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Old 04-26-2009, 02:35 PM   #1
X-Z01
 
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Need some input... Again. Details inside.

Okay so I made my first topic a few days ago, asking some questions about how I can get the Camaro.

I ended up paying for a credit report, to find out exactly where I am at, and to see if my options are correct in the form of opinions from you guys, so here goes...

My credit score is 646... According to one of the big three I went to, that is 14 points away from the "good" bracket.

I have a total credit of 7,710 in credit, with a balance of 6,209, and an available credit of 1,501. As of the end of June, I will have another 2k knocked off the balance of 6,209, putting me at 4,209 with an available revolving credit of 3,501. At this point, I will only owe on 2 credit cards (a 3k which is getting paid down as I don't use it anymore, and a 1.2k, which I am paying down as it isn't being used as well; both in a safe, I pretend they don't exist.)

With this knowledge, is the debt to credit ratio of 4,209/3,501 good enough to get into the car, should I also take 5k as a down payment to them?

This would be based on getting the LS at the MSRP of 22,995 or less.

Another thing is, is the reason my score is 646 because of the credit to debt ratio currently being 6,209 for balance to 1,501 in available credit? If so, could some of you guess how much my score would jump, should I have more available, then owed?

Thanks again guys... Trying my dambest to get into one of these beauties.

EDIT: OH! Almost forgot... I don't have a mortgage payment, no installment payments, or other, due to the fact I live in a house my mother owns and rents to me for free, so I basically only pay 150 a month in bills.
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Old 04-26-2009, 02:43 PM   #2
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Pay off some of the credit you owe. That's the sure way to raise your score. A $5k down is almost 20% down on a $23k car. You have enough down, I don't doubt you'll qualify even as you stand right now but it's the intrest rate that's going to get you. But if you can swing it, I say do it. A big car payment...it's the American Way!! LOL
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Old 04-26-2009, 02:52 PM   #3
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Yeah I am taking next months money, minus bills I have to pay, and paying half of the 2k card, then in June I am paying the other half, and paying off my 2k card, so I will only owe on 2 credit cards, and my debt to credit ratio will look like 4,209 to 3,501.

See I went to David Stanley Chevrolet here in Oklahoma City, and the guy told me, "well we can approve you for a car, but it would have to be something like the Cobalt to establish credit since you've never bought a new car before." I didn't know if I believed that. Seeing as how MSRP on the Camaro is just 4k more then the Cobalt, it didn't make sense.

I said why would something like 4k really make such a difference, the person said, "well it's because 10k brackets are easier to finance someone in then 20k brackets." I started thinking this was a car salesman trying to pull the BS jibba-jabba on me.

Sure enough, I called Frontier Chevrolet in El Reno, like the lady here told me when she ordered hers, and they said that was BS, and they could've put me in it if they wanted to.

So if I get into the car, how do I find better interest rates? Don't the dealers banks get my business when I do business with the dealership, or can I find my own place for potentially better rates?
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Old 04-26-2009, 05:02 PM   #4
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I'm thinking you might be better off taking your $5k downpayment and just paying down/off your credit card balances. That will do more for boosting your credit score than having a downpayment.

If you can get approved through CapitalOneAutoFinance.com or Eloan.com, they don't require a downpayment (at least they didn't in the past). I'll find out soon enough when I apply through both sites once my Camaro gets pulled for production.
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Old 04-26-2009, 05:31 PM   #5
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Quote:
Originally Posted by rolnslo View Post
I'm thinking you might be better off taking your $5k downpayment and just paying down/off your credit card balances. That will do more for boosting your credit score than having a downpayment.

If you can get approved through CapitalOneAutoFinance.com or Eloan.com, they don't require a downpayment (at least they didn't in the past). I'll find out soon enough when I apply through both sites once my Camaro gets pulled for production.
I agree, although I have 5k to put down and almost 0 debt its the little things that can kill you. I got denied for a loan through the pen fed credit union and my numbers were perfect.

I would possibly look for a financial adviser, or talk to someone who knows more about this. I also agree paying off debt will better suit you. What happens if something happens with the car, or even you need to buy something else, the car will only show as more debt on top of your credit cards.

If I had to guess someone with a 20k car loan and 0 credit card debt would look better then someone with a 15k car loan and a 4k credit cards. Shows instability. I am only talking about the future, but with this economy and what not its always better to plan. (remember that someone looking into your credit score in the future won't know/care that you put a downpayment on your last car, only see credit + car debt.)

A car loan is to be expected, credit card debt is highly frowned upon from my past experience.

This is no way professional advice, just my thoughts.
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Old 04-26-2009, 05:57 PM   #6
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In your guys's opinion, with a credit score of 646, if I were to pay off the 6,209 in balance I have, how high would my score go up?

I don't have any negative accounts on my credit that are supposed to drop in 7 years and all that jazz, but I do have 2 collections on my record, totalling 806 dollars (a 170 bill from way back when i didn't care, and a 636 one from when I didn't care.)

What I am saying is, with those two collections on my record and my score currently sitting at 646, if I were to at least pay off the 6,209 dollars I owe in credit cards to have no balance, and 7,710 available in total credit, how high would it jump?

Thanks again.
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Old 04-26-2009, 06:59 PM   #7
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try asking you loan officer at your bank/credit union. i ask mine whenever i'm in her office to look at my credit report and tell me what i can do to optimize it.

she says you should have 2 credit cards with as large of credit limits as possible, but as little balances as possible. this with a mortgage and vehicle loan (whith good equity in both) is about as good as you can do.

also, any out of date info on your report, like accounts you have paid off but still show balances. you might be getting late dings on them, but they count againt you debt-to-income ratio.

i say put the $5k down to get a better interest rate and for the equity. nothings worse than having to sell a car in a pinch but you can't because you owe more than its worth. then work on paying off and closing unsecured credit accounts.
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Old 04-26-2009, 07:08 PM   #8
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Go to http://www.creditkarma.com/. You can get your score at any time, and they have a credit simulator that gives you an idea of what your score would be if you did this or that.
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