Need car loan, having difficulty rebuilding credit.

Hi there! 4 years ago, I was unemployed for about a year. This caused me to lapse on quite a few bills which ended up in collections. Since then, I've paid off about half of them, but the other half have been very difficult to pay off (either the CA has not been helpful in even sending me a letter saying that they will mark it as paid, or other reasons). I have a steady job that pays around $80K, and recently my fiancee's car died. So, we applied for a car loan... which was rejected for derogatory marks (it was made clear that even with a good cosigner, I would not be approved). I have been unable to get any forms of credit to rebuild my credit history - the best I have is a secured credit card (which itself has good history) and am on my fiancee's card (which has good history). I'm simply unsure of what to do at this point. A dealership offered a loan at 25% APR, but it raised the price of the car such a ridiculous amount that I simply cannot afford it anymore (and I can't justify paying _double_ on a car in the end after interest). I honestly have no idea what to do here. Paying off all the creditors still won't remove derogatory marks. Nobody is willing to give me credit other than a ridiculously expensive car loan. I really can't wait a few more years for things to drop off. My current FICO scores show up from the low 600's to the upper 500s. I have been unable to get them to change. Help?

You are pretty much stuck in a deep rut. I was in a similar situation and at the bottom, you just have to make a move, and keep good receipts and records. My suggestions:Pick a debt that is updating monthly on your CRs and after verifying that a CA is the owner of the debt, pay one off. You may not get a PFD, I never did, but several did come off after it was settled, especially medical bills. Some CAs will allow you to make a payment plan, but you must be able to complete it. Others require a lump sum. If you can get the OC to recall the debt and cancel the CA, that is the best arrangement. Then you pay the OC and the CA has no authority so has to be removed from your CRs. If you cant get a PFD and you cant do a PIF, then try for a settlement that will at least make it 'legally paid for less than original amount'. Try to get secured cards, they will still count as Revolving accounts. If you can get a secured card that will graduate to unsecured, that is ideal. You need at least 3 revolving accounts. Keep paying off old debts and keep current with new obligations and your scores will improve. I saw good increases after I got each of my first three cards, and they were all small, as in 250 secured and 300 to 500 unsecured with extremely high interest rates.. hth ETA: And go the Rebuilding Credit forum and read everything! Even posts that dont look like they might apply to you will have info that will come in handy at some time in the future.

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After Chapter 7 Car Loan and Rebuilding

This board has a weath of knowledge and has been a big help for me during the process of BK Chap 7 and rebuilding so I thought I would share some hope with everyone. Filed Chap 7 in April 2015 due to a divorce and job loss and health issues. My lawyer asked me why I waited so long? Tried to fix it all myself but was about 125K in debt. Discharged all but 1k and was finished by late June. Now starting the rebuilding process. Got a 400.00 Fingerhut card....but who can afford to buy this stuff? Oh well I will use it once just to have something on my report. Also got a Credit One bank card with a 300.00 limit. Easy to get. Use it for gas and pay it off every month. My scores after BK have climbed from the low 440's to as high as 695 on Experian in July 15. Now in early August Im at 683 Experian and 674 Transunion. So reading all the recommendations and now looking at my 28+ year credit history that is gone, now it shows about 1 yr, I knew I needed to have good payment history moving forward to rebuild. Car loans are supposed to help, so even though I wasn't planning to get a car until next spring, I couldn't stand the curiosity of whether or not anyone will finance me. So I went online and of course RoadLoans gave me 23K with no down car loan at 17%. Off I go to Carmax. They rerun my credit and it takes forever for all the banks to run me thru.....I wait, I wait. I'm looking at a 2014 Hyundai Santa Fe that's about 25K and over my approval amount. Still wait. All the banks decline but Wells Fargo is still in a holding pattern. After what seemed like an eternity, they blow RoadLoans out of the water and give me the 25K with 0 down and 10% interest! So I'm moving along in the process of rebuilding. Figure I will refi in about a year for lower interest thru my credit union.

NCSCNative wrote:
This board has a weath of knowledge and has been a big help for me during the process of BK Chap 7 and rebuilding so I thought I would share some hope with everyone. Filed Chap 7 in April 2015 due to a divorce and job loss and health issues. My lawyer asked me why I waited so long? Tried to fix it all myself but was about 125K in debt. Discharged all but 1k and was finished by late June. Now starting the rebuilding process. Got a 400.00 Fingerhut card....but who can afford to buy this stuff? Oh well I will use it once just to have something on my report. Also got a Credit One bank card with a 300.00 limit. Easy to get. Use it for gas and pay it off every month. My scores after BK have climbed from the low 440's to as high as 695 on Experian in July 15. Now in early August Im at 683 Experian and 674 Transunion. So reading all the recommendations and now looking at my 28+ year credit history that is gone, now it shows about 1 yr, I knew I needed to have good payment history moving forward to rebuild. Car loans are supposed to help, so even though I wasn't planning to get a car until next spring, I couldn't stand the curiosity of whether or not anyone will finance me. So I went online and of course RoadLoans gave me 23K with no down car loan at 17%. Off I go to Carmax. They rerun my credit and it takes forever for all the banks to run me thru.....I wait, I wait. I'm looking at a 2014 Hyundai Santa Fe that's about 25K and over my approval amount. Still wait. All the banks decline but Wells Fargo is still in a holding pattern. After what seemed like an eternity, they blow RoadLoans out of the water and give me the 25K with 0 down and 10% interest! So I'm moving along in the process of rebuilding. Figure I will refi in about a year for lower interest thru my credit union.Welcome to MyFico Congrats on the new vehicle and thanks for sharing your story

Need help with rebuilding credit.

I am not sure where to start. My credit was ruined when my ex and I split. He let the house and everything go even though I told him he wouldnt have to pay child support if he just kept it all going until we sold. That is now off my credit but after I was so scared of my credit I didnt open anything. I had the mentality if I didnt have the money for it I couldnt afford it so I didnt have credit cards. Now when I go to apply for a car loan or a house they are saying I dont have enough established credit. I am trying to figure out the best way to do that without messing my score up. The last time we pulled my scores was 2/25/15 they were EX 596 TU 685 EF 657. I have a Capitol One card but am wondering which other cards I should try to help establish more trade lines? I was thinking about doing a CareCredit card but am nervous I will get declinded. Any help would be very appreciated. I have one public record that was paid 4/12 and it says I have 5 collections but they are all paid or closed?

First step...I would pull all 3 of your reports from www.annualcreditreport.com if you haven't in the last year and see what's actually on there to make sure they are accurate. Something seems strange with the disparity between EXPERIAN and the other 2, so maybe there is something on that report that is not correct. If you do have any baddies, paid or not, search the forum and try to use PFD or GW techniques to have those removed where possible. In some cases, if they are near the SOL in your state, the best bet is to just wait for them to fall off that way or you could get an early exclusion from the CRA's... From there it's really about finding what type of credit best suits your needs. If all your scores end up between 650-680 you should have quite a few options available to you. I'd search the forums and do a lot of reading/research to determine how best to move forward in establishing more positive tradelines.

NEED a car loan but I have outstanding collections...and no score

ok people. I need help. I NEED a car loan but I have outstanding collections...and no score. I am in the worst possible situation. My car completely went and I can't really afford to fix it. I am trying to work on my credit, just recently got a secured card and am working on paying off 10 remaining collections. (all small - total of about $4k) So I wasn't planning on applying for a car loan right now, but I figure IF i can get one it will only help my credit. Problem is I stopped using credit about 5 years ago and was advised that I have NO SCORE. (the secured card is only one month old, don't think it's reporting yet) DOES ANYONE KNOW OF A BANK THAT WOULD GIVE A CAR LOAN WITH THE NO SCORE/COLLECTION COMBO I HAVE GOING ON? Thanks, I appreciate it! I'm in a crunch as I have a rental car and just really need to figure something out.

SueNami wrote:
WELLLL... I 'could' get a junker... but my biggest issue is that my commute is 43 miles one way and that doesn't count dropping my kid at daycare. All in all I'm on the road about 2 1/2 hours per day and I'm just terrified of another car letting me sit. I know there's no guarantee with any car... but IF someone here knew of a place that would give a loan and I could get a reliable vehicle I'd feel much better about it. I'd prefer NOT to do the buy here pay here cause the prices of the cars are rediculous. If I can buy a car at value but pay 20% now, I'd do that because in 6 months to a year I can refinance an appropriate value (maybe a couple more bucks down) and then have a decent thing going. Give exeter finance a call and see if they can do anything. I got financed through them last year with ~ 500 scores. The interest is horrible at 18.99%, but at 36 months the payments were not too bad. I'm also planning on doing a refi (or maybe a trade-in) once my scores improve.Explain the situation with your scores, maybe they can get an auto enhanced score generated from your history.

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What would you do? Thinking about refinancing car loan. Credit not yet optimized.

Currently my objective is to get my credit scores to the high 700's-800 by years end so i can apply for a mortgage and be on my way to the American dream and home ownership. I started my subscription to MyFico last month and here are my scores: Equifax: 748 June 30, 2015, now 757 July 11, 2015Trans Union: 701 June 30, 2015, now 723 July 10, 2015Experian: 737 June 30, 2015, no updates With that said my credit score is not yet optimized to what i am aiming for. And i do not mind paying a little more to accelerate my path to optimization. Example: keeping a <10% balance on my credit cards versus keeping a zero balance. My current auto loan was originally for $31,000 at 6% for 5 years and i've made a full year of installments. I keep reading about DCU and their super attractive 1.74% APR. I also currently have an account with Penfed (though they have denied me a year ago when requesting for a $50k auto loan). If you were me, would you risk a drop in credit score for better car loan terms now? Or would you wait (if all goes as planned) until after i apply for and get a mortgage? If i can get approved for 1.74%, that'll decrease my payment from $600 to $540 or it would allow me to pay off the loan 6 mos early.

slipper wrote:
Currently my objective is to get my credit scores to the high 700's-800 by years end so i can apply for a mortgage and be on my way to the American dream and home ownership. I started my subscription to MyFico last month and here are my scores: Equifax: 748 June 30, 2015, now 757 July 11, 2015Trans Union: 701 June 30, 2015, now 723 July 10, 2015Experian: 737 June 30, 2015, no updates With that said my credit score is not yet optimized to what i am aiming for. And i do not mind paying a little more to accelerate my path to optimization. Example: keeping a <10% balance on my credit cards versus keeping a zero balance. My current auto loan was originally for $31,000 at 6% for 5 years and i've made a full year of installments. I keep reading about DCU and their super attractive 1.74% APR. I also currently have an account with Penfed (though they have denied me a year ago when requesting for a $50k auto loan). If you were me, would you risk a drop in credit score for better car loan terms now? Or would you wait (if all goes as planned) until after i apply for and get a mortgage? If i can get approved for 1.74%, that'll decrease my payment from $600 to $540 or it would allow me to pay off the loan 6 mos early.I'd refi now. Too big of a difference not to.

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Can we build equity and acquire assets without banks while rebuilding credit??

Hi.Thank you for taking a look at my post. I hope we can help each other. I have 3 goals for this post. 1 - to reach out to this community for opinions, leads, and hopefully contact info for private lenders who really do lend based on the asset and not focus on our marred credit. 2 - maybe members (and of course me) can find someone else on this site who is/are in similar situations and can put resources together to start making lots of money without the banks. 3 - just being honest...I simply need to vent my frustrations in a safe environment where I'm sure there are others who can relate :-) I am getting back into real estate fix & flip, rehab after several years of life altering events and recuperating from personal injuries. I am not an agent or anything like that. I'm just really good at finding and negotiating awesome deals that I end up having to flip. I've worked my butt off to save and purchased one here and there but I need to find funding to get to the next level. I joined this site because my credit is in repair and I'm working the information I read about in this forum. Having gone from a high level of success to wondering how I was going to get from the bedroom to the bathroom, I feel like this is the one place I can trust to put myself out there and get meaningful, non-judgmental peer-peer responses with solid pertinent information. Hence why I could use some opinions and hope to get some leads on lenders that might help me out. With several properties under contract, I'll have to flip to other buyers at discounted values if I can't find a lender. I've spoken with about 20 lenders who claim they are "private", "hard money", "Asset-based" commercial loans, investor driven, bad credit, blah...blah...blah...only to find out they really are just like dealing with a bank. I am not claiming to have great credit and I realize on paper I look pretty weak. However, the whole time they are making claims they are not credit driven...what do you think the first thing they want is...yup...credit scores! Even though the numbers of the asset are very strong and purchased in an LLC. They all require full doc personal financials...the whole time they are saying they don't really judge you on credit....RIGHT! While these "direct lenders" and "private money lenders" may not have to work under the federal bank lending regulations, THEY are not interested in anyone who doesn't meet THEIR rigid requirements. Which in reality are exactly the same as the regular banks. I have yet to find one lender that truly bases their decisions on the property asset without pulling credit, bank statements, etc. They all will only lend a portion of what is needed (50 -75% LTV or LTC )based on the lowest value they can determine (Purchase price or appraisal which ever is lower) which means they have essentially no risk and the investor has to bring in a lot of cash. No difference. They are essentially all the same and just boast about being different. This is all fine if that is how they run their business. I am the last to judge them for that. However, I am tired of wasting my time talking to company after company making these claims but really won't put their money where their mouth is!! I have also looked into a lot of the sites for peer-peer funding. In general they are all fantastic and serve a great purpose. Especially for kids and fundraising purposes. But I'm working on a business. On those sites, you really have to put your self out there on the front line and air your dirty laundry to the world in order to participate. I realize I could do that and tell my sad story and why I want people to invest in me and my project. Frankly, maybe I'm too proud or going about this all wrong but I'm just not ready to post my story to the world and ask my friends and family for handouts. I don't want people feeling sorry for me or my name all over the internet telling people my credit sucks (even though it isn't that bad now). Let's be honest - who posts on a peer-peer funding site for their own benefit if you have your financial life in order!! That said, I'm sure none of us would be on this site if we didn't have or have had financial turmoil in our lives. Who cares why.. it happens. Hopefully, we all realize that is not what defines us as people and we can all achieve our dreams like any one else. It just might take longer, or a bit more work. You get the picture. So I thought, what if others on this site are experiencing the same things. Do you feel like you are missing out on opportunities to make your money grow? Maybe you have improved your credit but don't have enough cash to get a loan. Maybe you can't get a loan because of credit but you have cash. Maybe you can't get a bank account and are missing out on investment opportunities because your money is sitting under your mattress. Seems to me people on this sight are all focused on the same thing and have the best interests of others in sight. We also have this fantastic forum to discuss our money issues and glean insight and information from others that helps us improve our situations. I'm wondering if we could partner up our strengths and find ways to benefit by working together with other like minded members. You thoughts are of great value. Please post.

Are you debt free? Do you have any cash to throw into this? If no... what about subbing out under someone else or getting in GCing or Foreman for a bigger company while you cleanup your personal finances? Real estate is AWESOME, but if you can't cashflow at least a good chunk of it, you can get in a pretty scary spot... What kind of assets do you have? Could you flip your own home and use those monies to invest in your next flip and live as cheap as possible through a few flips until you have a good bit of cash built up?

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Hunt

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iTunes creates an empty library file in Windows
http://support.apple.com/kb/TS2715
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Need car loan, having difficulty rebuilding credit.

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