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Everything posted by Beach4me

  1. Yes we are still living in the house. And thank you for your solid advice. Made a trip to the court house and sure enough they released the lien in May of 2018. Of course we were never notified of anything. I am shocked it was released but happy just the same. Thank you for your help!
  2. Back in 2007 we secured a second mortgage from HSBC. Of course 2008 happened and we lost our business and so much more. We stopped paying on the loan sometime in 2011. We did receive a a tax notice (1099C?) where they charged off the loan in 2014. We have never, ever heard from HSBC. Never once received a late notice, transfer of loan letter, collection agency letter or even a phone call. I am not naive enough to think the loan has been erased from the universe, We took out the loan they really struggled to get the paperwork correct. We went back 3 different times. It no longer appears on our credit reports. Does anyone have a similar experience? Any success with a settlement? I would appreciate any insight anyone might have about HSBC and what our next steps should be.
  3. Hello, My 22 yr old daughter is in need of a car. Her current car is too costly to fix considering all other factors. She just began a new job which is a much higher paying one but has only been there a month. She has tried a dealership and numerous other finance companies to qualify for a loan. She has been denied by all except for this one in which the used car dealer has provided. She has been denied because her credit score is slightly below 600, she has no credit history and the length on her job has been short. This dealer has a good reputation and specializes in first time car buyers. He has been very upfront and clear about the car and financing options. She has found a 2014 Hyuandi Elantra with 24,000 miles with a negotiated price of $11,200. The kicker is the interest rate is 20%. I know this sounds insane but at this point she is between a rock and a hard place. The financing is with a loan company and not with the dealer so it will be reported to the credit bureaus. Other than the interest rate being crazy, any other words of advice? Do you think she will be able to refinance in 6 months or is 12 more realistic? Of course this is provided all payments are made on time. Thank you for all of your help!
  4. The first auto loan is in both of our names. Our credit scores are about the same. We would prefer to have the second loan as a joint account as well. Our second car which was paid for and 10 years old just died without warning. It is too expensive to fix vs the value. So we are scrambling to decide what to do now. I really appreciate the help and advice!
  5. Credit Application: Your Age? 49 Your Equifax Credit Score? 614 Your Experian Credit Score? 612 Your TransUnion Credit Score? 622 How many years have you been on file with Equifax? 18 How many years have you been on file with Experian? 18 How many years have you been on file with TransUnion? 18 YOUR PREVIOUS AUTOMOTIVE CREDIT HISTORY Do you have an open auto loan? Yes Will this open auto loan be a trade-in? no How many late pays within the last 12 months on the currently open loan? 0 How many late pays within the last 13-24 months on the currently open loan? 0 Your current open auto loan is financed with? Capital One Your current open auto loan payment is? $384 Estimated amount you may be upside down in this vehicle? $0 Rate your payment history on this open auto loan from 1-10 (1=poor:10=Best) 10 YOUR REVOLVING CREDIT HISTORY Total number of revolving account(s) you have? 3 Total percentage utilized overall? 72% How many of your revolving accounts are store cards? 2 How many of your revolving accounts are major credit cards? (i.e. Amex, MC, Visa) 1 How many of your revolving accounts are known subprime credit cards (i.e. Aspire, 1st Premier) None YOUR PERSONAL INFORMATION How long at your current residence? 10 years Do you Rent or have a Mortgage, or Live w/Relative or Other? Own Your Monthly Rent or Mortgage payment? $1450 How long have you held your current job? 5.5 Years Your total provable monthly gross income is? $7,500 (combined with spouse) $4200 (mine) Your provable monthly gross income is provable via what method? (i.e. computerized paycheck stub, or tax return) Pay Stubs Is there additional monthly income? What amount monthly? No Describe the source. Is the additional monthly income provable? Spousal income is not applicable. YOUR DOWNPAYMENT Please tell me your exact down payment in cash? (rebates and trade equity are not considered, please input a dollar value only.) $2000 Does any credit repository contain any Public Record? No If yes, please very briefly describe. Does any credit repository contain any Collection Account(s)? Yes If yes, please very briefly describe. 3 medical collections - 2013 1 verizon - 2011 Please rate your overall creditworthiness on a scale of 1-10 (1=poor, 10= best) 6 Please rate your Installment credit history on a scale of 1-10 (1=poor, 10=best) 10 Please rate your Revolving credit history on a scale of 1-10 (1=poor, 10=best) 10 New or Used vehicle you are considering: Please very briefly describe. Used 2013 Ford Escape
  6. If you use the cap1 navigation website you can play around with it. So for example it might say a particular car is $20,000 @ 8.5% but when you go into options and add a down payment or the amount you are willing to pay or trade in value, it can drop the interest rate. Our interest rate was 5.59%.
  7. Used it yesterday. It was a great experience! Our Auto Ficos were 650/620 (which I understand is calculated higher than a regular FICO score). We had an APR range between 4.35% to 10.42%. Their website was easy to determine all of the financials upfront so their was NO surprises when we said yes to the car. Good luck!
  8. Found our car at a no haggle dealership and it was a great experience. I feel that we received a fair deal. It is a Certified 2014 Toyota Rav4 XLE with a little less than 7k miles. The price was $21,500 and then they gave me a thousand for my car which was generous. Carfax was clean. We made a $4,000 down payment and left happy. The Capital One pre-qualification was soooo easy that I could hardly believe it. The interest rate is 5.59% for 60 months. Hopefully at some point it will be possible for me to re-finance. I am thrilled that I no longer have to carry water in my trunk for when the car overheats on the highway! Oh and free oil changes for the next 2 years and annual inspections for the life of the car. Anyway, I will drive this one til the wheels fall off....should be about 300,000 miles right?
  9. I have narrowed it down to two cars, both 2014. I would like to make an offer on one tomorrow. What is an acceptable percentage off of a used car price to start? I understand that there is more leeway with used cars but how much? This one appears to be at a high volume dealer - is that a good or bad thing? The other is at a small town dealership. What about the doc fees? Both dealerships are around $600!
  10. Thank you everyone. It is a great peace of mind that it has been an easy process! I will keep you posted!
  11. I was recently approved and while speaking with Capital One representative she wanted me to know that they had not pulled my credit. She said when we bought the car the dealership would require that we complete a finance document and it would result in a hard pull.
  12. We were thinking around a 2014. I hear they are super reliable. Thanks for pointing out about the down payment. I had not really noticed it. If we put $2,000 on a number of the cars it drops the interest rate by as much as 2% but not all of them. I really appreciate your advice and input! Anything else I should know?
  13. Thank you for this helpful advice. Based on the Cap One website and what they approved us for. It looks like a used Toyota Camry around $15,000 range is 7.7%. The lower rate is a new car which I don't think is a good idea. My husband likes the Hyundai Santa Fe but I am nervous that we will be upside down rather quickly, even buying used. We have a judgement on our report which doesn't slide off until 2017 which according to our CU is hurting our ability to get a car loan through them. We do not have any bad other marks for the past three years. Dpes this sound right?
  14. Hello, We have not had a car loan or purchased a car in over 10 years so I am looking for some advice. Our company did not survive 2008 very well and so our credit scores are not great (612/620). We have literally driven the tires off of our current car and need to purchase another. We are qualified through Cap One ($40,000 max - 4.63% - 10.42%). We are looking to buy a used car around $15,000. We should be able to trade our car in. 1. Is the Capital One deal a good one? Would there be a chance we could receive the same APR amount at any dealership? With Capital One we are limited to around 40 in our area. Still trying to figure out the "catch" to their deal. 2. How soon do you think we could refinance to a lower rate? Six months? A year? Would this most likely be a significant reduced rate? We could afford a high car payment for a year if necessary as this would be our only debit other than our house. 3. How much does a car loan help/hurt your credit scores? Anything else we should know? Thank you for your help!
  15. Hello, We modified our 1st mortgage last year with Chase. Our credit report states our credit limit as the original loan amount ($157,000) and our credit balance is ($187,999). So our credit to debt ratio stinks. Is there anything I can do to change this? It could years before our credit balance equals our loan amount. How is this effecting our credit? Thanks!

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