scared and embarrassed

[Anonymous]

This is really embarassing to admit but oh well here it goes.  About 5 years ago, I started getting my husband and I into debt.  Part of this was I was going to school to get a better job.  I changed jobs in the timeframe and was making less money.  I eventually ran up his credit card and was unable to pay the bills for over 6 months.  Slowly, everything else began to ge behind as well including, his truck payment and our house payment.  Luckily, by the grace of God, nothing got repossed or foreclosed and we were able to settle his credit card debt once I got a new job after I graduated.  We need a new vehicle for myself and we have been on time with his truck payments for a year now and will be caught up on our house payment for about 6 months when we get ready to buy. (We had an agreement with our mortgage company to pay double the house not for one year to avoid foreclosure.)  So, my question is how bad did I hurt his credit to get a new car loan and what would you expect the apr to be?  Everything has been paid off, on time and caught up for 6 months by the time we decide to buy.  And will my new income which has more that doubled help?  I have been with the same company for four years, just changed positions and he has been with the same company for over 6 years.

Desperately need advice,

startingover77

[Schoolbuskid]

I really cant tell without knowing whats on your credit report! Such as how many lates, collections,etc.

I can assure you that he has a couple of 30, 90 day lates it killed his score! From what i have read!

I think lates do the most damage, even more than collections!

[Anonymous]

STEP 1: Pull all 3 of your credit and his credit report. Yeah it costs some money but you need to know where you stand.

Until you know where you stand you can't do anything to fix it.

[Anonymous]

Yes, definitely pull your credit reports and get your FICO scores.  I know it's really scary going for a new car when you know your credit is bad, but if you know what your scores are at least you are going with that knowledge.  And, you never know, but your scores might not be that bad.  2 years ago when I had to get a new car, I didn't pull my credit scores first (I was scared to) and I ended up getting into a vehicle that I only got because I didn't think I could afford anything else.  My interest rate was really high too.  On the plus side, I was able to refinance about 18 months later at a lower interest rate, but I'm still stuck with a car that I really wish I didn't have.  So, first thing I'd suggest - "empower yourself" and get your scores so you can be sure you don't get screwed.  Also, shop around at a few places first. Good luck!!

Message Edited by kball64 on 05-05-2008 01:07 PM