ok because of an accident I was invloved in I am coming accross enough money to pay off all my and my wifes debt. I want to do this right so I can build credit at the same time. we have 2 car loans both under 6 months old about 13000.00 of credit card debt spread out amongst 4 cards. how shoud I pay this all? completly off or in stages or what? Also I am thinking of getting myself a car to build credit. I have a exiscum score of 535 and I ma lookign to put down 25000.00 on a 30000.00 car, do you think I will get financed? Thanks Chris
So lemee get this straight...you are paying off your debt, so you can finance a car and build credit? I think you should slow down a bit and try and effectively and best use this money...not simply paying off all your debt and then financing another car. Especially when your current car loans are ONLY 6 months old now...why would you simply think a NEW auto loan will help you build credit...actually it will HURT your credit, because a new, younger loan will appear on your report...and an older tradeline that could continue good and timely payments will disappear. If you came into a considerable sum of money, you might want to take a look into increasing your education of your finances and financial planning (buy some books or a even hire a financial planner...but stay away from Suze) and learn what is best for you given your current situation and future goals. You said: That is a GREAT idea. You need to think about what builds your credit better: 1) Continuing to pay the current car loans and credit cards on time, every time, paying down much or all of the $13,000 in CC debt ....versus... 2) Paying all of your debts and CC balances and then turning right around and sinking $25,000 into a $30,000 car for a $5,000 HIGH INTEREST LOAN (high because of your current score and risky credit). I would suggest you MAY be better off with the first scenario where you BUILD your credit from your current debt, rather than jumping into NEW debt that will obviously be high risk %. I say MAY because I do not know what rate your current car loans are, how much you owe on them, how old the cars are etc. etc. etc... I suggest you NEED to slow down and answer some crucial questions to find out what is BEST for you, and there quite simply is not enough information, nor time, to answer that question or even "should you pay it off completely, or in stages?" from your post. That said: Yes you will definitely get that car financed. You WILL still probably have a high rate because of your score, but putting $25k into a $30k car will get you financed in a heartbeat. -Peace, Dave
Nave, AS USUAL is right ;-) I was wondering about the car thing. I was wondering if he should try to negotiate the 30000 car down, then pay cash...
Let me clairfy everything financed right now is in my wifes name. I am trying to pout her scores into the mid to high 700's buy creativly handling her current debt. The car that I would be buying would be the first thing financed in my name since 98.
