What would you do in my situation.

[FutureCamaroOwner]

Hey guys,
This thread could seriously help me if i get some good feedback. Here is my situation. I am 23 years old and make a $1900 a month. I am about 2 months from completly paying off all my bad collecions on my credit report (they will be deleted per the collection agency) I will then be saving for the camaro. I am looking for a Summit white LS. I have talked to a few dealers on here and there concern is that even tho my score will be mid 700's and I will have great debt to credit ratio I still have never had a car loan and my biggest credit card is $3800. I do not have the option of a co-signer and the car I am driving now has 191000 miles on it.

So my question is what would you do to acquire the camaro. There is no other car for me. All comments welcome and thanks alot for reading this my fellow camaro lovers

[coryrulez9]

buy now and refinance later if you need to. Thats what I did with my Cobalt. Initial interest rate was 7.2 and after a year dropped it to 5.1 I would recommend shopping around to get the best rate possible.

[pnyklr]

Originally Posted by FutureCamaroOwner

I am about 2 months from completly paying off all my bad collecions on my credit report (they will be deleted per the collection agency)

Hate to tell you this but those collections will not be "deleted" from your credit report no matter what the collection agency tells you. Those collections will be on your report for the next 7 years.

Do you have access to a credit union?

[v6sonoma]

do yourself a favor and pay $15 online at
http://www.myfico.com/Products/FICOOne/Description.aspx

It's by Suze Orman. She's a reputable financial advisor. This will give you an idea of where you really stand.

[mtcwby]

If you are paying off bad collections, I have some bad news for you. There's NO way you are gonna have a 700 FICO score. You'll be lucky to see 600.

[slicker]

Originally Posted by pnyklr

Hate to tell you this but those collections will not be "deleted" from your credit report no matter what the collection agency tells you. Those collections will be on your report for the next 7 years.

Do you have access to a credit union?

i have to agree, been there done that the creditors say that but it does not get deleted. the credit burals dont budge either.

[FutureCamaroOwner]

They already deleted 3 of them and I checked with all 3 and they were deleted. Either way I'm paying them off because they need to be paid. They are medical. I do have access to a credit union. I'm just hoping for them to give me a loan. I will refinance but am just looking to get the loan first. My score is already in the 650 range

[pnyklr]

Go to the credit union and discuss the situation with them. CU's are a bit easier to deal with. You need to know your credit score to know where you stand.

-Funk

[PQ]

Originally Posted by pnyklr

Hate to tell you this but those collections will not be "deleted" from your credit report no matter what the collection agency tells you. Those collections will be on your report for the next 7 years.

Do you have access to a credit union?

Originally Posted by mtcwby

If you are paying off bad collections, I have some bad news for you. There's NO way you are gonna have a 700 FICO score. You'll be lucky to see 600.

Maybe not 700 for him but I keep a VERY close eye on my score and for some reason in 07' when we bought Bonnies Lexus, we only were able to get 8% financing. I was shocked. Turns out she had a 47 dollar collections that was 3 years old on hers. (I never monitored hers because our names were both on most of our accounts) Anyway, when I found out, I asked for it to be removed with no residual effect. 2 months later it was completely gone off of all 3 bureaus. Maybe because it was not a credit account. It was a partial insurance payment that she forgot about when we switched 3 years earlier. Maybe because it was only 47 dollars and some change. But her score went from 690 to 740 in 2 months. So it's possible.

However, maybe unlikely in this case it sounds like. Never know though.

If your score is over 700 and you have a CC with a low balance and a 3800.00 limit, you won't have any problems what so ever.

Just don't shop around too much. Every credit inquiry shows up and can be considered negative info.

[brAnd7onX]

Do you have to get financed by either a credit union or the dealership to buy the car?

[v6sonoma]

My mom's credit is kinda jacked up. She had problems for years and although she's been debt free for over a year and a half when she tried to by a car a few months ago they wouldn't finance her even though she had a 650. I even tried cosigning before I had bought my camaro and even with my 796 average they wouldn't lend to her without a hugh deposit. Sometimes your history will last for a while.

[ddunerider]

Originally Posted by FutureCamaroOwner

They already deleted 3 of them and I checked with all 3 and they were deleted. Either way I'm paying them off because they need to be paid. They are medical. I do have access to a credit union. I'm just hoping for them to give me a loan. I will refinance but am just looking to get the loan first. My score is already in the 650 range

Sounds like your gona need 10k down to even get a loan for the car

[PQ]

Originally Posted by v6sonoma

My mom's credit is kinda jacked up. She had problems for years and although she's been debt free for over a year and a half when she tried to by a car a few months ago they wouldn't finance her even though she had a 650. I even tried cosigning before I had bought my camaro and even with my 796 average they wouldn't lend to her without a hugh deposit. Sometimes your history will last for a while.

I'd tell her to try elswhere. Espec. if yours is that high. I got 5.25 from the dealership with around a 770.

Buddy of mine got a 12k vehicle with a 630.

What was your mom trying for, a Ferrari? Crap. That sucks.

[v6sonoma]

Originally Posted by PQ

I'd tell her to try elswhere. Espec. if yours is that high. I got 5.25 from the dealership with around a 770.

Buddy of mine got a 12k vehicle with a 630.

What was your mom trying for, a Ferrari? Crap. That sucks.

It was a 15k mazda3. We just decided that it would be better for her to wait and get a bigger deposit. That way her credit would be better and less of a payment too. Plus now that I have my Camaro I'm sure my credit took a good hit. Her credit was REEEEEEEAAALy bad at one point. I had to by her house of her at one point because she was going to loose it. She's come a long way but the damage is done and it's gonna take a long time to repair it.