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Confused and need advice. Please help.


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Hello all. My scenario kind of jumps around so if you need further information please let me know.

My goal: to become a homeowner within a few months.

My problem: fair credit scores and high interest auto loan (that I can not get re-fianced for because my car is only valued@9k)

I checked my credit scores today and they are 623,624 and 627. I want to purchase a home but have not been able to boost my credit scores. As of today, the only tl that I have opened is my auto loan which I owe 13K for and that is being paid on time. My interest rate on my auto loan is 15.59% which absolutely makes me ill. I make $40k/yr but when figuring out how much home I could afford (including monthly expenses) I can afford a monthly mortgage of $557. With my car and auto ins pymt per month I am paying $501. Which is a 1/4th of my paycheck. :(

My question is this, would it be best for me to continue and try an refinance my car to get lower interest/lower monthly payment which would then allot more money for a monthly mortgage payment? Or should I make an additional car payment monthly to decrease my principal balance?

Any advice you can give would be greatly appreciated.

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How old is your car. Patelco will do a 150% loan on 2000 & newer cars for about 10.5%. Means a car valued at $9K could be financed at about $13,500. Have you tried them?

What's on your report that's making your scores in the 620's Charge offs, collections, etc.? How old are they?

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How old is your car. Patelco will do a 150% loan on 2000 & newer cars for about 10.5%. Means a car valued at $9K could be financed at about $13,500. Have you tried them?

What's on your report that's making your scores in the 620's Charge offs, collections, etc.? How old are they?

Thanks for responding. I was not able to respond sooner because I only have access to a computer at work. But, to answer your questions: My car is a 2003 Chevy Malibu. As for Pateclo, I have been reading about them but never thought to go through them. I will search and get their number and call them today. At this point, I am willing to try anything.

As for my credit report, you guessed it, I have 2 charge off's fr Crap1 estab. 2003 that has since been paid in full 2005. These accounts reports to the BIG 3. I have one medical collection account on my TU report with the DOLA 2001. I am trying to work with medical office to settle but no success yet.

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How old is your car. Patelco will do a 150% loan on 2000 & newer cars for about 10.5%. Means a car valued at $9K could be financed at about $13,500. Have you tried them?

What's on your report that's making your scores in the 620's Charge offs, collections, etc.? How old are they?

Thanks for responding. I was not able to respond sooner because I only have access to a computer at work. But, to answer your questions: My car is a 2003 Chevy Malibu. As for Pateclo, I have been reading about them but never thought to go through them. I will search and get their number and call them today. At this point, I am willing to try anything.

As for my credit report, you guessed it, I have 2 charge off's fr Crap1 estab. 2003 that has since been paid in full 2005. These accounts reports to the BIG 3. I have one medical collection account on my TU report with the DOLA 2001. I am trying to work with medical office to settle but no success yet.

I would go for it. Their number is 800-358-8228. But you can also apply at www.patelco.com. If you apply online, you usually have to follow up afterwards, for some reason they are slow to reply to you.

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ThePeacock, thanks for the contact information for Pateclo. I went searching on the web for their contact info and boy I got side tracked with all of the positive things being said about the corporation. I will keep you posted with the outcome of my conversation with them. :D

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  • 3 weeks later...

Update.

I called Patelco today, and talked to Kelly. She was very informative and able to answer all my questions regarding credit scores, which CRA they pull from, (Experian), etc. What it came down to is: since I am not an established member, with credit scores between 615-634 and no derog's on Experian report, I would be financed at 14.25% for the first year. If my credit gets better, the following year, I would be automatically approved for at least a 9% ineterest rate.

Because my scores are in the low 620's, I am going to re-activate one of my TL's to give my scores a boost.

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