Need a little advice on my situation

[Dtowndog420]

Dude, you need to focus on paying off your other car loans, becoming debt free and living that way for a awhile. Putting yourself in debt like this for a car or anything for that matter is irresponsible and no way to live. But to each their own, JMTC.

[nyrfan]

Originally Posted by 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.

Overall some good info here, but I disagree with some as the poster seems to be reading from the creditkarma script.

1- They do pull a soft pull but it's a Transunion FAKO score (meaning they use their own scoring araglrythem) which can be well off your true FICO score. My TU CK score is 789, my TU Fico is 823. FICO is what creditors look at.

2- Don't fall for the you need to carry a balance suggestion CK makes and their A-F rating system. There is no reason to carry a balance; in fact FICO will go up once you pay off to 0. The 1st month you'll take a minor hit, but the month after will rebound higher. If I were to carry even a 1% balance every month that would be about $6500 for me, no way am I carry a month to month balance of $6500. I use my C/C for EVERYTHING from a pack of gum to majot utilites and always pay off before the report date. Why I use a C/C for everything for several reasons: rewards, secrurity, extended purchase warranty, etc.

3- By all means cancel your oldest card only if it has a fee and you don’t use it. The card will continue to count towards your average age of accounts for 8 years even after closed. With that said, there is no reason to cancel it unless there is some kind of fee tied to it and you don't need it. Just sock draw it.

4- A good mix of accounts is important but the factor in true FICO scoring is very low (10%). It kills me when people get advice to take out loans (not saying you are doing that) just to add accounts to the mix. Get accounts as you need them, not to bolster your credit profile.

See FICO scoring chart below:

[justa25thTA]

Originally Posted by jewel25

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.

hmmm...

[kevinw]

Just bought a new 2lt. my rate is0. I wait and save and buy what i can afford. if i cant afford a zl1 then i buy less. ls is still a great value too. but op u git to use ur head

[Therealbigrich]

Right now Im just going to wait and at least pay off my Z28 before I trade it in and I will try to save a couple thousand for a down payment. Hey I guess you never know maybe they will announce the 6th gen Camaro and Ill keep saving for that but thanks everybody for the advice.

[JTruck]

Originally Posted by Therealbigrich

Right now Im just going to wait and at least pay off my Z28 before I trade it in and I will try to save a couple thousand for a down payment. Hey I guess you never know maybe they will announce the 6th gen Camaro and Ill keep saving for that but thanks everybody for the advice.

Good way to look at it

[Top~Dog]

Here's the bottom line my friend:

1) get buying a new car out of your (see 3 & 4 for the "why")
2) pull your credit reports - need to see if something has ur nuts in a vise
3) your credit score is fairly, well, um - crappy
4) right now, rates or 60 month are hovering around 3%...your rate was INSANE

- bankrate.com good for getting average rates
- annualcreditreport.com should give you all three major reports for free once a year

Not trying to dash your hopes...the last thing you want is to be cash strapped with a new car that just screams for you to do mods.

[AdamEL]

You'll need a couple of years of payments before you can refinance with a better APR.

[jewel25]

Originally Posted by justa25thTA

hmmm...

Hmmmm what? My lease was up, thought I could afford a house, boy was a wrong. At least it was a wake up call to restructure my finances. Kind of like the OP, hopefully the 12.99 is a wake up call.

[jas81363]

That interest rate is way to high. My rate is only 3.25%. You might as well buy your car with a credit card a 12.99%.

[OHIOSS]

When my Camaro came in back in 2009 the dealer had special loans @ very low
interest. I think the interest on the loan was 2 1/2%. You had to have an excellent
FICO credit rating over 750 to qualify. My wife's Cadillac is at 1.9% interest, that was another dealer special deal.

My point is you may want to check the dealer to see if they can give you a better offer, no way would I ever spend that kind of money at that outrageous interest-rate!

Russ

[LStick]

Pull the trigger on this at 13% for 72 months with other car debt in the background , and as my Dad would have said, you can go "Car Poor" real quick.

[nyrfan]

Originally Posted by AdamEL

You'll need a couple of years of payments before you can refinance with a better APR.

not true at all.

[ssrs2lt]

credit is like opinions and a holes everyone has some! hahaha OP wait, wait, wait, and wait some more.