

Tribute CC  Balance $100 ( only 2 months old, no lates )
                    Limit       $300

EVERYTHING BELOW IS IN  COLLECTIONS WHICH I AM TRYING TO SETTLE:

Sprint---$1120

Wachovia---$995

National Recovery---$96

National Recovery---$277

National Recovery---$171

Powell Rogers & Speaks---$230

Powell Rogers & Speaks---$235

Powell Rogers & Speaks---$177

Powell Rogers & Speaks---$318

Powell Rogers & Speaks---$198

Powell Rogers & Speaks---$284

Powell Rogers & Speaks---$191

Powell Rogers & Speaks---$180

Powell Rogers & Speaks---$288

[wfreeman3]

Honest Opinion.  No.  Sorry.  American General might finance if you put a large downpayment but even that might be a stretch.  Your probably going to need a co-signer.

[Anonymous]

I seriously doubt it, dv.

My initail suggestion was try a CU, such as NFCU, if possible. Then I saw you mention them as a possible finance source later. For now, you really have to settle some of those collections. They are a deal breaker. Even if you don't get them deleted - pay them. A manual review will show they are paid.  

[Anonymous]

Yep, I kind of figured that. My local Honda dealer said that they could probably do something with a 3k down payment. I think I am going to wait off for 2 months while I pay and delete this items and try to apply when I am free of collection items. Wachovia and Sprint are willing to do a PFD at 50% which is a great deal, I am just waiting on the paperwork from them. As far as the other two agencies.......I will just have to wait and see as I have just sent them a PFD. If you add all the debts up, the total amount is not even that high but it's definetely killing my credit and a chance to apply for ANYTHING.

[Schoolbuskid]

I wouldnt try right now with that many collections, try cleaining it up a lil bit first. Like they said write some GW, PFD and DV letters if possible. Good Luck!

[Anonymous]

I have sent pfd on every single account, just waiting on responses. Got my pen and checkbook ready, just a matter of time before they respond.

[Anonymous]

Here is my strategy to "perfect" credit.

I am ready to PFD all of my accounts with national recovery and pay them in full.

Sprint sent me a 50% settlement letter and I responded asking for a PFD with 50%

Wachovia is exact same scenario as sprint.

I am ready to pay all three above now.

Now I just mailed Powell Rogers & Speakds a DV. After I receive that from them I will try to settle for 50-75% with a PFD and might have to do payments(2-3 months). I know this sounds like a lot but it worked for someone I know who dealy with them with success. 

I will try to GW my 2 credit cards with 2 30 days past dues. I have recently went from 118% to 70% util. so I might wait a little before I mail the GW.

If all the above works out I will have a desirable credit, I will keep all of you updated.