Roadloans

[sls10]

Hello

I'm in bad need of car before it gets cold and my credit scores are very low (EQX 551 TU 552 EXP 563) the only report that list my previous auto loan is EXP and I had about 6-7 lates on that auto with a 72 month loan at $30K. My income $80k should be enought for me to purchase a certifed 2010-11 Lexus GS 350 at about $28k and I wanted to know which report would roadloans pull and if I needed to get a co signer?

I have 4 secured cards (two since feb/march this yr and 1 in July and 1 last month) all curent

I have 2 unpaid collections under $1k on TU, about 5 unpaid collections on EXP, and 2 on EQX. I also have several paid/settled collections on my reports that are due to fall off early to mid 2015 and 2016. Should I try for the loan alone with a co signer or wait till next year.

Thanks,

[0REDSOX7]

Roadloans (AKA Santander) pulled all three reports for me...

I would wait or get a co-signer if you can.

[Creditaddict]

I would buy a reasonable car for your credit and a lexus GS (LOVE IT) Aint it! sorry charlie

why have you not settled all your collections?

your score should be recovering much faster if you are doing good things since feb if you fixed your other stuff.

you don't buy a $30k car at 22% interest... you buy a reliable $15k car and fix your credit.

[guydiver]

Ditto what CA said.  You gotta do some serious repairing and wait for things to get better.  Buy a beater car or something while you work on this.  I'd personally be surprised if you got any loan that wasn't a Buy Here Pay Here, and they don't usually have any Lexus cars on their lots.  Whatever means you have available, use it to get caught up on things.  Even paid collections will kill your score, but maybe you can get some PFD's.  What you don't need is lenders pulling your reports with denial after denial, those will haunt you for at least a year, and you can't afford the hit on your scores.  I wish you luck, but time to get real.  Many of us have been where you are, but it ain't easy or pretty.  I drove a Buy HERE, PAY HERE for several years while in school because of my history, which coincidentally was very similar to yours.  So I'm not judging, just speaking from been there done that.  Lots of help on these forums, especially the rebuilding forum. 

[Creditaddict]

Paid collections are 100x better than unpaid!

[sls10]

Thanks everyone for the input. I'm going to go ahead a payoff the two collections with Cap One and First Premeier I do know both creditors won't do a PFD but atleast they will be paid. The other 2 with Midland are do to come off 2015/16 so I will just wait them out as they are just listed on EXP anyway. I will continue saving for a car and hopefully be in a better position next Feb/March to purchase a car.

[Creditaddict]

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@sls10 wrote:

Thanks everyone for the input. I'm going to go ahead a payoff the two collections with Cap One and First Premeier I do know both creditors won't do a PFD but atleast they will be paid. The other 2 with Midland are do to come off 2015/16 so I will just wait them out as they are just listed on EXP anyway. I will continue saving for a car and hopefully be in a better position next Feb/March to purchase a car.

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capital one will also issue you new credit cards the month after their system shows you settled up with them!

people always say not to pay old collections because it doesn't help your credit score.

That is 100% true, BUT many banks will not issue credit as long as you have not at least settled your previous baddies.

I was able to get Chase, Barclay, well I mean the list is endless really 1 year to date from the last baddie I had settled!

[fury1995]

Your scores are not below the threshold for Wells Fargo and Capital will absolutely finance someone with a Capital One card charge off. Capital One generally will average all three scores in their internal system (all thre must be above 520). Wells is a little higher in the qualifyer but they are not afraid of bigger loans for sub-prime and down payment always has an influence with them.

[sls10]

Thank you...for sharing that information

[joedtx]

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@Creditaddict wrote:

I would buy a reasonable car for your credit and a lexus GS (LOVE IT) Aint it! sorry charlie

why have you not settled all your collections?

your score should be recovering much faster if you are doing good things since feb if you fixed your other stuff.

you don't buy a $30k car at 22% interest... you buy a reliable $15k car and fix your credit.

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+1  don't make that lender richer at your expense. This is great advice.