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I want a 06 BMW, but my credit is jacked up BIG time!


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My credit isn't in the best of shape. I have 4 cc's totaling $4000.00(MAXED-OUT!:?) and I have collections/charge-offs totaling $2000.00:cool:.

Next week I wil be paying all (CC's, COL/CO and late mort. payments)of my debts off ($8000.00).:D

I already have a car loan owing $12000 and a mortgage I'm 2000.00 behind on.

I will be trading my car in. I'm not going to close all of my cc accts, just pay them down to a $0 balance. Even though I'm interested in closing 2 cc's (opened 07/07). When should I apply for the auto loan? Would it be a good idea to close 2 of my cc accts?

Guys I am soooo frustrated and confused:cry:! Any advice would be appreciated.

Thanks In Advance...

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First off, you really need to read these boards to get ideas what you need to do.

Do not close your cc's, it hurts your FICO score. Also paying your CO's will make your scores drop. It makes it look like the collection is recent. Reading these boards will help you figure out what you need to do with all the collections. ie. Pay in Full for a delete or just challenging them to see what gets deleted. Read, read, read will help you.

Paying down your existing cards is excellent. Sock drawer them and only pull them out once in a while to use them to keep them active or put a little on them each month then pay in full.

Get copies of all your credit reports and see what is on there. Reading these boards for the primers above each section will help you get started on getting your reports cleaned up.

Buy your FICO scores to see where you are at. www.myfico.com/12

You really need to WAIT to buy another car or even trade in the old one. See where you are at. clean up your reports then go for it. Time for each person is different. I just got my husbands and my reports 99% clean but it has taken me 2 years. We just now bought 2 brand new cars at very low interest rates.

I am afriad if you buy now you will be looking at very high interest rate.

This is just a little advice. There are others more knowledgeable on here.

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If a person has credit issues like that, the last thing they need to add to the mix is an expensive new car. If the OP still owes 12000 on the car he has, keep it. And get the mortgage caught up before thinking about another car in the first place.

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WOW. you need to work on your credit, your finances and your self worth. DUDE your self image cant be tied up in a car or things.

You cant afford a BMW; DON'T BUY ONE. You are behind on your mortgage probably because you bought a house you cant afford, or a house you cant afford now.

Since you have some money to pay off the bills why not pay most of the credit card off and bring the mortgage current.

The interest rate on the car will be high. you probably have a lot of late payments on your report so you FICO must be very low. stay away from buying new things until you get the things you already almost own paid in full.

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Hey tez, welcome to the board. You got some pretty realistic responses that probably sound harsh. The questions you are posing seem to indicate that you are going the wrong way financially and you are asking for MAJOR problems. You have defualted on debts, are behind on a mortgage and are frustrated that you can't get a BMW. I think maybe you need to reevaluate what is important to you.

1) clear up & pay off all of your credit cards.

2) get current on your mortgage.

3) pay your car off

4) repair your credit

5) then look for a car

Just to give you a bit of perpsective, my wife and I make roughly 150k together. She drives a 7 year old Honda, I drive an 11 year old Honda. No credit card debt, no car payments, and a $1300 mortgage, which is very reasonable.

I want a Lexus IS350. Until I save $25k for a down payment, it will remain on the "I want" list. Buying one prematurely would be irresponsible. I've been on that debt merry-go-round before and that is the definiton of insanity.

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09-08-2007, 03:06 PM

tez22

Newbie

Student of Credit

"Newbie here needing help..."

Hello Everyone,

I'm here trying to get some information and advice on how to get my credit on track. Ok here we go...

CREDIT CARDS:

Hooters $500CL-$400 bal

Orchard Bank $500CL-MO

HSBC$1250 CL-MO

Cap.1 $500CL-$470 bal

Aspire $700CL- $620CL

OTHER ACCTS

Dell $1500CL 60days past due

Crown Jewelers $160 bal due / 30 days late

Bank of America $107 OVERDRAWN

Wamu $190 OVERDRAWN

Carloan NO LATES

Mortgage NO LATES

OK Tez,

Comparing your dilemma in September to your dilemma NOW, it appears that you've defaulted on your mortgage by $2000 within the last 5 months.

I know it looks like you're getting dog-piled here but, you need to correct some things really quick! Get the mortgage back on track, pay the CCs off and simmer a while before you step into that BMW, or any car loan for that matter.

Now, since you're making a car payment anyway, might as well be something you're happy about paying for, right? You'd enjoy driving that Bimmer a lot more if your interest rate was below the rate you'd likely get if you bought it now.

Set yourself a target date of June/July at best, later would be better.

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Good lord, you want more money problems? Buy a BMW...

try a lexus or infinity if you must.[/QUO

Y do u say that?:confused:

They're not good cars?;)

people LOVE BMW's until the warranty is up, or the car is due for it's first major maintance. Then it gets spendy, VERY spendy.

Buy a asian luxury car, it'll love ya long time for little $. Personally, my car would not be any of the above. I got my eye on a RX8 or the new Mitsu Lancer (once they put some HP under the hood)

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OP, it is time to stop the irresponsible spending. If you are really serious, then you can find the help you need here. But you have to be committed to doing what is necessary to help yourself.

If you really want some assistance, let us know. I don't think you are serious about this right now. JMHO

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a few mos back you were thinkinh of filing BK...

I

started going downhill about 6 months ago after me and my SO went our seperate ways. Now I'm wondering if I need to file bankruptcy or what?

Someone please help me.

Thanks In Advance.

now you want to buy a BMW?...why stop there--I prefer the drop top bentley myself.

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:DWas the replies harsh to me? NO! Do i agree w/ you? Of course, but only to a certain extent... If you all read my post correctly you'd see I said:

I WILL BE PAYING "ALL" OF MY DEBTS OFF NEXT WEEK!8-)

ONCE AGAIN THANKS FOR ALL OF THE COMMENTS

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We know. Defaulting on debt, applying a windfall to play "catch-up", and then opening more debt is a tough way to live. If you weren't making good on all of your cc's and mortgage, there'd be no way you'd get financing. You'll still be looking at a high rate after applying your payments.

Good luck to you. Sounds like you've made you rmind up already, so enjoy. :bedjump:

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We know. Defaulting on debt, applying a windfall to play "catch-up", and then opening more debt is a tough way to live. If you weren't making good on all of your cc's and mortgage, there'd be no way you'd get financing. You'll still be looking at a high rate after applying your payments.

Good luck to you. Sounds like you've made you rmind up already, so enjoy. :bedjump:

I don't think that s/he gets it. I understand where s/he is at, "I'm paying all these things off. I work like a dog. I just made it through a hellacious financial situation. I deserve a Beemer." Not thinking, "Hmm, maybe I can live below my means, save up some $$$, invest some $$$, so the next time my income varies or just plain $hit happens I won't end up screwed and behind on my bills mortgage, etc." I know, it's not that many years since I thought that way. Well, maybe it's been a few years and I'm now used to Murphy's law operating perfectly when it comes to money

Right now s/he not thinking about the screwing that s/he going to get when it comes to car financing.

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People have the right to to spend money the way they'd like.

Just the thought of a car payment makes me sick. If I didn't have to drive to work out in the far burbs, then to school every night in Center City, then to my house, I'd sell the hunk of crap I drive now and take the train everyday. Having a car is just one enormous monthly liability. Not to mention that travel time in a car (while driving) is just wasted time. I can't go through paperwork, get ready for my day in the office, or even do school work. It is 2.5 hours per day x 5 days a week that is erased from my productive life.

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People have the right to to spend money the way they'd like.

Just the thought of a car payment makes me sick. If I didn't have to drive to work out in the far burbs, then to school every night in Center City, then to my house, I'd sell the hunk of crap I drive now and take the train everyday. Having a car is just one enormous monthly liability. Not to mention that travel time in a car (while driving) is just wasted time. I can't go through paperwork, get ready for my day in the office, or even do school work. It is 2.5 hours per day x 5 days a week that is erased from my productive life.

Install a nice cd player... have some "me" time... do audio books... it can be a meaningful part of your day if you make it.

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People have the right to to spend money the way they'd like.

Just the thought of a car payment makes me sick. If I didn't have to drive to work out in the far burbs, then to school every night in Center City, then to my house, I'd sell the hunk of crap I drive now and take the train everyday. Having a car is just one enormous monthly liability. Not to mention that travel time in a car (while driving) is just wasted time. I can't go through paperwork, get ready for my day in the office, or even do school work. It is 2.5 hours per day x 5 days a week that is erased from my productive life.

Since I got burned on my last financed car, I thoroughly hate the idea of a car payment, the high insurance, the fact that the second you drive it off the lot it's lost 40% of its value. I can't ditch the car, because, well, I live and work in the suburbs and you know how splendid SEPTA is between suburbs. Two places 12 miles apart that would take you 30 minutes to drive take 2 hours and three bus or train changes to get between on public. And the buses run very sporadically especially at night.

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A car is the worst investment you can make. No equity. Ha! Well it is a necessity. Like Merk said "you want real problem buy a BMW. You want a good car Benz, Lexus or Honda. Your priorities are in the wrong order. Read and learn. Take your time. We are all here to help, sorry! they are all here to help. I am just like you, learning still. :mrgreen:

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You want a good car Benz
:shock:

Maybe 15-20 years ago. Not today. Everyone I know that has a Mercedes has the most bizarre, and expensive, car issues. They've really gone downhill.

I love German cars, and for the past 8 years was a total Volkswagen girl. I thought I'd try a Japanese car this time around, and I'm regretting it. It's so not me. :(

In four years I'm going back to a VW, or an Audi.

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