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      05-14-2011, 10:07 PM   #23
Augenbrauezug
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Originally Posted by bmw-nj View Post
First of all guys you don't need to make fun of this guy. There is no sense in taking pleasure in someone's misfortunes.

Yes, it seems that he is making HORRIBLE financial decisions but instead of making fun try helping him/her.

Opening up another credit card will not help your credit score at all.
It will actually lower it if anything because 10% of your score is "new credit" and 15% is "length of credit history". Both of those areas will be negatively effected by opening up another credit card.
+1

You need to pay your debt before you start trying to raise your score.
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      05-14-2011, 11:00 PM   #24
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Originally Posted by bmw-nj View Post
First of all guys you don't need to make fun of this guy. There is no sense in taking pleasure in someone's misfortunes.

Taking pleasure in someone's misfortunes is the only way we can portray to said person that they are in deep shit and need to rethink their decisions. Babying someone and being nice to them isn't going to get them to rethink shit.

6 months of BMW payments? Get someone to take over the lease. You obviously can't afford it if you're in debt. You might be thinking, "It's only 6 months," but it's $2,400 assuming the lease is $400. (I have no idea what a lease goes for, so that's a random number I chose) Use that $2,400 to buy something you can afford at the moment and when you're out of debt, you can get back into a BMW if you want to.

Opening a new line of credit (whether a loan or a CC) will actually hurt your credit score temporarily. Don't do it if you are trying to help your credit score. Pay back the money that you already owe.
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      05-15-2011, 08:53 AM   #25
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      05-15-2011, 01:06 PM   #26
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Originally Posted by DarkRider23 View Post
Taking pleasure in someone's misfortunes is the only way we can portray to said person that they are in deep shit and need to rethink their decisions. Babying someone and being nice to them isn't going to get them to rethink shit.

6 months of BMW payments? Get someone to take over the lease. You obviously can't afford it if you're in debt. You might be thinking, "It's only 6 months," but it's $2,400 assuming the lease is $400. (I have no idea what a lease goes for, so that's a random number I chose) Use that $2,400 to buy something you can afford at the moment and when you're out of debt, you can get back into a BMW if you want to.

Opening a new line of credit (whether a loan or a CC) will actually hurt your credit score temporarily. Don't do it if you are trying to help your credit score. Pay back the money that you already owe.

This, tough love and all that shit. I don't think anyone is taking 'pleasure' in it.
Giving him credit advice is a complete waste of time. He has much more serious financial mindset problems than simply his credit. Credit is really easy to fix when you have the right mindset, it just takes time. When he says he has bad credit but then turns around and says he's going to buy a 10 year old lexus as his next car move.... I think the forum is trying to convey to him to realize that he's got more serious financial mindset problems than just his credit.
For a next car I'd suggest one of 2 routes:
1. Kia or other super cheap car, less than 1 year used, to save on maintenance.
2. Extremely old regular corolla/etc boring car that will keep on running.

Let me boil it down to this, if you have serious financial problems, and you're actually trying to get yourself out of it, your IMAGE should be the absolute last thing on your mind.
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      05-15-2011, 01:27 PM   #27
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The Lexus was just a thought. Nothing is set in stone right now. However, I didn't know that opening another credit card would hurt my credit score because I thought it would improve my debt to credit ration which I think accounts for %35 of your credit score if I'm not mistaken.
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      05-15-2011, 01:40 PM   #28
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Originally Posted by Bmoney2K4 View Post
The Lexus was just a thought. Nothing is set in stone right now. However, I didn't know that opening another credit card would hurt my credit score because I thought it would improve my debt to credit ration which I think accounts for %35 of your credit score if I'm not mistaken.
That's what we/I'm trying to convey to you though, I realize it's not set in stone, but you're having these many financial problems you shouldn't even be CONSIDERING it....again realistically you should only be thinking one of 2 options I mentioned above....the second option being the preferred.

Your credit to debt ratio would be benefitted by it, but it would only be a bandaid fix, and would likely come back to bite you harder later (another account that could have late payments, etc etc).
If you're in financial straits, you should be more focused on getting the outstanding balances down than your overall credit score. As stated above you're basically paying a 20% premium on all purchases
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      05-16-2011, 11:55 AM   #29
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i been where your at bro. Well atleast the bad credit (due to fraud). It sucks. Dude dont finance anything until your shit is straight. The faudulent activity on my credit wasnt as bad as most but it still sucked. It took me 6 months to clear my shit up and it was only $3k in fraudulent activity. I definitely didnt buy any 10y/o luxery cars. I bought a 93 Chevrolet Caprice for $300 until my shit was good.

OP do yourself a favor and stay away from credit cards. If your car is becoming a a problem for you to pay for stop driving it and change you insurance to storage insurance. It's way cheaper.
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      05-16-2011, 12:00 PM   #30
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      05-16-2011, 12:04 PM   #31
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Good credit card = oxymoron
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