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hzsogood
07-30-2006, 11:45 PM
Well here s the deal .. Ive had nothing but a good credit record for the past 3-4 years, now my credit is at 640 ish ( yea i really messed up a few years ago ) And i dont want to go through my credit union for a few reasons , mainly even if my credit was 750 the lowest rate i would have is 6-7% .. I ve fully made up my mind that the si is what i want, and was wondering a few things from everyone

1) What s your monthly payment ( based off interest and amount financed)
2) Will my honda dealer be able to give me a better rate than my cr union?
---- Which at this point is 11.2%
3) Do ppl with 72 mth loans on this car think its worth it.. ( 6 yrs is along time, especially for a civic

squeak9798
07-30-2006, 11:47 PM
1) What s your monthly payment ( based off interest and amount financed)

Don't have one :p:

Own both of my cars free and clear.


2) Will my honda dealer be able to give me a better rate than my cr union?
---- Which at this point is 11.2%

Possibly, never hurts to shop around though.

Your credit union can't get you a better rate than 11.2% ?? They typically have a little higher rates...but a score of 640 isn't horrible (I've seen much, much worse...640 is pretty "average") to only be able to give you a rate that high.


3) Do ppl with 72 mth loans on this car think its worth it.. ( 6 yrs is along time, especially for a civic

If you have to stretch a loan out to 72 months in order to afford the payments, then you are purchasing a car that's beyond your financial means.

Expy2K
07-30-2006, 11:52 PM
Well here s the deal .. Ive had nothing but a good credit record for the past 3-4 years, now my credit is at 640 ish ( yea i really messed up a few years ago ) And i dont want to go through my credit union for a few reasons , mainly even if my credit was 750 the lowest rate i would have is 6-7% .. I ve fully made up my mind that the si is what i want, and was wondering a few things from everyone

1) What s your monthly payment ( based off interest and amount financed)
2) Will my honda dealer be able to give me a better rate than my cr union?
---- Which at this point is 11.2%
3) Do ppl with 72 mth loans on this car think its worth it.. ( 6 yrs is along time, especially for a civic

1. My Expy is paid off but I bought a boat and pay 170 a month..

2. 11.2% isn't bad you can always refinance, in a year or so if you have made all your payments on time.

3. 5 years is the most you want for any car..



:)

Flipx99
07-30-2006, 11:52 PM
Your credit union can't get you a better rate than 11.2% ?? They typically have a little higher rates...but a score of 640 isn't horrible (I've seen much, much worse...640 is pretty "average") to only be able to give you a rate that high.



If you have to stretch a loan out to 72 months in order to afford the payments, then you are purchasing a car that's beyond your financial means.

Typically, CU offer lower interest rates than that of competiting institutions because they do not pay income tax, among other reasons.

Also, x2 on the second part. I would finance a car for 3 years though.

hzsogood
07-30-2006, 11:58 PM
Does anyone know a calculation to figure out adding interest to your loans?? I'll be financing about 20k... and at 60 months ( no interest) its about 330/month... So just for an avg of 10% interest how much am i lookin at

Flipx99
07-31-2006, 12:04 AM
that's not correct

hzsogood
07-31-2006, 12:08 AM
that's not correct


20000 / 60 = 333/month .. where did i go wrong?

Johnny Drama
07-31-2006, 12:10 AM
Well here s the deal .. Ive had nothing but a good credit record for the past 3-4 years, now my credit is at 640 ish ( yea i really messed up a few years ago ) And i dont want to go through my credit union for a few reasons , mainly even if my credit was 750 the lowest rate i would have is 6-7% .. I ve fully made up my mind that the si is what i want, and was wondering a few things from everyone

1) What s your monthly payment ( based off interest and amount financed)
2) Will my honda dealer be able to give me a better rate than my cr union?
---- Which at this point is 11.2%
3) Do ppl with 72 mth loans on this car think its worth it.. ( 6 yrs is along time, especially for a civic


1) ~$205 a month (I dont remember exact interest under 6% though, but amount financed was $10k)

2)When I went in to buy my truck they started me at 10% interest. I held up my $6k down payment and said I am walking unless then can get me in under 6%. They came back at 9% and I actually left the building and got to my car. The salesman stoped me and said that they can get me in where I wanted. I also use to sell cars. TRUST me. The make money off you for getting you in off a higher rate ;)

3) with 72 months you will be so upside down. When you do get ready to sell it you had better have it paid off. Plus by then it wont be worth anything at all. Used cars are honestly the way to go. I have never bought a new car and wont ever.

Flipx99
07-31-2006, 12:11 AM
I orginally had a number, but I think it is wrong now.

I keep getting 424.94

424.94*60=$25,496 which sounds right but I am thinking I am overthinking it

Johnny Drama
07-31-2006, 12:13 AM
20000 / 60 = 333/month .. where did i go wrong?

For every $1000 you finance you are looking at $20 added to the payment. For a $20k car with no downpayment you are looking at a $400 payment.

EDIT: This is a quick guess...not 100% on the dot.

RMKrider1
07-31-2006, 12:13 AM
How do you find out your credit score?

Flipx99
07-31-2006, 12:13 AM
Yes, $424.94 is correct.

Flipx99
07-31-2006, 12:14 AM
For every $1000 you finance you are looking at $20 added to the payment. For a $20k car with no downpayment you are looking at a $400 payment.


A little more due to monthly vs annual compounding

djman37
07-31-2006, 12:14 AM
look online for a payment calculator or an amortization(sp) table.

*edit GOOGLE rocks in less than 1 sec. I found this. http://www.edmunds.com/apps/calc/CalculatorController?mktcat=carcalculator&kw=car+payment+calculator&mktid=ga9911315

Flipx99
07-31-2006, 12:14 AM
How do you find out your credit score?

I use www.mycreditinform.com

zachzchw
07-31-2006, 12:15 AM
www.google.com

Flipx99
07-31-2006, 12:17 AM
look online for a payment calculator or an amortization(sp) table.

*edit GOOGLE rocks in less than 1 sec. I found this. http://www.edmunds.com/apps/calc/CalculatorController?mktcat=carcalculator&kw=car+payment+calculator&mktid=ga9911315


my calculator > google search

hzsogood
07-31-2006, 12:19 AM
i found out the easiest way to figure out your average monthly payment at about 10% interest is to double the price of the car ( or what you'll be financing ) and use the first 3-4 numbers off the total, and that will be a good guess of a month payment ex..


Finance $22,000
x2
= $44,000

So im guessing around 440/month??

turn it up
07-31-2006, 12:27 AM
this is a good place here

http://www.bankrate.com/brm/auto-loan-calculator.asp

I was crunching out some numbers for my next car too hehe..

Flipx99
07-31-2006, 12:28 AM
I already told you monthly payment: 424.94

djman37
07-31-2006, 12:30 AM
my calculator > google search

google search car payment calculator

from you flipx!:D

I orginally had a number, but I think it is wrong now.

I keep getting 424.94

424.94*60=$25,496 which sounds right but I am thinking I am overthinking it

we don't know all his details.

Flipx99
07-31-2006, 12:30 AM
i found out the easiest way to figure out your average monthly payment at about 10% interest is to double the price of the car ( or what you'll be financing ) and use the first 3-4 numbers off the total, and that will be a good guess of a month payment ex..


Finance $22,000
x2
= $44,000

So im guessing around 440/month??


You said the car was 20k, not 22k.

New payment: 467.34

Flipx99
07-31-2006, 12:32 AM
google search car payment calculator

from you flipx!:D


we don't know all his details.


I use a financial calculator for my class. (finance major) I am not used to 'real world' applications of my 'knowledge' yet. I am kind of hesistant because it is not a test, it is real world (if you will)

djman37
07-31-2006, 12:35 AM
I use a financial calculator for my class. (finance major) I am not used to 'real world' applications of my 'knowledge' yet. I am kind of hesistant because it is not a test, it is real world (if you will)

that's cool.

I got my Xterra in '03 for 1.9%, 5 years.

Flipx99
07-31-2006, 12:36 AM
that's cool.

I got my Xterra in '03 for 1.9%, 5 years.


You pay more in 5 months than the combined total of every car I have ever owned (just two)

But since I graduate in 12 days and I have one guarenteed job @ $35k. I am thinking of buying a recent car.

hzsogood
07-31-2006, 12:37 AM
You said the car was 20k, not 22k.

New payment: 467.34


Thanks for the math work :) .. I wasnt to far off with the way that i went tho , thats all i was sayin.. Just a quick way for ppl to get a good idea of where they'll be..

I wanted to be under 400 , and the easiest way to do that ( i thought) was to just go to 72 mths.. Since every 1000 you put down is only about 15-20 bux off your monthly payment.. So when i look at it that way id rather pay 420/month instead of 400 and have an extra 1000 to play with , new system springs, etc

hzsogood
07-31-2006, 12:39 AM
even tho a new ride is a bad investment , it is a honda and a si at that and from what i hear they hold resale like crazy, and will obviously run forever

djman37
07-31-2006, 12:39 AM
You pay more in 5 months than the combined total of every car I have ever owned (just two)

But since I graduate in 12 days and I have one guarenteed job @ $35k. I am thinking of buying a recent car.

X was the first car I've financed in a while. '91 Volvo GL, '94 Volvo 940T, '95 BMW 525i, all cash. I hate car payments.:crap:

Flipx99
07-31-2006, 12:44 AM
X was the first car I've financed in a while. '91 Volvo GL, '94 Volvo 940T, '95 BMW 525i, all cash. I hate car payments.:crap:


88 cutlass and 89 cutlass (300 and 800 respectively)

hzsogood
07-31-2006, 09:46 AM
Im going 60 months for sure... I just wanted it to be around 400.. Where else can i go to check for a loan , or is there a good place to check ? I belong to a credit union,and a mid sized bank ( republic ) ..W a score of 640 i'm sitting at 11.2% , i want to be in the sub 8%.. And does anyone know or can you figure out exactly how much each % of intrest raises your monthly payment?? base off $20,000

joshpoints
07-31-2006, 09:55 AM
20000 / 60 = 333/month .. where did i go wrong?

Use this.

http://www.bankrate.com/brm/popcalc2.asp

hzsogood
07-31-2006, 10:06 AM
I just dont want to go to a bunch of different place and have them all run my credit and drop it even more... So i think im going to check with the dealer to see what he can do then , i might look at the capitol one auto loans from bankrate.com.. Maybe they'll give me a good rate since i have a capitol one card with perfect payments

hzsogood
07-31-2006, 08:57 PM
Well i got back from the dealer today and since i want an 07 si, i guess he felt the need to try and sell me the black 06 si with navi coming in..On dealer allocation or whatever that is.. He wasnt my salesman, cuz hes on vacation.. I just used him for all his time, to get all the paperwork out of the way , so when my salesman came back he wouldnt have to bs w/ me about the paperwork, After about 30-40 minutes of checking and filling out paperwork, i said thanks for your time, please give this to tom spehar when he comes in.. :) Sounds like an *** thing to do, but theres nothing i have more than a pushy salesman

turn it up
07-31-2006, 09:22 PM
anything different from 07 si than 06?

hzsogood
07-31-2006, 09:29 PM
maybe some interior exterior color s .. That s all i know

vetkilr
07-31-2006, 09:29 PM
Credit numbers are a way to get more money off your deal.
Your are a tier 2 which means they should offer you thier second best rate.They are addin a point or two to your deal which makes the people in the back money and bonuses.in reality they are offering you a tier 3 or 4 interest rate,thus the 11.2% which is a ripoff.

hzsogood
07-31-2006, 09:41 PM
Credit numbers are a way to get more money off your deal.
Your are a tier 2 which means they should offer you thier second best rate.They are addin a point or two to your deal which makes the people in the back money and bonuses.in reality they are offering you a tier 3 or 4 interest rate,thus the 11.2% which is a ripoff.


The dealer was thinking, That i should just wait on running credit for me until at least the end of september/ begining of october due to the fact that i cant even order a 07 si until oct. 1st i believe... That way i can keep paying off good on my car/ cr. cards etc, build a lil more credit and make a few grand more to put down... If the dealer wont or cant find me a rate of less than 8% i dont think i 'll buy.. But i should be in the 640-650 area by then i hope

blackgeltabs
07-31-2006, 10:25 PM
If Im reading this right:

Why buy a car before it is released, you will pay sticker for it, nothing less. Depending on how hot the si's are right now there maybe no dealer incentive for a lower interest rate. Cars that you see advertised with low interest rates are manufactuer based and that would be financing through them.

Ex.// 3.9% APR for Tier 1 Credit on a Toyota 4-Runner. Would only be applicable through Toyota Motor Corp Financing. Your credit union would be going by the market average because it is a private auto loan.

If Honda has no incentive on the Si then you will be paying the market average based upon your credit score. In the auto would your score is a Tier 2-3 but most likly a Tier 2

squeak9798
07-31-2006, 10:43 PM
I just dont want to go to a bunch of different place and have them all run my credit and drop it even more...

It won't really hurt your score. When doing something such as purchasing a car, it isn't unusual to have 5+ companies pull your credit report (when you go through the dealer for financing, they typically send the application to a multitude of companies), and the companies who created the credit scoring formula's realize this. When you have a quantity of inquiries within a 7 day period, they will only count as one single inquiry total against your credit score.

squeak9798
07-31-2006, 10:51 PM
Typically, CU offer lower interest rates than that of competiting institutions because they do not pay income tax, among other reasons.


You're right.

It was late and my mind confused the difference between loan rates and savings rates (CU's have higher savings rates than banks, which for some stupid reason is what I was thinking of).

noob with an RS
07-31-2006, 10:57 PM
anything different from 07 si than 06?
the 07 SI's will have VSA, Vehicle Stability Control. the 06's dont. the 07 si also has a **** customer called NOOB WITH AN RS waiting for one. therefore, the 07 is recommended.

squeak9798
07-31-2006, 10:59 PM
If the dealer wont or cant find me a rate of less than 8% i dont think i 'll buy.. But i should be in the 640-650 area by then i hope

In my opinion....if your debt to income is satisfactory and your credit history isn't extremely bad (not score, but the actual history such as payment history, balances, amount and type of open/previous debt, length of credit history, etc)...go to a bank and see what they can work out with you on financing, and tag on a co-signer if necessary (this doesn't cost you, the consumer, anything. Just additional security for the bank). Their fees will typically be lower, and when compared to anything but the best (and/or incentive based) dealer rates, the bank will typically have rates that are lower.

iceteebone
08-01-2006, 12:03 AM
if i were you i'd buy a used car for half the price like jntar mentioned. i don't see myself buying a new car ever. might i ask where you work? $400+ a month plus full coverage insurance on a young driver (assuming your young) has got to be nearly $600 a month

6spdcoupe
08-01-2006, 12:05 AM
HFC Honda Finacial will be easier to get approved, its in their interests to both sell you the car and make the interest on it. Although anything above a 640 should get you approved either way for a car of that value. CU is typically lower rates.

Where did you pull your score from? Is it combined or from one institution? Experian? Equifax? Transunion? How current is it?

iceteebone
08-01-2006, 12:10 AM
i always found the credit union has higher rates then the dealership.

6spdcoupe
08-01-2006, 12:13 AM
Thats cause your CU doesnt like you. :)

iceteebone
08-01-2006, 12:17 AM
Thats cause your CU doesnt like you. :)


i've tried multiple credit unions. the dealerships here offer around 3-6% iirc

6spdcoupe
08-01-2006, 12:28 AM
Actually I stand corrected. The CU should give you a better rate on a Used car though.

hzsogood
08-01-2006, 05:56 PM
if i were you i'd buy a used car for half the price like jntar mentioned. i don't see myself buying a new car ever. might i ask where you work? $400+ a month plus full coverage insurance on a young driver (assuming your young) has got to be nearly $600 a month


Im a carpenter, i make around 1600/ month + side jobs.... So im not rich by any means ans yes if i get the si i think it will be close to 600 for ins. and payment.. But id rather have a reliable car with a full warranty than have the one i have now and worry bout something happening..

hzsogood
08-01-2006, 05:57 PM
Actually I stand corrected. The CU should give you a better rate on a Used car though.


My CU give s the same rates for used and new.. It sounded weird to me

noob with an RS
08-01-2006, 06:45 PM
Im a carpenter, i make around 1600/ month + side jobs.... So im not rich by any means ans yes if i get the si i think it will be close to 600 for ins. and payment.. But id rather have a reliable car with a full warranty than have the one i have now and worry bout something happening..
call the carpenter the roof on the coupe's gone, give a **** what he sold.. im the truth holmes!! kitchen fumed up, *****s jammin 2pac! that is all.:

hzsogood
08-01-2006, 06:50 PM
call the carpenter the roof on the coupe's gone, give a **** what he sold.. im the truth holmes!! kitchen fumed up, *****s jammin 2pac! that is all.:
Your talkin pretty gangsta for a dude whos buyin a civic.....:eyebrow: You sure this is the ride u want homie?? Mabey a nice 88 cadillac?? A 94 berretta??

noob with an RS
08-01-2006, 08:12 PM
Your talkin pretty gangsta for a dude whos buyin a civic.....:eyebrow: You sure this is the ride u want homie?? Mabey a nice 88 cadillac?? A 94 berretta??
who said gangstuhz can't drive dem dat durr civics, homie g-dawg ?

IrTehL33T@DBeez
08-01-2006, 10:02 PM
The dealer was thinking, That i should just wait on running credit for me until at least the end of september/ begining of october due to the fact that i cant even order a 07 si until oct. 1st i believe... That way i can keep paying off good on my car/ cr. cards etc, build a lil more credit and make a few grand more to put down... If the dealer wont or cant find me a rate of less than 8% i dont think i 'll buy.. But i should be in the 640-650 area by then i hope

thats harsh man, good luck trying to get good financing and everything.. i wish i had some good advice but if its one of those credit companies that relies heavily on that credit score thats a pretty tough one. i know you said you screwed up in the past, i dunno details but i see how that can really haunt you for a while. good to hear you've gotten things straightened out in recent years. i got my credit report the other day and i'm at 725, and i'm 21, i thought i was doing pretty good with that score.

6spdcoupe
08-02-2006, 12:28 AM
My CU give s the same rates for used and new.. It sounded weird to me


Yes the CU will, but dealerships tend to be higher on used as opposed to new.

JoeHemi57
08-02-2006, 01:17 AM
Yes the CU will, but dealerships tend to be higher on used as opposed to new.
Very true because dealers make money on your interest, they will buy your loan at a lower rate than what they sell it to you for.

badstang123
08-02-2006, 04:42 AM
I'm a sales manager at a dealership so maybe I can help you out a bit. A score of 640 will put you in tier three for most banks. Often times (Not always) running equifax or CBI, as opposed to experian (The score banks go off of), will quickly net a higher score which will qualify you for a tier exception. This would put you in the tier 2 category. Recently credit union rates have been lower than dealer rates. Most CU's on perfect credit are around 5.5% to 7%. Dealerships, on the otherhand (Except for special incentives), are starting closer to 7% or a bit higher on perfect credit. Your rate will obviously be slightly higher since your credit is not perfect. The rate of 11.2%, however, does seem quite high. The dealerships rate on tier 2 should be around 9%. And if they looked into banks like Onyx or WFS they could probably get the interest slightly lower by buying down the rate. This is something we do all the time at my dealership. This is all general, however, it's hard to say without actually looking at your credit. I would imagine that something between 8 and 9% would be reasonable for your credit.

The bottom line is that the dealership wants to sell cars. Explain to them that you will not take the car unless they get you an interest rate you are happy with. All you have to do is stand by that until they get you the rate you want. You'll be amazed at the things they can do if you make them work for it. I can assure you a dealership will not lose a deal over something as petty as interest rate.

hzsogood
08-02-2006, 12:19 PM
well we will see what happenes.. Hopefully it works out good and i start rebuilding my pathetic credit score

badstang123
08-02-2006, 05:15 PM
well we will see what happenes.. Hopefully it works out good and i start rebuilding my pathetic credit score

640 isn't pathetic. I had a girl who was only 22 come in last week with a score of 440. Then we ran her mom's credit as a co-signer and it was 510 :hilariou: That's pathetic :crap:

linvillegorge
08-02-2006, 05:21 PM
Last year when I was only a couple of months out of college, I bought an '01 Tahoe. My credit score was in the 680 range due to lack of credit history. I got an 8.9%APR. If you're a recent college grad with lower credit just due to lack of credit history, they give you the benefit of the doubt. They figure that higher education = higher income potential and easier to find a new job if something happens.

hzsogood
08-02-2006, 05:22 PM
640 isn't pathetic. I had a girl who was only 22 come in last week with a score of 440. Then we ran her mom's credit as a co-signer and it was 510 :hilariou: That's pathetic :crap:


That s a lil funny...:) But mine was a litttle higher about 8-9 months ago when i first took out my car loan.. And since then ive made all my payments on time, so i thought that my score might have went up even a little... AT the worst stay the same.. But about 2 months ago i got a capital one credit card but even tho ive made all the payments on that one as well my score went down .. I guess its because since im re building my credit they see it as another negative for me.. B

But it doent seem fair for them to drop my credit when i havent done anything wrong.. And on top of that made all my car/CC payments on time..

squeak9798
08-02-2006, 07:16 PM
That s a lil funny...:) But mine was a litttle higher about 8-9 months ago when i first took out my car loan.. And since then ive made all my payments on time, so i thought that my score might have went up even a little... AT the worst stay the same.. But about 2 months ago i got a capital one credit card but even tho ive made all the payments on that one as well my score went down .. I guess its because since im re building my credit they see it as another negative for me.. B

But it doent seem fair for them to drop my credit when i havent done anything wrong.. And on top of that made all my car/CC payments on time..

Don't try to understand credit scores.....you never will ;)

Seriously though....working the lending industry for 6+ yrs and attending many seminars that cover the subject, I can honestly say that I put little value on credit scores in general. I've seen way too many inconsistencies in the scoring to put much faith into them, and the formulas used to derive the scores are extremely complex with hundreds of variables. (I've never seen the actual formulas (trade secret), but have been lectured numerous times on things that affect the score) On top of that, all it does is confuse consumers....things that they think should help their score many times don't.

Just pay your debts on time, keep your quantity of credit cards low, and don't keep high balances on your cards. Beyond that, don't worry about it too much as you can not play the "credit score" game with the scoring agencies...they're way, way, way too complicated.

badstang123
08-02-2006, 07:56 PM
Don't try to understand credit scores.....you never will ;)

Seriously though....working the lending industry for 6+ yrs and attending many seminars that cover the subject, I can honestly say that I put little value on credit scores in general. I've seen way too many inconsistencies in the scoring to put much faith into them, and the formulas used to derive the scores are extremely complex with hundreds of variables. (I've never seen the actual formulas (trade secret), but have been lectured numerous times on things that affect the score) On top of that, all it does is confuse consumers....things that they think should help their score many times don't.

Just pay your debts on time, keep your quantity of credit cards low, and don't keep high balances on your cards. Beyond that, don't worry about it too much as you can not play the "credit score" game with the scoring agencies...they're way, way, way too complicated.

As I stated before I work with the banks a lot as well. Everything squeak said is right on.

And don't compare rates that other people have gotten on there cars to what you should get. Rates have been consistently climbing and the same rates that were available even a few months ago, are not anymore.

hzsogood
08-02-2006, 08:42 PM
Don't try to understand credit scores.....you never will ;)

Seriously though....working the lending industry for 6+ yrs and attending many seminars that cover the subject, I can honestly say that I put little value on credit scores in general. I've seen way too many inconsistencies in the scoring to put much faith into them, and the formulas used to derive the scores are extremely complex with hundreds of variables. (I've never seen the actual formulas (trade secret), but have been lectured numerous times on things that affect the score) On top of that, all it does is confuse consumers....things that they think should help their score many times don't.

Just pay your debts on time, keep your quantity of credit cards low, and don't keep high balances on your cards. Beyond that, don't worry about it too much as you can not play the "credit score" game with the scoring agencies...they're way, way, way too complicated.


Ok well since you and stang know whats going on, answer this.. When my credit was pulled when i bought my car back in december, the equifax report was showing 3 unpaid balances from back in the day 99-00 .. They totaled $1500 or so.. So in order to make good w my credit union and show them that i really did forget about some BS that happened 7 years ago.. I paid them all in full... Now when i pulled it again, they still say unpaid??? Do i need to call someone or what, cuz 9 months and its still not gone is rediculous, and im sure it doesnt look good when my credit does get run and they see unpaid

squeak9798
08-02-2006, 09:26 PM
Ok well since you and stang know whats going on, answer this.. When my credit was pulled when i bought my car back in december, the equifax report was showing 3 unpaid balances from back in the day 99-00 .. They totaled $1500 or so.. So in order to make good w my credit union and show them that i really did forget about some BS that happened 7 years ago.. I paid them all in full... Now when i pulled it again, they still say unpaid??? Do i need to call someone or what, cuz 9 months and its still not gone is rediculous, and im sure it doesnt look good when my credit does get run and they see unpaid

Yes, you need to call either the collection agency and/or the credit reporting agency.

Credit reporting agencies don't just "know" what your credit history is. They are entirely reliant upon the lending/collection companies reporting the information to them. And, yes, companies some times do either report the information incorrectly or do not update the information properly, such as when a balance is paid. This is primarily only a problem with delinquent credit/collections...they seem to enjoy sticking it to the consumer and not updating when a delinquent/collection item is paid in full.

You have two options...either contact the collection/lending company directly and ask them why they are not reporting on your CB as being paid in full (ask politely, not on the offensive), or contact the credit reporting agency and dispute the information. If you do the later, the credit agency will send a request to the collection/lending company and ask them to compare their records to the records showing on the credit report.....9.5 out of 10 times this will fix it on your CB. However, if for some reason the collection/lending company states that the information on the CB is accurate and agrees with their records...then you will have one hell of an uphill struggle ahead of you trying to get it changed. Though this occurance is in the minority, so don't fret. Just be aware that it *could* happen...nothing in life is 100% perfect. You'll just need to find out why the collection/lending company is not showing your balance as paid in full in their records, and battle it from that angle.

Also, realize that most companies only update their information with the credit reporting agencies once a month, on a set day per month (at my old bank, it was the 5th of the month). So if it's not resolved next week, for example, that doesn't mean it hasn't been taken care of. It just hasn't updated yet.

Also, I think I've posted this before...visit www.annualcreditreport.com and obtain a free credit report from all 3 reporting agencies. This is a free site set up by the government to allow consumers to keep an eye on their credit (and hence, identity theft) by giving consumers the ability to obtain one free credit report from all three agencies once every 12 months (ONLY the report, not your score). Once you have the report, you will have the option of disputing the information contained within it. For your purpose, it is a simple way of being able to go in there and dispute the information. Otherwise your bank/credit union should be able to give you contact information for the credit reporting agency....but it'll be a little bigger pain in the neck doing it that way.

hzsogood
08-02-2006, 09:45 PM
Thanks for the help again man. Im going to get that report now to clear up any unpaid debts i may have.. So how long does it usually take to get to a 700 if im around 600 now if all my reports are showing paid and i keep paying loans CCs etc on time.. I no the score isnt everything but, once i have everything else cleared up, i just want to get everything back on track

hzsogood
08-02-2006, 10:16 PM
Well i ****ed that one up.. I got the equifax report through, But thats the one my CU runs anyways.. The other 2 i guess i made a mistake on or something.. They were asking me for BS like .. What was your account number for the car you bout in 1996.... Umm the hell if i no.. You tell me.. aahhhh .. And those where the 2 that i actually wanted to see too:crap:

squeak9798
08-03-2006, 08:23 AM
Thanks for the help again man. Im going to get that report now to clear up any unpaid debts i may have.. So how long does it usually take to get to a 700 if im around 600 now if all my reports are showing paid and i keep paying loans CCs etc on time..

Nobody can tell you that. It's pretty much equivalent to the "high many deebeez will I hit question".....there's no answer to the question until you try. As I said, there are so many inconsistencies, and so many variables factored into the equation, that there's really no way for anybody to even take an accurate guess. Especially those of us sitting on an internet forum, who haven't even glanced at your report.


Just remember....even though bad debt is paid, it's still bad debt and will still unfavorably affect your score. Though over time, the amount that it affects your score will decrease. I *think* it takes 7yrs from the date the account was paid for it to no longer affect your score. It's either 7yrs or 10yrs, I can't remember off hand right now.

hzsogood
08-19-2006, 07:59 PM
ttt :) Quick question about my trade in.. The civic si is about $22k , now if i get 6 for my car and owe 8k im asssuming that they add that cost to the civic price bringing me up to 24k.. Now the Q is.. If the bank will only give me a certain value for my trade does that mean i have to come up with another $2,000 to put down?


At 22k the bank wanted 4k down, so a 18k loan

With what i owe on the trade will i need to put 6k down then or does it work a different way

squeak9798
08-19-2006, 08:03 PM
You'll probably need to put down enough money so that the loan amount stays the same.

Without reviewing your loan file I can't say for sure, but they likely capped off the amount they'll loan you due to your debt to income ratio, credit history, loan to value ratio, and/or any combination of those three.

But chances are if they told you they'll only loan you $18k, then you'll have to make up the difference between the loan advance and the final purchase price including trade-in deficiencies.

hzsogood
08-19-2006, 08:10 PM
You'll probably need to put down enough money so that the loan amount stays the same.

Without reviewing your loan file I can't say for sure, but they likely capped off the amount they'll loan you due to your debt to income ratio, credit history, loan to value ratio, and/or any combination of those three.

But chances are if they told you they'll only loan you $18k, then you'll have to make up the difference between the loan advance and the final purchase price including trade-in deficiencies.

I had a feeling youd be on this one pdq :).. Well that does **** pretty bad.. I have about 2k saved but i dont think i'll be able to put down 4k more in 3 months ( to save at least ) with all my other bills... But that is just what my credit union told me.. Might the dealer be a little better that that? Or Be able to work around a smaller DP

squeak9798
08-19-2006, 08:12 PM
Possibly. Different lenders have different lending criteria.

Ask the dealer to send your application to a few different financial institutions to see what kind of offers they can get you.

hzsogood
08-19-2006, 08:18 PM
Possibly. Different lenders have different lending criteria.

Ask the dealer to send your application to a few different financial institutions to see what kind of offers they can get you.

Thanks again for all the help man, You make me sound like less of a moron everytime i go and talk to the dealer:)