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swallman

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Everything posted by swallman

  1. So, I've been using the Capital One pre-approval website for the past few months now while we ponder our next vehicle purchase. Our credit scores aren't perfect and the rates reflect that. However, one thing I'm seeing is significantly higher rates on used vehicles vs. new. Just wondering if we would also expect that from other finance companies? As an example, on a new 2019 Jeep Cherokee, I can get a rate of 8.17% With the same terms on a used (2014) Honda Ridgeline, I'm getting rates of 14-16%
  2. Just thought I'd give everyone an update on this. We were able to negotiate a new loan with a family member as a co-signer. Had to make a fairly significant payment on it but fortunately it came right at annual bonus time so we got lucky lol. Now we have a better reporting loan at a lower monthly payment and will eventually have it paid off!
  3. High utilization and some recent lates (unrelated to this loan), plus some small collections I'm working on getting cleared out. They haven't indicated a timeframe but the loan matured on 2/15 so I imagine it's due immediately (although as long as I'm trying to work with them I think I can at least get 30 days). So here's my question - if we just indicated we can't come up with the $$, what can they do? Obviously take us to court, get a judgement, but then what? They can try to garnish wages, go after assets, etc. but there are limits to that as well, correct? Wouldn't they be better off just negotiating a loan with us, especially since we've already shown great payment history? Why would they go through all the extra BS? It's not like we have cash laying around that's hidden anywhere...and both my spouse and I have very good, consistent jobs with good income. If they tried to push it on a judgement we'd probably consider BK and then that doesn't get them anything potentially...
  4. High utilization, a few recent lates (unrelated to this loan)...plus the negative status from the missed payments back on the original mortgage when we walked away from it. It sounds like they would approve with higher scores, but they're not going to magically jump 20-30 points that quickly... I'm a bit pissed because they didn't really explain very well that this was in essence a balloon payment loan - if we had known we might have negotiated something different. But at the time (and still now), they sort of hold all the cards anyways. Edited to add - We do have very good income, just a fair amount of debt we're paying off (along with some back taxes).
  5. *** I originally posted this down in the foreclosure/modifications section but not sure it really belongs there...thought maybe posting here it would get more visibility? *** About 5 years ago we walked away from our house and were able to settle with Fannie Mae on a deed-in-lieu of foreclosure. However, at the time we had a 2nd mortgage on the property. We were able to work with our local lender and they offered us a loan (with a used car as collateral). The original amount we owed was appoximately 50k. The loan was for 10 years but amortized over 5 years (or maybe I have that switched around). Anyways, our 5 years are up and now the loan matured and we owe around $30k still. We have never missed a single payment. They pulled our credit and initially indicated our scores do not warrant a renewal of the loan, so wondering what kinds of options we would have? Unfortunately they have the upper hand since nobody is going to loan us $30k with limited collateral (and scores in the low 600's)...we did indicate we would be able to add our small (clear titled) travel trailer as additional collateral. I imagine they could go after us and attempt to get a judgement but I'm not sure that would get them their $$$ any quicker since we'd probably just end up making payments against that (we honestly don't have a ton of liquid assets just laying around). Any thoughts, options, suggestions? Our last option is to file BK but we can afford payments, just not sure where to go to?
  6. This doesn't really fall under foreclosures but I'm not sure where else it would go... About 5 years ago we walked away from our house and were able to settle with Fannie Mae on a deed-in-lieu of foreclosure. However, at the time we had a 2nd mortgage on the property. We were able to work with our local lender and they offered us a loan (with a used car as collateral). The original amount we owed was appoximately 50k. The loan was for 10 years but amortized over 5 years (or maybe I have that switched around). Anyways, our 5 years are up and now the loan matured and we owe around $30k still. We have never missed a single payment. They pulled our credit and initially indicated our scores do not warrant a renewal of the loan, so wondering what kinds of options we would have? Unfortunately they have the upper hand since nobody is going to loan us $30k with limited collateral (and scores in the low 600's)...we did indicate we would be able to add our small (clear titled) travel trailer as additional collateral. I imagine they could go after us and attempt to get a judgement but I'm not sure that would get them their $$$ any quicker since we'd probably just end up making payments against that (we honestly don't have a ton of liquid assets just laying around). Any thoughts, options, suggestions? Our last option is to file BK but we can afford payments, just not sure where to go to?
  7. In that type of scenario I would walk and say I'll come back Monday morning when you can get Cap One on the phone (I also expect it's BS). I don't have a problem with them running multiple lenders over a few days - think I read anything in the 14 day window is normally considered a single hard inquiry...
  8. Thanks Marv...we're looking at Jeep products and they seem to have some good incentives which will help too. Haven't purchased a NEW vehicle in years so hoping it goes well lol.
  9. I've been researching used and new vehicles over the past few months while also waiting for some credit cleanup to fall off reports (going good so far). To get some sort of ideas as to what we'd qualify for I've been using the Cap One pre-qualification website. I just re-did it again (since our last approval had expired), and now I'm finally seeing rates in the mid 7's on a new vehicle. For us that's a pretty decent rate, considering our last financed vehicle was over 11% (on a used vehicle) 3 1/2 years ago. I know it's still high but I don't think we're quite breaking 600 yet (haven't checked true FICO scores recently). We plan to purchase in the next 60 days so if anything scores should possibly go a bit higher...just wondering how accurate the Cap One pre-quals are? When we go to purchase I'll apply at a local CU and then also let the dealer finance us (just see who can get us the best rate). Just wondering if I can rely on the Cap One rate as a high water mark? If so it makes the vehicles we're looking at more affordable. Thanks!
  10. Well that's a good question...I doubt she would be able to qualify for the loan just based on her income, so I assume either I need to be primary or at least secondary?
  11. So we're going to be shopping for a new (used) vehicle in the next couple of months...currently my wife has a credit score (fako) that appears to be about 40-50 points higher than mine. However, I make over double her income so would need to be included for financing. I'm working on getting my score up as well but hers still might be higher... How does that normally work for financing? Will they go by highest score, lowest? Or can she just put the loan in her name but include my income somehow? We can document all income (W2's). Thanks.
  12. Hi everyone, I've been on the board for a number of years but haven't needed to do anything for years...unfortunately I fell into some bad habits and have a number of misc. open collections on my CR. Nothing major from a $$ wise that I can't pay, just got lazy. So, what's the best approach to get them handled and get my scores higher? In the past Pay to Delete used to be an option but it doesn't sound like that much anymore? If I just pay them outright, will it be a significant improvement to my scores? (Although it would be nice to not get random phone calls from misc. agencies LOL)
  13. Thanks for the suggestions everyone...I did find a vehicle that would work out for us (and priced at $ 11,983). Just waiting for the check to arrive!
  14. That is what a salesperson suggested to me at another dealership actually...basically as long as there is no prepayment penalty pay off the loan ASAP correct ?
  15. Just totalled my Mazda CX-7 last week (went off road in snow and rolled it over)... So now have a settlement of approx. $ 12,000 from insurance. Looking at a 2007 Ford Explorer Sport Trac w/110,000 miles (have an older Sport Trac and like them) but look to be about $ 2,000 short. Credit is crap (don't even want to pull scores), but mortgage and car payments always on time, just lots of lates on credit cars and high utilization. So from what I've been told most banks won't finance a couple thousand dollars...so do I pay like 50% down and try to finance the rest (and use the rest of the cash to apply to higher interest CC debt that we have) ? Will a lender take me ? Best to work through dealer or otherwise ? Thanks in advance...
  16. I got transferred to someone in "Escalation", but he wouldn't allow me to talk to anyone above him.
  17. BUMP...any ideas out there ?? Thanks.
  18. About a year ago I signed up for a payment arrangement with Citicard (fixed payments each month, 9.9% interest, payoff in 48 months, due on the 8th). They initially setup 12 months of automatic payments. I didn't realize this and missed the December payment. When I found out in early January, I made 2 payments to get current. Last week on the 8th I realized my payment was due. I called customer service to make a payment over the phone and she said since I was past their "cutoff" time of 5 PM EST (it was about 5:30), the only way to make sure a payment posted on time to keep my payment arrangement in place was to use my debit card (which I did). The payment on my statement shows a date of 2/8. Today however, I received a letter from Citicard indicating that my payment arrangement had been terminated. I called to ask why and they said it was because my payment was posted AFTER 5 PM (even though it shows posted on the 8th). I think it's a bunch of BS that the payment shows posted on the 8th but they didn't consider it on-time. Anyone know who else I can contact at Citicard or any suggestions ? I went as high as the person on the phone said I could go to get it reinstated.
  19. Hi everyone (this feels a bit like the start of an AA meeting), Just wanted to say hello - I spent some time on here some time ago (5+ years), learning how to fix my credit, understanding sub-prime mortgages, etc. Had managed to get our scores back nice and high and then went through another bad credit card "binge", getting a lot of debt that we really couldn't afford. Now I'm back again, needing to re-learn what I need to do to clean up our reports again, so I'm sure I'll have some questions as I move forward. Starting out re-reading PsychDoc's "Credit Repair" info. Look forward to chatting with some of you...
  20. We just took out a home equity line of credit against our house so that we can pay down some of our debt and lower our payments (and also do some work on our home). At closing the bank assumed that we wanted to close ALL of our credit card accounts (which we obviously don't want to do). However, we think we'd like to get rid of some of our accounts and were wondering what kind of an affect this will have on our FICO's ?? Here's a list of what we've got: Emerge Visa $ 4410 Cap1 500 Cap1 500 Cap1 1500 Home Depot 1000 Menards 2000 Target 1000 (upgrading in July to $ 6500 VISA) US Bank VISA 15000 (account already closed however) Best Buy (account already closed) Citibank 1000 Amex Gold unlimited Orchard Bank 300 Most of these cards were very close to 100% utilization. We're thinking of getting rid of the 500 Cap 1 accounts, Orchard Bank and Emerge (high interest rate). Good idea, bad idea ?? I know you don't want to close really old accounts. Cap1 and Orchard are 2-3 years old. Emerge Visa is probably older (but got purchased from FNANB, so not really 100% sure on the age of that account). Suggestions ?? Thanks in advance!
  21. So am I! I've had my Target store card for a year with perfect payment history and the only thing I can get a is pitiful $100 CLI in November. Nothing since. I have no clue I was selected. We have very high util. % and scores are low-mid 600's. Definitely not the greatest credit file (lots of lates in the past). Our file is very thick however... Maybe you'll get a letter in the next few days yet. Just got ours today... GOOD LUCK!
  22. I have run mine close to max most of the time. Started out at $ 500 about 2 years ago, got CLI to $ 1000 this last Xmas. Just got the letter in the mail today - Target Visa w/$ 6500 line (woo hoo!) I most be doing something right!
  23. Have a quick question regarding income taxes/credit. We are going to be getting approx. $ 900 back from State taxes and owe approx. $ 1300 to Federal. We are going to be doing a construction loan on our house this year and need all the $$ we can get our hands on. Thinking of taking the state $$ and setting up a payment plan with the fed. I did have a previous payment plan with the fed a few years ago (paid in full). I know I could get a loan for the federal taxes, but I'd rather not have any additional inquiries (scores are mid 600's). Since the federal payment plan doesn't show on credit reports, this would be a short-term way for us to get some extra cash. Any thoughts out there?
  24. Just figured out a bunch of these numbers actually... Value of home = 127,000 (from 10/04 appraisal) Construction costs = 60,000 Current mortgage balance = 110,000 New Value (hoping) = 180,000 (which should give min. 5% equity on new loan) Current DTI = 38% DTI (estimated) with new loan = 42% Thanks.

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