Author Topic: Help! bad credit situation (Read 2366 times)

Snowman · « **Reply #20 on:** July 11, 2005, 01:53:37 pm »

When a CA goes bankrupt nobody dies. We in the engineering field always ask….what is the difference between a CA and a pizza?

You can always feed your family with a pizza.

ovr50 · « **Reply #21 on:** July 11, 2005, 02:20:45 pm »

Well, there's one of my posts that really deserved one star - a poor analogy on my part..

So, have at 'er, One-Star Charlie.

safristi · « **Reply #22 on:** July 11, 2005, 02:25:35 pm »

WHERE's ma PIZZA....OVR..30 Mins OR FREE..and I didn't order analogies..their too fishy...damn Summer students in their BULLITTS...!!!!

ovr50 · « **Reply #23 on:** July 11, 2005, 02:28:35 pm »

Don't blame me, my screen is blank too - Snowy didn't deliver the pizza - dang enginoors..

initial_D · « **Reply #24 on:** July 11, 2005, 08:06:27 pm »

Do thosed CAs at Enron, WorldCom, even Nortel get a discount for their annual dues for their "creativities"? Or they just get more coloring books so that they can practice more color by number?

Wetson · « **Reply #25 on:** July 11, 2005, 09:18:36 pm »

What is your R rating? A rating of R1 is considered perfect. R2 means a few 30 day payments .... I worked in financial services and most banks are willing to overlook a few late payments.

A default is not a good thing and many lending companies will turn the other way BUT... there are some good things you are doing. You are exhibiting job security by being with the same company for 1 year plus.... This shows loyalty and indicates that you may be a 'low flight' risk. Also, you are making an effort to pay your loans off this shows the lender you are trying to 'make it right'.

There are things you need to consider for a new car or an old car.
Rent, monthly expenses... food.... clothing..... entertainment.... gas..... loan payments... insurance..... car payment..... AND maintenance / repairs (if second hand). Don't forget money for emergencies as well.... The last thing you want to do is over extend yourself.

The best thing to do is be upfront with the lender. When they do a credit bureau and they ask about the default... be honest and tell the truth.

neil · « **Reply #26 on:** July 11, 2005, 09:48:57 pm »

Ronnie, you can PM me if you want more detailed info on your situation. I've done literally thousands of "non-prime" loans, and I'll give you the skinny, no strings.

As for the co-buyer, most bad credit sitch's don't get going with a co-buyer, unless the sitch is marginal, and the co-buyer is super strong.

As for the higher rates, 12-18% is not exactly loan sharking, dept store credit cards are double that.

Interest rates are just like insurance payments, but insurance on the bank's money. If you had a fire in your house, you'll pay a higher premium for the next few years until you've re-established your recod. Your student loan was the fire, now you have to prove you can pay your obligations.

The key to high rate finance is not be in in for 5 years. And DON'T GET A NEW CAR!!. The higher rates means your paydown rate is slow, and in 2 years you will be in a serious negative equity situation. Buy a 3 or 4 year old that has had most of the depreciation already occur.
2 years into the new loan, you will have re-established solid high installment credit, and with job and resident stability you may be an ideal canditate to qualify for prime rate programs.