applying for car loan? credit? $400 unpaid cell phone bill?
Posted in Credit on 11/01/2009 01:18 pm by admin
Lady_J asked:
applying tomorrow for a car loan. I just got my credit report online but not the score, I’ve only had credit for 3 years but do have 8 credit cards (4 are paid off, only one is maxed out, the rest are about half way to limit) There seemed to be no negative things on the report except a sprint bill from 2 years ago that i havent paid that is almost 400 bucks? Is that going to kill my score? I want a 5000 jeep Ive been looking at but I hear its harder to get a few grand than someting more expensive! what do u think?
well i was stupid and it wasnt mine it was cosigned for a friend…of course i was paid for a month and then just got the run around…i know, i know, its my own fault
KENNY
applying tomorrow for a car loan. I just got my credit report online but not the score, I’ve only had credit for 3 years but do have 8 credit cards (4 are paid off, only one is maxed out, the rest are about half way to limit) There seemed to be no negative things on the report except a sprint bill from 2 years ago that i havent paid that is almost 400 bucks? Is that going to kill my score? I want a 5000 jeep Ive been looking at but I hear its harder to get a few grand than someting more expensive! what do u think?
well i was stupid and it wasnt mine it was cosigned for a friend…of course i was paid for a month and then just got the run around…i know, i know, its my own fault
KENNY
11/02/2009 at 4:24 pm
MILES
it may not kill it, but you will pay a far higher price for your car loan than you would if that bill was taken care of. they wont give you a lot believe me.
11/05/2009 at 7:52 pm
RONNIE
I traded my car in for a bicycle several years ago and I’ve saved a huge pile of money. I also lost 15 pounds. The things that make you look rich are the things that make you poor.
11/07/2009 at 3:28 pm
JOEL
Yes I know I”m going to get scolded for this (some one already did) but if you can’t pay a 400 dollar phone bill, how are you going to pay for a jeep? Before you blow a gasket, Just sit and think about it. Your banker is going to ask the same question. Do I give a person the loan if they have trouble paying a phone bill? It is going to cross his mind. He may not ask you about it, infact he won’t ask you about it. But it will cross his mind. Yes it will drag your score down. The system would not work if you failed to pay bills and it never showed on your record. So yes it will be there and yes it will drag you down. Thats how it works. Pay it off and get rid of it. It will still show you were late but thats not as bad as not paying at all.
So I guess the real question is “how much is your credit worth to you?” Are you willing to pay 400 to do a little damage control?
11/09/2009 at 2:15 am
TEDDY
Often having even just one outstanding debt is enough for creditors to either deny you or give you the high risk interest rate. Auto loans are easier to get when you finance it through the dealer. Alot of car companies, like Honda, Toyota, etc have thier own financing companies that are less stringent that a traditional bank auto loan.
11/09/2009 at 8:29 pm
WILBERT
Do u think u are ready to handle a Jeep payment ? with that darn
many credit cards, why did u not pay off your cell bill? yes u may
get loan but with high payments and no one needs that many credit cards to establish credit and it hurts your credit score…