How long should I wait?

Discussion in 'Credit Talk' started by Laray, Jun 23, 2001.

  1. Laray

    Laray Well-Known Member

    I would like to purchase a new car sometime soon, but after reading some posts here, I was wondering if I should wait even longer to get a better rate.

    When I began my credit obsession at the beginning of this year, I had been cancelled by Citibank, Discover and GTE Visa. All of the cards, at the time I carried balances on. I had 13 total lates with the last being roughly one year ago. In addition, I also had an account that went to colelction 5/00, which I paid in full 6/00.

    Since January, I have paid all balances of the (charged off) cards. Additionally, I opened at CAPOne account 1/00 with a very small limit (PIF every month), Aria Visa, opened 3/00 which I charge and make 3 payments on monthly, as well as three store cards. Right now, I believe I have all the credit I need.

    In March, I signed up with Lexington to help correct some past problems and after round 1 disputes I lifted my score 35 points (From 495 12/99 - 647 6/01).

    I have 14000 in student loans, all bills have been on time since May 2000.

    My question is: Should I consider buying a car now....or wait until next Spring once I am completely done with Lexington (and have a better credit score)? Do you think my chances at getting a better rate will increase so over the next 9mo-1 year that I will be able to get a much better rate like under 10.5?

    Thanks for your help!
  2. brad

    brad Well-Known Member

    Laray,time is the best thing going for you.You can't rush credit,as much as we would all like to do so.I would wait until spring if I were you.Just my opion for what it's worth.
  3. creditwork

    creditwork Well-Known Member

    If the rate is important to you, you should wait. However, always think of the big picture and the future in an optimistic fashion. I purchased an Eclipse GT last year, I got a 0% APR for a year, 0 payments for a year and no downpayment. The salesman tried to sell me on taking a lower rate, than the 12% APR that would kick in after a year, but I thought it would be better to just wait. Sure enough, I am now able to buy the car from my company at 7.9% APR.
  4. Laray

    Laray Well-Known Member

    And that is exactly what I want...An Eclipse GT. I have noticed all of the promotions they do, like the 0 0 one you mentioned and like two others, but I didnt think I would qualify for those because of my credit at the current time! I will until next year though....this will give em a chance to save more as well as pay down student loan debt.

    Thanks for the responses!

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