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05-14-2011, 10:07 PM | #23 | |
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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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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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pay what you owe first.
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05-15-2011, 01:06 PM | #26 | |
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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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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 |
Resident Black Guy
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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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