Quote:
Originally Posted by FStop7
If it's 0% financing it's free money, so you may as well. Plus it always helps to have good tradelines on your credit report. Income has no bearing on your score, so making good use of your credit is important if you want it to be looking good when you go for a big purchase.
oh and right now consumer credit is d-e-a-d. It may be years until it really comes back and even then it's not going to be anything like what it was a couple of years ago.
Remember a couple of years ago when every other TV ad was for AmEx, Capital One, Chase, etc? All of those ads are -gone-. Those huge marketing budgets are gone.
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but for someone making ~500k a year (and over 20 years), he doesn't need a credit score. he should have cash for everything. he shouldn't have a mortgage, car payment or any credit card payments. unless of course he is lying about his income, or is absolutely horrible with money. i an see putting it on the amex to get points and paying the balance at the end of the month.
and taking on a loan for 4k because it is 0% is silly. how much interest are you going to make on 4k if you sock it away over the course of the (2yr maybe?) loan? maybe 200 dollars? if your making 500k, thats 250 dollars an hour at 40 hrs a week. if your making that kind of cash, it isn't worth your time to fill out the loan paperwork for 200 dollars on something your going to have to send monthly checks in for.
and to the OP: you were late on car payments less then 3 years ago. to me thats pretty recent (it takes longer for speeding tickets to go away), and with tight credit i can see why you got denyed. think about it, if you can't make payments on time, why would they want to loan you another car if there is a risk of you not paying on time? or if you fall further into the hole, missing payments or stopping all together? i'm not saying its going to get that far (and most likely your late payments were just silly mistakes, like not having stamps for the envolope or forgetting to put it in the mail). but with the amount of people coming up short, they are thinking you don't have the money and had to really stretch to get the payment in even late. thats to much risk to take and most definately the reason you got denied.