while he has a point, he also lives in arkansas - the odds of him running into one of the other 30 vehicle owners or a cow on the road are slim to none.

location is a large factor in insurance cost.

 

LOL... Im surprised you didnt mention that about where I live...DubV - West Virginia But im on the edge of the eastern panhandle of WV..about 1hr from DC/BMore.

 

Just goes to show how much you know.



-Tim

 

Hi Everyone..

Im inching closer to getting this vehicle. Found a decent credit union, that has lower interest than the banks i've contacted.

I've got another question.

I checked my credit @ freefreditreport.com

My score(experian..thats the only one they give for free) is 13 points off of what the lady @ the credit union told me would qualify for their lowest APR(6.9%/36months).

I have two credit cards. One having a balance owed of about 300$ and the other about $400.

My question is... If I pay both of these credit cards off tomorrow. Will that be sufficient enough to bring my score up 13 points so that I may get the lowest APR available? I've been told that your current balance plays a role in your credit score.

Also, If this would help, how long until that would be reflected on my score when the Credit Union runs my credit?

Thanks. I appreciate all input.

Her are pics of the car..If anyonw knows how to put em on the board i'd appreciate it ( i just figured out how to get them onto the net.. lol)


http://www.flickr.com/photos/34134458@N05/3180290833/

http://www.flickr.com/photos/3413445...n/photostream/


http://www.flickr.com/photos/3413445...n/photostream/

http://www.flickr.com/photos/3413445...n/photostream/




Rob

 

Paying off the CC won't affect your credit score at all as far as I know. Paying your CC on time is the best way to improve your credit score. If you are carrying a balance on the cards, then you should pay them off ASAP anyway simply because carrying a CC balance is about the most financially foolish thing you can do. Using CC is fine, just make sure you pay them off completely every month and do it on time.

 

hi dhays, thanks for the quick reply..

I ask because I noticed when I checked my credit it stated in "factors for incresasing score"that the "amount of available credit" is taken into consideration as it shows basically that you are not Maxing out every card you get.

The cards were just used recently for Christmas presents.

Rob

Edit..

"You have a good cushion of available credit between your current balance and your credit limits on all open trades. This has a positive affect on your credit score. This cushion shows lenders that you are unlikely to overextend yourself financially"

 

Yeah, if you have credit that is available, that you don't use, it looks good. It isn't good to have all your available credit maxed out. If you just have a short balance from Christmas you should be fine, just get it paid off this month or next.

Good luck man. Again, I think your best bet is to wait and not buy your brother's car and avoid the debt, but it does look like you are doing your homework which is a good thing.

 

I really need a new car. My current vehicle(rx7) is old and continually gives me problems. I dont want to keep puting money into a 19yr old vehicle
I've been with my new job for about 18 months making about 20k+$ more than my last one. I have been waiting a while to get a nicer car with a warranty, and i'm ready to do it now .

The credit cards were both paid off today.

So basically I'll be looking at borrowing 13,000$ @ 6.9% for 36 months. Payment is 401$ per month.

I should be able to pay this off within about 2 yrs or less. Additionally, I'll be getting my degree soon ( FINALLY ) which may help me elevate at my current employer as they pride themselves on promoting from within.

Thanks again for the insight.

Rob

 

Heh. It's actually good to keep a balance on your credit. You'll hear different things from different people. My take is to never utilize more then 25% of the maximum allowed, and to make regular payments that are larger then the minimum required.

as far as paying things off not effecting credit scores.. not true. my buddy just bought a condo and was a few points shy (literally a few.. I don't think it will hop 10 difference), and he paid down a couple of cards and it was enough to hit the mark. It is not always an instantaneous reflection though.

good luck, that looks like a nice Z.

 

btw - t0mills - chime the banjo music, and know I was being sarcastic about your hillibilly state.

 

LOL...I drove down to San Antonio last summer and went through Arkansas. No offense, but I was overwhelmed by how dirty it was. On the side of the interstate I saw couches, trashbags, all kinds of stuff. Looks like someone needed to adopt a highway over there. Wow.