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MyFako Condones this Crap

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10 hours ago, TheVig said:

When the bottom falls out, their low apr mindset is still gonna drown most of them. 

Looks like heg is confident he knows what this is in reference to, but I could have used the benefit of a small snippet of the post that prompted this ... (show some consideration for the more feeble minded here and take advantage of the "quote" feature ;) )

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47 minutes ago, hdporter said:

Looks like heg is confident he knows what this is in reference to, but I could have used the benefit of a small snippet of the post that prompted this ... (show some consideration for the more feeble minded here and take advantage of the "quote" feature ;) )

 the median user over there is obsessed with getting cards with the lowest APR. they regularly call their creditors requesting lower APR and cheers when subprime discovery lowers their APR from 21.44% to 18.99%.

 

cliffnotes: they measure self-esteem by APR.

 

many people on CB would advise simple PIF.

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another 72 month payment buyer...claims a 744 score yet gets a crap APR and a 6 year loan on a crappy chevvy

 

 

NEW/USED: New
YEAR OF VEHICLE: 2019
MAKE: Chevrolet
MODEL: Traverse
MILEAGE: 4024
FINANCE/LEASE: Finance

PURCHASE PRICE: 30,600
AMOUNT OF LOAN: 34,000 (included warranty and gap insurance. Say what you will, I don't like dealing with maintenance)
TERM CONTRACTED: 72mos
APR/LEASE RATE: 3.69%
MONTHLY PAYMENT: 524
ANNUAL INCOME: 85k
DEBT TO INCOME RATIO: Nill
MISCELLANEOUS COMMENTARY: The loan process took less time than the freaking negotiation with the car dealer.  Very nice folk and easy to work with.  Note: They did charge me an extra 1% because of a paid collection in 2017 that was not (quite) two years old. Annoying, but acceptable. Otherwise, their rate would have been exceptional.

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Posted (edited)
On 8/21/2019 at 5:31 PM, hegemony said:

NEW/USED:  Used
YEAR OF VEHICLE:  2014
MAKE:  CHEVROLET
MODEL:  SILVERADO LTZ Z71 W/ 2LZ PACKAGE
MILEAGE:  94K
FINANCE/LEASE:  Finance

PURCHASE PRICE:  ~$29,000 (27K + TAX,TAG,TITLE,ETC)
AMOUNT OF LOAN:  $27,300
TERM CONTRACTED:  66 MONTHS (5.5 YEARS)
APR/LEASE RATE:  8.26
MONTHLY PAYMENT:  $519.36
ANNUAL INCOME:  $40K
DEBT TO INCOME RATIO:  45%

This is a bad move on so many levels, I can't even begin to start.  All I know is that there is a sales guy and Finance Manager who are had one hell of a dinner on this guy...

Edited by CTSoxFan

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7 hours ago, hegemony said:

 the median user over there is obsessed with getting cards with the lowest APR. they regularly call their creditors requesting lower APR and cheers when subprime discovery lowers their APR from 21.44% to 18.99%.

 

cliffnotes: they measure self-esteem by APR.

 

many people on CB would advise simple PIF.

QED https://ficoforums.myfico.com/t5/Credit-Cards/Good-APR-for-714-FICO/td-p/5722611

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2 hours ago, CTSoxFan said:

This is a bad move on so many levels, I can't even begin to start.  All I know is that there is a sales guy and Finance Manager who are had one hell of a dinner on this guy...

They may have had a spread for ALL of the staff, including the wash jockey.

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8 hours ago, hegemony said:

 the median user over there is obsessed with getting cards with the lowest APR. they regularly call their creditors requesting lower APR and cheers when subprime discovery lowers their APR from 21.44% to 18.99%.

 

cliffnotes: they measure self-esteem by APR.

 

many people on CB would advise simple PIF.

It’s almost as though PIF talk is banned there. Then when they get in over their heads with debt, they end up places like here asking for help. 

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1 hour ago, hegemony said:

The first response would have actually been really good advice if he had ended his comment after the 6th word. 

Quote

APR doesn’t matter if you PIF and if you can’t PIF, you’ll want a sub-10% basic credit card from a CU or whatever rather than a 14+% cash back card.

I would never hold off on getting a card I want because of the APR.

 

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Posted (edited)
On 8/26/2019 at 3:33 PM, CTSoxFan said:

This is a bad move on so many levels, I can't even begin to start.  All I know is that there is a sales guy and Finance Manager who are had one hell of a dinner on this guy...

27K for a 5 year old pick-up?  What have we become? 

 

@ 40k yearly with that payment, he should go all out and look for a cheap trailer to latch onto the back since he may have to live in it.  

Edited by pacemaker67

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HAHAHAHAHAHAHHA

in thread "do you care about APR?"

 

"Low APR are the last stage of credit perfection.  It's the only thing a bored MyFICO'er can toy with after he/she has mastered everything else."

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Man, there are so many days where I look back at that forum and wonder how so much of that impulsive mindset is encouraged there and treated like it's no big deal. It's quite a shame.

 

Apply for a bunch of crappy cards just to brag about it all the time and getting yourself in a deep financial hole. 

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40 minutes ago, greenpotatochips said:

Man, there are so many days where I look back at that forum and wonder how so much of that impulsive mindset is encouraged there and treated like it's no big deal. It's quite a shame.

 

Apply for a bunch of crappy cards just to brag about it all the time and getting yourself in a deep financial hole. 

don't forget... after getting crappy cards you need to call and ask for an APR decrease and then brag when comenity lowers your Dollar Store APR from 29.99 to 28.99!!!!

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Posted (edited)
11 minutes ago, hegemony said:

don't forget... after getting crappy cards you need to call and ask for an APR decrease and then brag when comenity lowers your Dollar Store APR from 29.99 to 28.99!!!!

Hahahaha! Exactly what I'd see there back when I read it in college and getting sucked into that insane world, and eventually making those mistakes that screwed me over credit wise for several years.

 

 It sucks that I didn't find CB first back then, but it was all a good learning experience and with my rebuild, I've taken a much more strategic, logical approach and yes, embracing PIF all the way and already seeing my FICOs climb right back up in a matter of weeks. Got a long way to go, but there's so much wealth of information and cautionary tales to remind myself of where I wanna be and where I don't wanna be in the next year or two if all goes well. 

 

I would never recommend anyone wanting to build or rebuild to ever join that place. You'll get some messed up ideas, rack up tons of unnecessary inquiries, and be on the road to financial ruin with all the bad habits one can pick up there. 

 

 

Edited by greenpotatochips

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11 minutes ago, greenpotatochips said:

Hahahaha! Exactly what I'd see there back when I read it in college and getting sucked into that insane world, and eventually making those mistakes that screwed me over credit wise for several years.

 

 It sucks that I didn't find CB first back then, but it was all a good learning experience and with my rebuild, I've taken a much more strategic, logical approach and yes, embracing PIF all the way and already seeing my FICOs climb right back up in a matter of weeks. Got a long way to go, but there's so much wealth of information and cautionary tales to remind myself of where I wanna be and where I don't wanna be in the next year or two if all goes well. 

 

I would never recommend anyone wanting to build or rebuild to ever join that place. You'll get some messed up ideas, rack up tons of unnecessary inquiries, and be on the road to financial ruin with all the bad habits one can pick up there. 

 

 

to be fair, there are some people over there with logical views on things... too bad they are drowned out by community college rejects like that mean-joe-credit and beerbelly-body-shots

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It always seemed like anytime those people would speak up, they'd get dogpiled by the rest of the cultists. I had some PMs with someone at the time who was very frustrated because he was giving out so much good advice and the admins got all angry with him and giving him suspensions. 

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I had never seen this Joe character post before, but he seems like an obnoxious one. A ton of exposure from Discover in such a short time too.

 

Is it me or have the quality of the posts gone down even further over the years?

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