I am really glad I found this site... I was helping my girlfriend find out about her loan, she is buying a house, and I found this site, and it has inspired me to better my credit situation! Well I pulled my Credit reports, EX and EQ online, TU says they have to mail it to me. EQ gave me a score... 494.. ouch! I was shocked that I was in the bottom 1%, wow! Well I have read the good and the bad, and decided to enroll for Lexington's service, I work over 40 hrs a week and go to college full time, so the time is a bit more important then the money, and I think they will do better than I could at this point. Currently I have 4 tradelines that are perfect. Cap1 Visa $400- $50 24 Months Providian Visa $950 -$300 19 Months Cap1 Visa $1000 - $250 3 Months Household Auto 12k- 10k 7 Months I expect my score to increase rapidly, I have some COs for very small amounts 40 bucks 100 bucks etc. God I need to take care of them. Any feeback is welcome! I have PFB'ed Cap1 and Providian about better Limits etc already... going to keep the cards down to nearly 0 too. Please let me know what you think of my chances.. and tahnks everyone for the help! Radiohead
Welcome to the board! I just started my credit repair a month ago and have had good luck doing it on my own. You would probably do just as well youself. I work full time and have 2 children that keep me busy all day long, but I am trying to find time to work on this. Good luck to you!
If I were you,I would certainly try to refinance that auto loan(Household has MURDEROUS rates). Sister Girl
Yes... I want to, no chance in hell I can right now, though... paying 21%, I am glad they gave me the chance though, got the new Jetta I wanted... if I cant refi.. I will have some money this summer that will really pay it down.. I guess Ill see how fast I can approve. Thanks.
Welcome - and excellent handlename! In 6 months (or even less) you'll be in the 600 club with us. From what I've gathered, it takes from 6 months to a year, but it's worth it! GT
I just hate it because they use the Rules of 78 in calculation of their finance charges;meanwhile I wish you the best. My statement was from solely experience from them financing a 97 Kawasaki Ninja bike. Sister Girl
Called household, they stated that it was a simple interest loan.. no early payoff penalty.. I am glad to find out that the dealership told me the right thing..
Radiohead, Man, you should call the kharma police! (I crack me up) Anyhoo, welcome to the board... wajaba (By way of explanation: "Kharma Police" is a song by the alternative rock group Radiohead)
Dude, Welcome to the board! I'm glad you like your new Jetta, but you're being scr****. You should have applied for a simple interest loan, where the interest is calculated on the remaining balance. The rule of 78 (illegal in some states) is a means of calculating interest so that even if you pay off the car early, the amount of interest you pay is taken up front. That's how they can legally say there's no prepayment penalty. Also, 21% is your ANNUAL Percentage Rate. Here's how to figure out how much you truly pay in interest. Subtract the amount financed from the total amount you will have paid over the life of the loan. Take the result and divide by the amount financed to get your NOMINAL Percentage Rate, aka the "true cost" of your loan. Lenders like to keep you focused on APR, but you have to do the math they're not required to disclose. Here's a link that does the math for you: http://www.mortgage-calc.com/miscellaneous/mis_rule78_calculator.html
radiohead, My brother didn't want 10.99% autoloan from Peoplefirst and he got perfect credit history.The rate is too high for him. 21% is too much to owe for autoloan or credit card and you pay 21 % on big purchase like $20,000 car. You figure how much interest you pay a year or a month and I guess to have paid a lot of payment each month. I sugguest to find another lender to refinance your car. Ron.
Well, I would love to refinance it.. but I do not see a way to currently.. the loan is about 7 months old and the one score I do have from EQ.. I have a 494, Im lucky to get a loan according to that score. BTW, it is not a Rule 78 loan, so I can pay it off, and I have been making extra payments, I am going to get a nice bonus from work in May and I was wondering if I should apply it towards that or pay off collections? Maybe pay off clean up credit and refi in a year??
The more recent the negative, the more your score will increase by paying it off. It may not be a dramatic rise, but it's a step in the right direction.
