@Pupeitmeister wrote:
@Crisis wrote:
@Pupeitmeister wrote:
@ crisis. Sounds like a plan get comfy driving first
As to a car purchase. Do you want new or preowned? Have you done any research on lease vs buy?
Shotgunning an app is when you walk into a dealership and they send a request for a loan through several banks/credit unions. Be cautious of this approach.
I do not know how prequals affect things. I recommend asking in car loan forum for added info
Keep in mind that forum moves a bit slower than cc forum, but there is a pretty good amount of info to be foundHey Pup,
I am exploring new and certified pre-owned. I have decided pretty solidly against leasing. I don't think Shotgunning is something I'd do. I don't want to rack up inqs of that magnitude. I'm kinda a control freak like that I guess, or just (shot)gunshy. IKR? Gunshy in texas.
I have poked into the car loan forum and done some reading. Still lots more to do. Really intimidated by the first "major" decision I've made.
I recommend as a first car, to find something that has good safety ratings, perhaps a pickup truck if you feel you will do a lot of hauling (tools, lumber, etc etc... ).. Groceries do not fit in a pickup well, you can do it, its just not as good as a trunk.
You definetely want to find something that is comfortable for you, with minimal blind spots. Do not be afraid to test drive EVERYTHING!!.. When I was shopping for my first car, I test drove a jeep, and I couldn't even figure out the manual transmission. I found out later that it had a backwards linkage, something about it used to be a european car, that had been brought to the states. The shifting was from Right to Left, instead of Left to right... /shrug.. LOL.
Anyway... they recommend a 2 year old car for the greatest save on depreciation. I have found in the current economy, I can pick up a new car, at a decent rate, (less then 5%, ) for approx $50.00 more per month then a 2 year old car (in the 35k purchase price range)..
As to your search, I wish you luck. As to the financing, I would definetely recommend a CU that you have done business with in the past, and see what you can get Prequal for before shopping. Ask if they can do an AR (Account Review) for the prequal, since you do not want to take a HP for it. Some lenders will be willing to do that for existing customers, and go over what may need to change for you to get top tier financing. YMMV.
Thanks Pup! I don't want anything as big as a truck. I currently live about 30 minutes from work, and in Texas everything is "Over there" or "Over here"... while I don't anticipate doing a lot of driving for a while, when I do go somewhere, it's not generally "around the corner". That said, compact SUVs are quite appealing to me in terms of logistics and aesthetics.
I've been increasing my business with my current CU and I also use a small, local bank, which has definite prospect with regards to financing.
Thanks again for the information. I'm definitely absorbing it all.
In the garden until debt is paid off and scores are up!
@Pupeitmeister wrote:
@sterl1002 wrote:Hey Folks!
So I'm here to "bare it all" and join the challenge! Starting Jan. (shortly after I discovered myFICO
) I embarked on a mission to pay off all of my CC debt, which should occur by October (fingrers crossed!). When I started I was at 77% util with $12k in CC debt, so far I'm down to around $8,800 and 47% util (apped and approved for the BCP wich added $2k of available credit, and got a CLI on my JCP card increasing it to $1,500 bringing total available credit to $18,900). Currently standing at a myFICO EQ score of 704 (the AMEX BCP has reported, so I took a hit for that, but the PRG hasnt yet). Below is where I currently stand. I'm taking the snowball method toward payoff, so lowest card first.
Issuer Debt Credit Limit % Int. 1FBUSA $ 3,729 $ 3,800 29.99% Citi AAdvantage $ 2,400 $ 2,500 15.24% GECRB/Belfort $ 1,000 $ 1,500 0 (Oct '14) Chase "Freedom" $ - $ 2,000 21.14% Amex BCP $ 817 $ 2,000 0 (June '15) Amex PRG $ 35 NPSL PIF Amazon Store $ 86 $ 700 19.99% BofA $ - $ 4,000 ?? (AU) AA Store Card $ - $ 500 19.99% GECRB/JC Penny $ 317 $ 1,500 21.24% CU Line of Credit $ 900 $ 1,000 18.24%
So fair I've paid off the Macys which had $860 and the Chase which was maxed at $2k. Chase reported early, so the 706 score takes that into account. I've already seen pretty dramatic results, with my score jumping from the 620's when I started to 706 now, all through util and getting 2 30 day lates (the only baddies on my report) removed.
The BCP and PRG balance contains budgeted monthly expenses (food, utilities, etc.), which I PIF every 15th.
After clearing out Amazon and JCP (recent purchases) I'm trying to decide who's my next repayment target.
Look forward to sharing some updates with you all and keeping up with this thread!
Welcome to the payoff challenge!!..
I agree with the "highest interest first" to save money.. but if you need to see 0 balances, then definetely go your route... the important thing is, that you steady pay it down, and don't continue to add to it..
I look forward to hearing of progress!!!
Pup
Thanks Crisis and Pup! I think I'm going to take your advice and go after that high intrest rate next month. Sorry for the late reply, I was getting the urge to app for the CSP, so I had to take a break from the forums to keep me in the garden until my payoff is complete!
Hello,
Thanks for the motivation and information about how and why to pay off your credit cards. I am listing my cards and balance below. I am trying to pay everything off except for Navy Visa by September and then I will not apply for any credit until Dec. we want another car and then by September 2015 I want to apply for a new home.
Credit Card Payoff Challenge by February 2015
Credit Card | Limit | Balance | Utilization |
PNC Visa | $300 | 0 | Have a recurring payment of $80 for the next 4 mths |
Capital One MasterCard | $1100 | 0 | 13.63% |
Ann Taylor | $500 | 0 | 11.6% |
New York Company | $300 | 0 | 0 |
Navy nReward Visa | 10,000 | $650 | 6.5% |
American Express Green | No Credit limit | $481 | Pay in full each month |
Chase MasterCard | $3000 | $593 | 19.76%
|
Military Star | $4700 | $3791 | 80.65% |
Total | $20,400 | $5723 | 28.61% |
I have had credit before and the outcome has not been so great
This is my thrid time around and I am hoping to maintain good credit for the home stretch!
Starting Score: 583
WELCOME Cynthiatoy!!
It sounds like you have goals, which is awesome!!
Let us know if we can help you with a plan! It apprars you are in pretty good shape other than that 80% uti card atm!
It sounds like you have goals, which is awesome!!
Let us know if we can help you with a plan! It apprars you are in pretty good shape other than that 80% uti card atm!
OFFICIAL GARDEN START DATE: 10-05-2014... TARGET GARDEN END DATE: 06-01-2016 Lets Git 'r' dun
Thanks Pupeitmeister for the welcome and I will let you know about my plans and if I need any help.
@cynthiatoy3 wrote:Hello,
Thanks for the motivation and information about how and why to pay off your credit cards. I am listing my cards and balance below. I am trying to pay everything off except for Navy Visa by September and then I will not apply for any credit until Dec. we want another car and then by September 2015 I want to apply for a new home.
Credit Card Payoff Challenge by February 2015
Credit Card
Limit
Balance
Utilization
PNC Visa
$300
0
Have a recurring payment of $80 for the next 4 mths
Capital One MasterCard
$1100
0
13.63%
Ann Taylor
$500
0
11.6%
New York Company
$300
0
0
Navy nReward Visa
10,000
$650
6.5%
American Express Green
No Credit limit
$481
Pay in full each month
Chase MasterCard
$3000
$593
19.76%
Military Star
$4700
$3791
80.65%
Total
$20,400
$5723
28.61%
I have had credit before and the outcome has not been so great
Welcome and good luck. It looks like you can manage it! You'll do great.
I wish I had seen this post earlier. April 1st, I will be at 0% for the first time in 5 years.....Right now I am at 65% and I can barely contain myself. The feeling is amazing!!! Good Luck to Everyone!
@kaskuli wrote:# Issuer Previous Bal Current Balance Limit Util APR
1 Wells Fargo Visa $- $- $1,700.00 0% 17.49 2 Discover It $1,984.52 $984.52 $2,500.00 39% 0.00 3 GE Amazon $599.00 $- $2,000.00 0% 25.99 4 Chase Freedom VS $5,949.99 $5,390.77 $7,000.00 77% 0.00 5 Amex BCP $- $- $7,500.00 0% 0.00 6 Paypal Extras MC $- $- $2,000.00 0% 23.99 $8,533.51 $6,375.29 $22,700.00 28%
You're really making progress! You have really made a dent in that Discover! Keep up the good work!
@seeyouthere wrote:I wish I had seen this post earlier. April 1st, I will be at 0% for the first time in 5 years.....Right now I am at 65% and I can barely contain myself. The feeling is amazing!!! Good Luck to Everyone!
A belated welcome and premature congratulations!