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Hi, im 22 years old working with a 21k income. Got my first credit card with BOA 2 years ago. Along the way I acquired 2 other credit cards and 4 store cards (all in my listed below). I began taking advantage of the 0% financing offers from the store cards some came into some financial stress.. long story short I ended up with about 3k in debt between my cards.. (6K TOTAL LIMIT)
I had all on time payment for all cards at this point, no bad marks so i applied for a personal/debt consolidation loans. I got declined each and everytime from different lenders. There is a one main financial office near my office and I've read so many bad reviews I was discouraged to seek a loan through them. I spoke with a rep at their office and found out that for a 3k loan I'd end up paying over 6k at a 29.99% APR for 48 months This sounded ridiculous.. but I felt as though It was the only choice.
I accepted the loan.. paid off all my debt.
Heres a before and after image.
Before:
N/A EX FICO 620 EQ FICO 640 TU FICO
BOA SEC. $300
CAPITAL ONE $750
FIRST PMR $700
HOME DEPOT $500
WALMART $1000
BESTBUY $1200
AMAZON $1600
After: ( i asked for increases on every card and applied for some new ones)
749 EX FICO 732 EQ FICO 736 TU FICO
CHASE FREEDOM - $2,000
CHASE SLATE - $2,400
DISCOVER IT - $3,000
BOA REWARDS - $3,000 (unsecured the card)
CAP1 QUICKSILVER - $1,750
WALMART DISCOVER - $3,000
BEST BUY - $3,000
HOME DEPOT - $3,000
AMAZON - $1,600
****I also joined a credit union and refinanced the loan at 15% and i'm currently financing a 20,000 auto loan for a 2008 BMW 328i convertible as well @11.25%****
It's through BMW financial services. My scores qualify for less than 5% but my income appears to be a big risk with lenders.. but I will refinance that in a come months as well.
I did apply for amex blue everyday, but was declined due to too many inquires and recent inquiries lol.. but i'm still happy.
Thats my story!
congrats on your success
20k car on 21k income? No wonder it's a risk.
@gh17 wrote:20k car on 21k income? No wonder it's a risk.
Yep, but I've done a pretty great job lol. I am only 22 =/
Im training to become the direction of I.T at my office and my income will be over 100K. My ceo is currently paying for my programming clases.
I can only imagine the doors that will open when I get that income later this year.
@Mario4 wrote:
@gh17 wrote:20k car on 21k income? No wonder it's a risk.
Yep, but I've done a pretty great job lol. I am only 22 =/
Im training to become the direction of I.T at my office and my income will be over 100K. My ceo is currently paying for my programming clases.
I can only imagine the doors that will open when I get that income later this year.
Awesome, congrats on the job training/future position! Personally, I would have waited until after the salary increase - you never know, things happen, and I wouldn't want to get stuck with a loan I couldn't afford. But to each his own.
@gh17 wrote:
@Mario4 wrote:
@gh17 wrote:20k car on 21k income? No wonder it's a risk.
Yep, but I've done a pretty great job lol. I am only 22 =/
Im training to become the direction of I.T at my office and my income will be over 100K. My ceo is currently paying for my programming clases.
I can only imagine the doors that will open when I get that income later this year.
Awesome, congrats on the job training/future position! Personally, I would have waited until after the salary increase - you never know, things happen, and I wouldn't want to get stuck with a loan I couldn't afford. But to each his own.
Yea I thought the same, but I was getting a new schedule for work and new classes. Needed the car ASAP so I wouldnt postpone the position. I'm just hoping I make it till September. Thats when I sign the contract to stay at the position for at least 5 years at a set schedule. Thanks a lot though. I'm truly proud of myself for fixing the underlying problem; consolidation only shift the debt.. I had to learn self control and spend only what i have. Luckily I did. Or Id owe a personal loan, auto loan and have maxed out cc's. lol
Congrats on the consolidation - but I wouldn't open any more credit lines till you pay off the remaining debt.
Take it from me - someone who racked up $120k in student loans, bought two new cars when getting into a better job, and bought a house when I shouldn't have and ended up moving and had to pay $40k out of pocket to sell (bought at the peak of the real estate boom). I now make about $140k a year and have paid down the student loans down to $30k but I now drive a 9 year old car and a 7 year old minivan and am currently renting and saving up for a house. I could have been in a house a long time ago if I hadn't made the dumb choices I did - and while a bigger income gives you a bigger shovel to dig out of the hole of debt - assuming that you will be able to pay it all off quickly once you start making 6 figures is optimistic unless you start working on a plan now to budget your money on the income you have now (and IMO a car loan on a luxury car @ 10%+ is crazy).
Called amex for reconsideration on BCE and got approved 2K.
Why not move most of your freedom credit line to slate and then use the 0% bt to pay off your 15% personal loan, what wont fit on slate put on your discover at 0%.