Best Option for Building Credit

[centex]

The Rolling Stones perhaps said it best...

"No, you can't always get what you want

You can't always get what you want
You can't always get what you want
But if you try sometime you'll find
You get what you need"

 

A new car/EV is a want, not a need. 

 

It does not matter how well you or anyone else can pinch pennies.  Banks lend based on capacity and other factors, all of which are overseen by regulators.  We saw in 2008 (among other examples just in the last 35 years) what happens when competent underwriting is set aside.  And the unfortunate reality you are facing is that writing a car loan in a trying economic climate for someone that MIGHT be setting aside a C-note per month in savings is NOT a prime candidate for a loan, even one secured by the collateral of a new vehicle. 

 

The tax credits are not a given to do what some claim they will do and we already saw some manufacturers raising prices in an amount AT LEAST what the credit was claimed to have been.  And then there is the fact that, as written, not all EV's are even going to be eligible for the credits.  Add in that it is unlikely the vehicle hits the ground at the claimed MSRP showing up in articles and you have other issues...we have already seen issues on other vehicles where, not only did they go on sale for more than expected, but they also had market adjustments due to shortages. 

 

Something else to consider is that if you and others in your residence get EV's, chances are good that utility cost is NOT going to remain zero.  This holds doubly true of arrangements have to be made for a contractor to install the charging equipment. 

 

It is fine to have goals, but they need to be realistic.  You also need to pay heed to the current economic realities.  The APR you might have gotten today is NOT guaranteed to be available in 18-24 months.  After all, look at mortgage rates just in the past few months...still not the highest I have seen in my lifetime, but certainly among the highest I have seen since the mid-late 90's.  You absolutely have to look big-picture...

 

 

[hdporter]

18 minutes ago, xJohnDoe001x said:

PotO, the is a forum where we share information on how to DO something you have been here telling me what I can not do.

 

Suggestion:

 

-- Thicken your skin (help here, and anywhere else you find a cold shoulder ...)

-- Ignore anything that comes across as gratuitous and not helpful

-- Take the balance of @PotO's observations about your specific credit situation to heart.  It's worth it's proverbial weight in gold.

[xJohnDoe001x]

HDPorter, when you look at all that we said to each other your idea is that I am the one that needs adjustments? Huuum?

 

Must be a friend of yours. What he said was imbalanced, it was mostly degrading insults.

[hdporter]

31 minutes ago, xJohnDoe001x said:

Must be a friend of yours. What he said was imbalanced, it was mostly degrading insults.

 

1 hour ago, hdporter said:

Suggestion:

 

-- Thicken your skin (help here, and anywhere else you find a cold shoulder ...)

-- Ignore anything that comes across as gratuitous and not helpful

-- Take the balance of @PotO's observations about your specific credit situation to heart.  It's worth it's proverbial weight in gold.

 

Not a "friend".  I do respect his constructive feedback.  Take to heart my "Ignore ..." advice, and you'll be better for it.

 

Of course, you can also "mute" his posts ... your prerogative.  (btw, don't credit me as being particularly "level headed" on this topic.   There was a different time and perspective in which I was seething over more than one post ... fortunately, I'm not fixated on any particular "perspective".)

 

Edited October 19, 2022 by hdporter

[xJohnDoe001x]

I see what the problem is you are not aware of forum trolls, they pretend to help when they are really are looking for victims to such the life out of.

 

Someone who is really trying to help will not talk down to you, will not call you names and will not stay on your post for hours talking trash, they will leave.

 

A Troll of the other hand lives for the drama, they will squat on your post and chase real help away and, well, go read the whole dialog between us, I suspect that you didn't because if you you would have had something to say to him.

 

He's a Troll

[hdporter]

3 hours ago, xJohnDoe001x said:

I see what the problem is you are not aware of forum trolls, they pretend to help when they are really are looking for victims to such the life out of.

 

Someone who is really trying to help will not talk down to you, will not call you names and will not stay on your post for hours talking trash, they will leave.

 

A Troll of the other hand lives for the drama, they will squat on your post and chase real help away and, well, go read the whole dialog between us, I suspect that you didn't because if you you would have had something to say to him.

 

He's a Troll

 

That pretty much "chases me away" ...

[PotO]

5 hours ago, xJohnDoe001x said:

PotO, the is a forum where we share information on how to DO something you have been here telling me what I can not do.

 

You implied that you are good with math so tell me the answer to this problem.

 

Somewhere in this forum is someone who may need help that you can give so add up how many minutes that you have squandered flatulating hate calling me dumb and poor and not elsewhere helping someone?

Mic Drop

 

You've been told the answer, but you are too stupid to listen.  Unless you can increase income, significantly reduce the money you need to borrow or find a banker as severely brain damaged as you are, your only electric vehicle is going to be a battery powered 6" x 6" Batmobile.

 

Everybody, especially an ex-con, should be able to clearly understand that the law prohibits a bank from lending more than your income and reasonable expectation of expenses can justify.  Banks have already told you that and here it has also been mentioned, but you are just too stupid to accept the fact.  

 

While in prison you should have focused on that remedial reading group.  You were told what to DO to increase the loan amount a bank will give you.  DO increase your income.  DO save up more money and / or DO lower the amount you need to borrow.  DO get your former cell mate to co-sign for you.  

 

3 hours ago, xJohnDoe001x said:

I see what the problem is you are not aware of forum trolls, they pretend to help when they are really are looking for victims to such the life out of.

 

Someone who is really trying to help will not talk down to you, will not call you names and will not stay on your post for hours talking trash, they will leave.

 

A Troll of the other hand lives for the drama, they will squat on your post and chase real help away and, well, go read the whole dialog between us, I suspect that you didn't because if you you would have had something to say to him.

 

He's a Troll

 

A troll?  Coming from an ex-con -- and they ALL say they were innocent 🙄 -- that is a compliment.  If a troll, then I'm one with more available credit than you and your entire family tree for 10 generations has ever had.  I get offers almost every single day from Citi and 1/2 dozen other banks begging me to please take their unsecured loan offers of $35k. 

 

You've been on CB since 2014 and what have you learned?  That raising your FICO a few points will not help you?  Nope.  That unlike you, banks mostly try to follow the law?  Nope.  

 

Well, the good news is that Batmobile will easily fit inside your new prison cell.  

[MarvBear]

To the Original Poster, I am closing your thread.  This type of communication between members is not what we originally envisioned when CreditBoards was originally created.  It seems lately a chaotic situation where everyone just sticks the knife in and twists it.  I know we can do better than this.  My sincere apologies to the Original Poster for the diatribes you have suffered. 

 

I would recommend you start another thread if you need additional help.