Auto loan to pay off or not

I was in the market for a 2015 honda civic this year. I had the cash to buy it outright without a loan but i decided i should get an auto loan on my credit report.Total was about 18,000 i put down 10k and got a loan for about 8000. I have been making 1000 payments on it monthly and currently owe about 4k on it.I was wondering is it better for me to make minimum payments and would it hurt my score if i outright payed it off in under 6 months....apr on is 5.00 and i dont want to pay anymore interest....

The Fico scoring wants to see at least one installment loan, like an auto loan. It also wants at least 3 revolving accounts, like CCs. If you keep the auto loan in place, it will satisfy the installment loan part, assuming you dont have any other type of installment loan going now. Perhaps you could get the auto loan refinanced to a low rate from a place like DCU or SDFCU? You didnt mention your CR scores, but refinancing a 2015 auto for about 8k should appeal to them, and many people on this board have reported rates like 1 to 3 per cent. HTH

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Getting a personal loan to pay down CC debt

I am a recent college graduate and while in school I used CC's to help me get by, I have about $11,000. in CC debt and also about $11,000 in student loan debt, is it wise for me to get a personal loan to pay off the CC debt? Any suggestions or input is greatly appreciated.

tracy829 wrote:
I am a recent college graduate and while in school I used CC's to help me get by, I have about $11,000. in CC debt and also about $11,000 in student loan debt, is it wise for me to get a personal loan to pay off the CC debt? Any suggestions or input is greatly appreciated. Yes, you should consider a consolidation loan. No, you should not...let me expand. Consolidation loans can be a very useful tool to get you out of CC debt, to lower your APR and thus lower what you need to payback overall, and to get you on a strict payback plan that will lead to paying off the debt faster. Consolidation loans require personal and mental strength as they make it look like you are out of debt, which you are not, you have simply shifted who you owe the money to. Consolidation loans can provide a false sense of security and freedom that, if you allow it, can get you to run your CC's right back up to the limits. Then you will have an 11K loan and 11K more in CC debt. Yes, everyone thinks they are strong enough and that it won't happen, and many indeed are strong enough, and it seems you had a very specific scenario that led you to CC debt, that being college expenses. However, if those "college expenses" were parties and beer then that lack of control has a high likelyhood of rearing its ugly head once more. If you go through with consolidation be very careful and ensure you have a system set up that will not allow you to simly re-run your cards back up and dig yourself a deeper hole - one that you may not be able to get out of without considerable effort.

Paid School loans off but not reporting as paid off

Ok so here is the story, back in November of 2009 I received a large settlement so one of first things I did was payed my school loans off directly to Sallie Mae. I made sure that I paid them all off before hanging up with the person on the phone and she assured me that we got them all. Well now they took $2008 our of our tax refund for my school loans and I have 4 Sallie Mae student loans on my credit report that are reporting as 24 missed payments and 2 collections for student loans showing no payment. I tried to sign in to Sallie Mae to look over my account and was directed over to Navient. I looked at my statement and they are showing that just under $3000 were paid. I then requested my bank statement that showed the transaction from them taking out the payments in November of 2009. The bank statement had two charges on it one showing over $7000 and one showing nearly $3000. I disputed all my student loans on my credit report and are waiting for them to tell me what they decided. In my dispute I sent my Navient showing they got my payment and then also sent my bank statement showing the two payment for over $9000 to Sallie Mae. Has anyone had to do dispute payments on school loans and what was the out come?

What type of loans are these? If they are now held by Navient, it's likely that they were federal, which is good because you can use the National Student Loan Data System to see a complete list of all federal loans you borrowed and who currently services them. Is it possible that only some of your loans were paid off with the payments you made in 2009? Most people graduate with many different loan accounts, sometimes spread over multiple servicers, so it can be hard to keep track of them. You need to try to sort this out on your end as well. Get together all the documentation you have regarding how much you borrowed, how much you owed in 2009 when the payment was made, and what the payment you made should have covered. Unfortunately, this is not something you can sort out just by disputing it on your credit report. You want to make sure that your loans are correct with Navient and the NSLDS because federal loans will cause you trouble for the rest of your life if they aren't properly resolved.

Paying off revolving debt with consolidation loan question

I had 20k in cc debt and i took out a consolidation loan to pay it off. will my credit score go up becuase my cc debt is 0? i know credit card limit utilization is a big factor so seeing its now 0$ on all cc will that help even tho my actaul total debt didnt go down?

ralph9983 wrote:
I had 20k in cc debt and i took out a consolidation loan to pay it off. will my credit score go up becuase my cc debt is 0? i know credit card limit utilization is a big factor so seeing its now 0$ on all cc will that help even tho my actaul total debt didnt go down?It depends on how much your UTI was hurting your scores. Without knowing the details, it could have been a little, or a lot. You'll know when the cards all report.

Paying mortgage/auto loan with a CC

Not sure if anyone got lucky enough to have a mortager/auto loan company allow payments via a credit card, but neither of mine do. They only have options to draft the payment from a bank account. With that being said, is there any backdoor way to do this? I think a cash advance on the credit card may be an option, but those can be expensive and not worth it. I've also heard of the AMEX BlueBird system. Has anyone used this? Thanks

DomLS3 wrote:
Not sure if anyone got lucky enough to have a mortager/auto loan company allow payments via a credit card, but neither of mine do. They only have options to draft the payment from a bank account. With that being said, is there any backdoor way to do this? I think a cash advance on the credit card may be an option, but those can be expensive and not worth it. I've also heard of the AMEX BlueBird system. Has anyone used this? ThanksYes, any of BlueBird/Serve/Redbird can be used but most poeple don't want them discussed here

My iTunes card is NOT paying off my over due balance!

Hey Guys! About a month ago i have a visa gift card registered to my itunes account and it had about $4 on it left so i bought one game with that on my iphone. Then I clicked on another game and it let me download that, and 2 more after that. I found it strange that they let me keep purchasing, but i figured that they would charge me through my service provider for my phone. Well a couple weeks later i tried to download a free app onto my iPhone, but it said there was an error with my last billing transaction, so i logged on to my itunes account on my computer and it said i had an over due balance of $28.20. So after speaking to apple they told me that i SHOULD BE ABLE to buy two $15 iTunes gift cards, register them and they should pay off for my over due balance. So after buying and registering these 2 $15 cards (total of $30) i went into my purchase history and it said i have $28.20 overdue, but i do have enough to pay off my outstanding balance, so i clicked on "Pay." At the top of my screen on itunes it says "Accessing iTunes Store" for 2 seconds then it goes away and nothing else happens...i sign out and back in i still have $30 in my account, i close iTunes and reopen and i still $30...Can someone PLEASE HELP!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
when i sign out and back in it says "Your Billing info has been changed outside of iTunes, Please approve your billing information for use in the itunes store"
god i hate how they make you HAVE to in put a credit card!
Message was edited by: B_Ram

E-mail itunes store support.
http://www.apple.com/support/itunes

Upgraded Cloudon ..now backlight does not auto turn off when not in use. How do I do that

Upgraded Cloudon. Now the backlight does not turn off when not in use. How can I correct this. Using iPad 1sted

Is your question for a MacBook Air like your profile says ? You're in the iPad Forum, I could ask the hosts to move your question.

Closed Auto Loan Reporting As Open Question

I have an auto loan reporting across all bureaus as open but in good standing. I suppose that is well and good except for the fact that the loan was closed in Dec of last year. My question...would having the loan shown as open reduce my credit score or do you think it's helping? I've heard having a loan of that nature close can reduce your score so I'm not sure what to do about it. Any input is appreciated. Thanks!

Well, see whether you get any other feedback from other folks on here. But if I were you, I'd just end up having some low grade anxiety if I had a record on my report that claimed I owed a big chunk of money for something I didn't. The explanation, I assume, is that the creditor never updated the record to show that you paid off the loan. Unless someone here tells you differently, I'd reach out to the lender and confirm with them that they agree that you paid off the loan in December. If they do agree, explain that they haven't yet updated the final status of the account to show that you paid it off -- and ask them to do that. That way you'll end up with an accurate report that shows future creditors that you can manage and pay off a car loan. I have allowed incorrect data to stay on my report when it is absolutely 100% positive. This is a bit of a mixed bag: a record that falsely asserts you still owe a creditor a good chunk of change. Whetever benefit you get out of it being "open" doesn't seem worth it to me. But see what other people say.

Auto Loan Payoff

Did a bit of searching and didn't find an answer to my question. If I make monthly payments on my auto loan as usual, but make say, 2 or 3 a month, and the loan ends up being paid off much before the loan term, will the payments show up the same as if I made payments each month for the entire duration of the loan? Basically, will the credit report give me a "check" or an OK for each month, AND, will the loan remain on my CR for the same amount of time as it would if I finished paying it off "on time" and not early. Does that make sense? Thanks!

OK, to clear up some confusion here: this is 100% lender dependent on what your best strategy is in this scenario. To make one thing absolutely clear, if you make a payment you ARE attacking the principal in any simple interest loan assuming you don't miss a number of payments. This is mathematically provable. Secondly, there's usually two different payment options: regular payment which is zero the current interest, and then rest goes to principal, or make a payment directly to principal and leave the interest untouched. Now here's where it gets to the lender dependent part - two examples from direct personal experience: 1) WFDS - If I make a regular payment larger than the expected amount, it gets applied to future payments. If I push this ahead non-trivially, this goes way out ahead in the future and that's precisely what I did with them and nobody said boo. I've done the same thing on my Alliant secured loan recently, and others did it with SDFCU... my next payment on my Alliant loan is in 2018. That's right, 3 years from now. 2) DCU - If I make a regular payment larger than the expected amount, it still gets applied to future payments; however, DCU will reset the due date to 3 months ahead of time if you pay beyond that. I kicked $3K to my auto loan, payment date got pushed well in advance (had a 310 and change payment) and then I got a nasty gram from DCU telling me not to do that and they reset my payment due date to precisely 3 months ahead. Did it again later, same darned thing happened. Wasn't happy. The reasons for doing this are two fold: longer tradelines are simply better, and we've recently got a conclusive set of datapoints that installment tradeline utilization (which auto loans count into) is an actual thing on both FICO 8 and FICO 98 scores. Data all here: http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Installment-tradeline-utilization-thread/td-p/4055989 Anyway, make some lump sum regular payments and see if you can push the balance down to some trivial amount, but do not pay it off. Auto interest rates of a couple percent these days on $100 or even $10 is absolutely trivial for FICO reindeer games, and a longer tradeline and a nice anchor to the installment utilization metric, is absolutely the right way to approach this is my opinion. The only reason not to do it is if someday you have to get a DTI calculation done for a mortgage and you're missing by the expected payment amount, then pay it off otherwise keep it for as long as possible. You can sort it for smaller dollar amounts on a DTI calc with a minimal secured loan, but I wouldn't close a pretty auto loan anytime before I had to personally... that's a high quality tradeline in my opinion, milk it for all that it's worth.

I need to refinance this auto loan!

One of my auto loans is through Regional Acceptance and it's actually one that I co-signed on but they have me as the primary (of course) and the kid has paid almost $2K and the balance has decreased so far by about $500. (Apparently one of those upfront interest deals that we didn't read close enough, but I had zero auto loan history at the time and took it with plans to refinance asap we could). Credit Score: FICO8 EQ 710 (putting that because we would like to try for GM)AAoA: 1 year (the only account still reporting an older TL)# of positive trade lines: 12# of negative trade lines: 0Income: $52KLenght of Employment: permanent disability (VA & SSDI)Previous Loan Experience: 2 auto loans that are 4&5 months oldDebt-to-Income (DTI): 19% (this includes the payment on the current loan for this vehicle if that makes any difference)Year of Car: 2011Miles: 38KPurchase/Refinance: RefinanceRequested loan term (XX Months): 72 or lessDown payment amount: $0 (the kid just put $7500 down when he bought it 3 months ago)Co-borrower/Co-Signer: Will be co-joint with my kid. This and a Cap1 QS1 are his only TLs, both less than 4 months oldOther:

parkbuilder wrote:
Try Notre Dame FCU. I refinanced a 19% loan to 5% and was approved for a $5k Visa Platinum card at the same time. Dropped our payment from $431 to $288. They pulled Transunion and my score was a 650.Well, I wanted to dip my toes into the water first to test the temp and so I hit your link above late last night and applied for a small personal loan. It gave me info, dates, interest, payment amounts, etc and stated someone would call me. Early this morning (around 8am) I got a call from a really nice lady and she told me she was calling about the loan and need some more info. I gave it to her. She then told me that she had been reviewing my credit report (TU) and told me that my score was very good and I should be proud of it (she told me it is 750 and that is currently my FICO8 TU Score if that helps anyone). She also said that I had a few low limit store cards and that I needed better and that she could get me a Platinum VISA 'with buying power' to help me there. Then she wanted to talk about my auto loans and asked questions about those, I explained one was mine that I drive and the other I co-signed for my kid. She said she could see that I was paying a really high interest on both and wanted more info if I was interested in refinancing. After getting her the VIN numbers, pay off, etc she said she needed to put it all together (and I guess send it through, maybe underwriters?) and that she would call me back when she had their offer(s). So now I'm waiting on that call. She did say something about the interest rate on the one car being 2.2-something, and my kid's would be 4.something. This would be great since they're currently 15 and 18 % due to not having any auto loan history at the time of purchase a few months ago and also 2 paid studen loans that had some lates on them. BoyHowdy! I sure hope this all pans out, parkbuilder! Swampthing, thank you, I keep hearing good things about Digital. It's always good to have more options in case one doesn't work out. I've def added them to my list of lenders that I keep info on

Question about Auto Loan...

I've had 5 auto loans in my life (in the last 17 years, 1 used, 4 new) all has been paid on time, never late, never repo. I filed for BK7 in April and discharged last month including my auto loan which I still pay for (It's almost paid off). I wonder if Bank use credit score and/or auto score? I mean I never heard of Auto score before someone brought that up which is different. How does that work exactly?Thanks y'all

From what I understand the auto versions of FICO weighs past auto loans more than say your FICO 8 score. So the better your auto loans are on your reports, paid, no lates, no repos, then your auto score should be ok. If you're shopping for a new auto loan, some banks may use the auto version and some may not. Also there are different versions of the auto score.

How does Penfed code CC transfer to auto loan?

I have both PenFed CC and auto loan. I'm looking to reach $1500 spending for the $100 credit card credit. I've noticed the transfer option was available to direct "transfer" from CC to auto loan, and of course I'll be paying the CC balance right off, but does anyone know how this will be coded. My gut tells me cash advance? If so, I will not do.

Mark,
How do we use UKM_TRANSFER to get AR data into FSCM?
Thanks
Sriram

Where is info to simply pay off phone early (w/o upgrading or changing svc)

Hello,
I'm a very satisfied 5s owner with NO interest in upgrading phone but simply a desire to pay it off. I've done the math and while it would be a pinch to do so, I think it would be financially prudent for me in the long-term. I bought my phone in the Apple store, and was signed up for the only plan available through that store, the More Everything plan.
Can anyone help with direction specifically to where on the site there is information about paying off one's phone early (and keeping VzW)? All the info on 'early termination' seems to refer to people who want the latest phone and/or are leaving VzW. Does 'early termination' also include my situation? Very hard to figure out (perhaps I haven't had enough coffee this a.m.
thanks in advance. I am cross eyed trying to sift through all of the info available on-line trying to find out this info.

Agree, you cannot pay off early, you have a service contract, not a phone payoff loan. Your early pay off would be the early termination fee, which is $350 minus $10 for each month you have completed on your 2 year contract. However, that would be a termination and your account would be closed. There is no way to break your contract and keep your current number active.
You are not locked by the to the more everything plan though. If a single line plan is more economic, you can switch to that as long as you keep the line active for the entire contract term. Switching sometimes will add time to the contract, depending on where you are in your contract.

Auto loan suggestions request

My finance background and stats can be found here and is one day old data as of this post. I read this car buying article and bought a myfico subscription after reading this article but will have to wait until tomorrow to confirm my identity to see my auto fico score. I'm looking to buy a 2013 Kia Optima Hybrid in the 15k to 16k range. I make roughly 24K a year right now and live in my dad's house (he long distance truck drives and needs a house-sitter so I don't pay rent or utilities) I applied for CapOne Auto Financing and was conditionally approved for $23,500 @ 6-11% APR. They asked for pay stubs/summary before proceeding. I will receive these on Monday. I then applied for financing with my bank Y-12 (Dept of Defense credit union) and was conditionally granted 3.04% for 48 months and 3.54% for 60 months. They also need proof of income and also require a cosigner (this is my first car). I've got 4 other credit unions on my list but am holding off for now, the trend here is lenders want my earnings statement. My brother was willing to cosign for a car last year but I decided to start with a $1000 personal loan (almost paid off now, no missed payments) and I'm waiting to hear back if he wouldn't mind cosigning again. Obviosly, I'd like the 3% APR. I ordered car buying for dummies from my local books a million, should be in my hands early next week. My questions are:
I've heard all car related inquiries only count as one inquiry. Is this true?Has anyone had success with starting a lowest interest bidding war with lenders? Has anyone had success with starting a lowest price bidding war between dealers?How quickly can one refinance a car to exclude the cosigner?
Any help here would be appreciated. Cheers,Romulus

Yes, i tried to do that but it looks like the there is some fundamental restriction imposed by OIM . To have view attributes , you must have modify permission as well ..
please check my other thread on this .
'View User Details' Authorization Privilige Issue
Thanks for all your help . Appreciate your help on this.
Thnks
Sid

NASA Auto Loan Questions

So I recently got approved for NASA membership and CC. I am also toying with the idea of getting a new car or truck. Currently drive a 07 Accord that has been paid of for a few years now. While I love having 0 car payments I kinda want something more sporty.
Anyone have any experience with NASA auto loans and their process? Im probably gonna shoot for end of year should I take on a new vehicle. My approval score for NASA according to the paperwork was 666Ex but myFico had me in the 640s so not sure what version they pull. Currently myFico has me in the 670s and that should only get better.
Any thoughts, help or even recommendations would be amazing. :-)
-aloha

Aloha , Congrats on your approval membership with NASA Cu.first, I would agree with you to wait until you improve your score, try to keep that beast first premier,Fingerhut down to a very low balance even $0 balance, its good to rebuild your credit but in the long run, it time you outgrew the high interest cards,Now that you got approved CC,with NASA try to put usage with card and build up good payment history try to keep your utilities down under 20% when your ready to..I have a Checking account with NASA, others a happy but am in favor with NFCU, they are more in the same , my opinion NFCU better customer service. That being said, NASA CU products in comparison are virtually the same, good rates, competitively, I receive offers, the only headache I have with NASA when your need assistance, after hours can be a pain, but otherwise, stick to your goals now your in with NASA and already have been aproved for a cc. You should be in good shape by the end of the year, sporting down the Kaumualiʻi Highway Again , Ho'omaika'i ana , Pomaikai

Auto loan to pay off or not

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