Need a little advice on my situation

[jewel25]

Originally Posted by nyrfan

I edited my post a bit, see above. But no, that is not the case. Each pull will have an impact in some way, in fact most CU (and some prime creditors) will deny you just for having excessive pulls.

Originally Posted by jake2212

i know it would shot up, but i thought you only got dinged once

One of the many reasons why I didn't get a loan last month. It said I had to many pulls within the last 12 months. Not sure how much it hurt my credit score, but the bank said no to giving me a loan and they said that was one of their reasons.

[shine2013]

1st why are you doing 72 months on anything? Not smart. Bite the bullet, wait another year(you've waited this long right?), fix up your credit by paying down your debt, and save up a bigger down payment. Going into debt and being upside down(finacally and not just the car) isn't smart.

Besides next year is the last year for this generation right? Save up a bigger down payment, fix your credit, and some dealer will cut price in order to make room for the next generation. If you go used the value should drop with another generation coming out and an influx of used cars on the market when people trade in. Wait.

[PalmerGA]

OP - listen to the replies here. 12.99% is NOT a good rate these days and the only way you will get better rates is to pay off (or at least pay down) some of your bills. Making an expensive purchase that you do not NEED is not the way to improve your credit. I know it's difficult but... be patient. Camaros will be there when you get your head a little more above water. It'll be worth the wait. Good luck.

[Blu Ray]

12.99 is actually a good rate with a score of 586 and 2 open auto loans.... I suggest pay off one of the open autos, hopefully by this time next year we will have a 6th gen in the pipes, drop the hammer then

[Manbearpig]

Originally Posted by jewel25

One of the many reasons why I didn't get a loan last month. It said I had to many pulls within the last 12 months. Not sure how much it hurt my credit score, but the bank said no to giving me a loan and they said that was one of their reasons.

I believe it's any pulls within a certain amount of days, I want to say 14. This is supposed to be how your credit score stays safe if you finance through a dealer and they "Shotgun" your info to their lienholders. All inquiries appear as 1.

OP, wait, 12.99% is horrendous and you have two nice cars, I honestly wouldn't even advise it if you didn't have any cars at all. That's a bear trap at it's finest.

[2012-1822]

Soap box

I don't understand why people think it is a good idea to have incredible amounts of debt. One problem with debt is the interest that gets paid to someone else. People need to wise up, pay cash for the amount of car the can afford, then make car payments to themselves until they can afford to step up to what they want. It irks me a little when I get on this forum and see people talking about car payments, there should be only one and it happens at the time of purchase.

I understand some people would say that a car is needed and that sometimes a person doesn't have the money to pay cash. Okay, but that argument cannot be made when talking about $400-$500 a month payments, or yet one better is folks talking about making payments on a ZL1 and it is sometimes north of $800. That is ridiculous. No one can ever argue that someone needed a ZL1 and that's why they can justify financing one. If someone has to have a car and their old one has blown a motor or something, then it really doesn't need to be a Camaro, it needs to be a much cheaper, reliable automobile that they can actually set a goal of paying off quickly, and start to save up for the car they want.

Step down off box now.

[PalmerGA]

Originally Posted by 2012-1822

I don't understand why people think it is a good idea to have incredible amounts of debt. One problem with debt is the interest that gets paid to someone else.

I hear ya. I think far too many people (everywhere) have taken a Basic Economics course from our Government.

[Knockoutpie]

My interest rate is 3.3%...

[bigbob11]

You said your credit union, sounds more like a loan from a loan shark, my credit union is @1.99

[DRKS1D3]

Originally Posted by Therealbigrich

Here's the situation I went to my credit union and applied for a loan in which I got a 72 month at 12.99% up to 26 k but at that rate I'm trying to stay as low as possible. I know my credit isn't the best right now but I think the main problem is I already have 2 loans out on my avalanche and z28 Camaro so the third loan is hurting my debt to income ratio. I could either buy a V6 Camaro for under 20k while I trade in my z28 and refinance in a couple months or I could just keep waiting until next year and save then decide. Just wanted to get some opinions on what would other people do in my situation.

Forget the damn car, work on your 586 credit score. Acquiring a second vehicle is the very least of your problems. Get your life in order first!

Originally Posted by jewel25

My credit score was pulled 8 times this year and every one of those times showed up on my credit report.

Every time you apply for credit, it goes on your credit history. I'm not sure why you were getting your credit pulled so many times in a short period, but it isn't very smart!

[jewel25]

Originally Posted by DRKS1D3

Every time you apply for credit, it goes on your credit history. I'm not sure why you were getting your credit pulled so many times it a short period, but it isn't very smart!

I know I know. I had to...kind of.

I moved into an apartment, pulled credit. Got a new job, pulled credit, had to turn on the electric in my apartment, pulled credit, bought a car, pulled credit, refianced same car, pulled credit. Then I went for a home loan and had my credit pulled several more times. I am done for the next year or two. I shouldn't be moving, getting a new job, or buying anything for the next two years.

[2012-1822]

Originally Posted by PalmerGA

I hear ya. I think far too many people (everywhere) have taken a Basic Economics course from our Government.

Unfortunately you are very correct. I was thinking about this with my niece the other day. Her dad cooks really well. And what I mean is they don't do hamburgers all the time or stuff like that. He does a lot of vegetables and grilled fish and chicken. And so that is how she is growing up, I bet that's how she cooks most of her life because that is the example that has been set for her.

The example set for America by those that govern it is that it is okay to borrow money that you never really intend to pay off. The game plan is to make payments and make payments, and then when someone wants a new car they talk about equity in the car and how much the new payment will be. It's just nuts.

[Leo_black]

Wow, 12.99 is insane. You will pay way too much in interest than if you wait a bit. The bank I was considering my loan through would've only done 2.9 for 72 months and 5.24 for 84-96 (and the 7-8 year is only available for 30k plus loans.)

[joelster]

Everyone should monitor their credit. There's a bunch of websites that you can do this at. I use this one:

https://www.creditkarma.com/

Plug in your information and it will do what is called a "soft pull". It won't gig your credit like a hard pull will. It will give you your credit "score" and will break it down into 5 categories with an A through F rating for each category. Some things that are good to know, that most people don't know are these:

1. Credit cards. You want to have between 1% and 20% charged onto them. If you pay it off to zero, that is not good. If you have more than 20% of the available balance charged, that is also not good. People who are about to lend you money want to see that you have good control by NOT having a lot charged onto your cards, but they also want to see that you are using them (ie: having over 1%).

2. Length of credit history. Not much you can do about this one, but KEEP that very first charge card forever! Don't cancel it or go to a different one.

3. Amount of accounts (credit cards, auto loans, personal loans, etc) in your name. The older you are the more accounts they want to see. To give you an example, if you are over 40 and you have 3 or 4 accounts, you will score very poorly here. It's a catch-22 though. If you see that you need to have a few more accounts to get you from a "B" to an "A" rating in that category, department store credit cards will qualify, but then your overall credit history length will get shortened, lol.