Think I can get a decent loan?
02-17-2009, 10:07 PM
#21
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How is your credit scored mid 700's... check it on all 3 on a different site..
Im 20 and have had a car payment since the day i turned 18 and 3 credit cards which i use every month and pay off every month and my credit isn't even close to mid 700's. Ive missed no payments on ANYTHING either.
Im 20 and have had a car payment since the day i turned 18 and 3 credit cards which i use every month and pay off every month and my credit isn't even close to mid 700's. Ive missed no payments on ANYTHING either.
02-18-2009, 04:38 AM
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How is your credit scored mid 700's... check it on all 3 on a different site..
Im 20 and have had a car payment since the day i turned 18 and 3 credit cards which i use every month and pay off every month and my credit isn't even close to mid 700's. Ive missed no payments on ANYTHING either.
Im 20 and have had a car payment since the day i turned 18 and 3 credit cards which i use every month and pay off every month and my credit isn't even close to mid 700's. Ive missed no payments on ANYTHING either.
I have made cell phone payments since I was 16 if that helps any. Maybe I just got lucky becuase I'm really not lying. I was actually quite shocked myself.
I can check my FICO. Maybe that is lower than the others or something
Last edited by Sora1421; 02-18-2009 at 04:40 AM.
02-18-2009, 05:27 AM
#25
How is your credit scored mid 700's... check it on all 3 on a different site..
Im 20 and have had a car payment since the day i turned 18 and 3 credit cards which i use every month and pay off every month and my credit isn't even close to mid 700's. Ive missed no payments on ANYTHING either.
Im 20 and have had a car payment since the day i turned 18 and 3 credit cards which i use every month and pay off every month and my credit isn't even close to mid 700's. Ive missed no payments on ANYTHING either.
02-18-2009, 06:12 AM
#26
I'm 24 and my credit score is 790-805. I had mid 700's around 20, by only having one CC, maintaining the used credit portion under 1/3rd of the max, and taking out a personal loan for 3 grand (at 17, paid off via monthly payments over 3 years lol) from my credit union to rebuild the engine in my 68 Camaro. that's it, nothing more nothing less. not impossible.. credit score isn't everything either.
02-18-2009, 07:27 AM
#27
I'm 24 and my credit score is 790-805. I had mid 700's around 20, by only having one CC, maintaining the used credit portion under 1/3rd of the max, and taking out a personal loan for 3 grand (at 17, paid off via monthly payments over 3 years lol) from my credit union to rebuild the engine in my 68 Camaro. that's it, nothing more nothing less. not impossible.. credit score isn't everything either.
02-18-2009, 07:35 AM
#28
read it again mang. I was saying I had a mid 700s score around 20 by having the CC and the 3k loan. I have no reason to make this up, it's not impressive to anyone, just saying his claim isn't impossible.
I'm on my third car loan now - that's how my credits up to 800.
the first car loan needed a co-signer, and that was with a mid 700s credit score. like you said, lending history is important and a 3k loan isn't much, but it was enough to get the credit score high.
I'm on my third car loan now - that's how my credits up to 800.
the first car loan needed a co-signer, and that was with a mid 700s credit score. like you said, lending history is important and a 3k loan isn't much, but it was enough to get the credit score high.
02-18-2009, 07:52 AM
#29
read it again mang. I was saying I had a mid 700s score around 20 by having the CC and the 3k loan. I have no reason to make this up, it's not impressive to anyone, just saying his claim isn't impossible.
I'm on my third car loan now - that's how my credits up to 800.
the first car loan needed a co-signer, and that was with a mid 700s credit score. like you said, lending history is important and a 3k loan isn't much, but it was enough to get the credit score high.
I'm on my third car loan now - that's how my credits up to 800.
the first car loan needed a co-signer, and that was with a mid 700s credit score. like you said, lending history is important and a 3k loan isn't much, but it was enough to get the credit score high.
With further explaination, it is as I would have expected. thank you for clarifying
02-19-2009, 11:39 AM
#30
Credit union, Join one. My first big purchase was my Z at 20-21. My Dad was a cosigner. I had no credit. My biggest acct was Kays before the loan. With that I think I got a 9% loan. This was 3-4 years ago. In about 6months to a year I refied for 6-7%. When I joined my credit union(Suncoast) I refied my car for 4.9%.
Never missed a payment on my house, CC, cars. Score is 720-750.
Chris
Never missed a payment on my house, CC, cars. Score is 720-750.
Chris
02-19-2009, 11:42 AM
#31
Zivman had some good points in his post earlier. Take your "extra" money and put it away. Save for a house. If your want buy a house.(could wait a little longer).
Wish I could go back and do somethings differently. Young dumb and stupid with money buring a hole in my pocket.
Chris
Wish I could go back and do somethings differently. Young dumb and stupid with money buring a hole in my pocket.
Chris
02-19-2009, 06:35 PM
#32
When you checked your score at Experian, was it called a FICO or a Plus Score? I have checked my credit through Experian dozens of times. They give you a Plus Score which does NOT directly correlate to a FICO. With the information you gave us, unless there is more to your credit, there is no way you have a mid-700's FICO.
02-20-2009, 03:29 AM
#33
To the OP, get the car. I was in the same boat as you, I had amazing credit when I was younger just like you, because of the fact that I was hooked up as a secondary to all my mother's cards and she payed for thousands of $ a month on them. And also because I worked 3 jobs when I was 16 through your age now and I paid off about $25,000 worth of stuff in those 3 years and payed off 2 small auto loans (5k, 6k). I qualified to buy a 350z touring roadster brand new when I was 20 (msrp 37k) with no co-signer (I did make a good deal more money than you working 3 jobs though) but the $670 a MONTH insurance cost definitely deterred me until 22 when I bought my Z, again in the exact situation you are in.
I bought a used one for the same amount of money, I financed half just like you said you were going to and I make payments responsibly while going to college. Now is the time to do this and have an non practical car when you don't have a mortgage/kids/apt/responsibilities. Enjoy riding around in something nice you work hard and diligently for. You only live life once and if it is going to make you happy and you budgeted it fine and you can afford it, by all means go get it, and especially the fact that you have payed half of it already, you will never owe more on it than what it is worth. So god forbid something ever happened and you needed to get out of it, you wouldn't be upside down. Take it from someone in the same place, it is so worth it, it isn't that big of a chunk of change, as you said worst case scenario 200 payment and 150 insurance, 350 a month.. just about a third of your money, still plenty of money for beer
I bought a used one for the same amount of money, I financed half just like you said you were going to and I make payments responsibly while going to college. Now is the time to do this and have an non practical car when you don't have a mortgage/kids/apt/responsibilities. Enjoy riding around in something nice you work hard and diligently for. You only live life once and if it is going to make you happy and you budgeted it fine and you can afford it, by all means go get it, and especially the fact that you have payed half of it already, you will never owe more on it than what it is worth. So god forbid something ever happened and you needed to get out of it, you wouldn't be upside down. Take it from someone in the same place, it is so worth it, it isn't that big of a chunk of change, as you said worst case scenario 200 payment and 150 insurance, 350 a month.. just about a third of your money, still plenty of money for beer
02-20-2009, 06:48 AM
#34
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To the OP, get the car. I was in the same boat as you, I had amazing credit when I was younger just like you, because of the fact that I was hooked up as a secondary to all my mother's cards and she payed for thousands of $ a month on them. And also because I worked 3 jobs when I was 16 through your age now and I paid off about $25,000 worth of stuff in those 3 years and payed off 2 small auto loans (5k, 6k). I qualified to buy a 350z touring roadster brand new when I was 20 (msrp 37k) with no co-signer (I did make a good deal more money than you working 3 jobs though) but the $670 a MONTH insurance cost definitely deterred me until 22 when I bought my Z, again in the exact situation you are in.
I bought a used one for the same amount of money, I financed half just like you said you were going to and I make payments responsibly while going to college. Now is the time to do this and have an non practical car when you don't have a mortgage/kids/apt/responsibilities. Enjoy riding around in something nice you work hard and diligently for. You only live life once and if it is going to make you happy and you budgeted it fine and you can afford it, by all means go get it, and especially the fact that you have payed half of it already, you will never owe more on it than what it is worth. So god forbid something ever happened and you needed to get out of it, you wouldn't be upside down. Take it from someone in the same place, it is so worth it, it isn't that big of a chunk of change, as you said worst case scenario 200 payment and 150 insurance, 350 a month.. just about a third of your money, still plenty of money for beer
I bought a used one for the same amount of money, I financed half just like you said you were going to and I make payments responsibly while going to college. Now is the time to do this and have an non practical car when you don't have a mortgage/kids/apt/responsibilities. Enjoy riding around in something nice you work hard and diligently for. You only live life once and if it is going to make you happy and you budgeted it fine and you can afford it, by all means go get it, and especially the fact that you have payed half of it already, you will never owe more on it than what it is worth. So god forbid something ever happened and you needed to get out of it, you wouldn't be upside down. Take it from someone in the same place, it is so worth it, it isn't that big of a chunk of change, as you said worst case scenario 200 payment and 150 insurance, 350 a month.. just about a third of your money, still plenty of money for beer
I don't drink, i don't smoke, I don't party. I don't waste my money. Also I will only keep making more money at this job over the next 4 years while I am with the university. A Z is what I want, and I can afford it. I am glad I heard a story of someone else who had a similar dream as me and in the end they went through with it during college and were happy about their decision.
Thank you!
02-20-2009, 09:08 AM
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To the OP, get the car. I was in the same boat as you, I had amazing credit when I was younger just like you, because of the fact that I was hooked up as a secondary to all my mother's cards and she payed for thousands of $ a month on them. And also because I worked 3 jobs when I was 16 through your age now and I paid off about $25,000 worth of stuff in those 3 years and payed off 2 small auto loans (5k, 6k). I qualified to buy a 350z touring roadster brand new when I was 20 (msrp 37k) with no co-signer (I did make a good deal more money than you working 3 jobs though) but the $670 a MONTH insurance cost definitely deterred me until 22 when I bought my Z, again in the exact situation you are in.
02-23-2009, 08:39 AM
#36
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Thank you!! I have been thinking the same thing. Actually I may not finance in the end and use savings money for college and place money back in each month. This way instead of 200 a month payment to the loan company, I can put 175 back into my savings plus insurance. I think I will owe about 100 to insurance a month after i get the initial portion paid right now. I think max...I'm looking at 300 a month.
I don't drink, i don't smoke, I don't party. I don't waste my money. Also I will only keep making more money at this job over the next 4 years while I am with the university. A Z is what I want, and I can afford it. I am glad I heard a story of someone else who had a similar dream as me and in the end they went through with it during college and were happy about their decision.
Thank you!
I don't drink, i don't smoke, I don't party. I don't waste my money. Also I will only keep making more money at this job over the next 4 years while I am with the university. A Z is what I want, and I can afford it. I am glad I heard a story of someone else who had a similar dream as me and in the end they went through with it during college and were happy about their decision.
Thank you!
Also I just noticed you are buying this for 14-15k? So what year is this Z?? I am going to guess its a used and out of warranty which is another MAJOR reason that buying this car is NOT a good idea....
You have two sets of people on here that you are listening to...
A.) People who made that decision, who are GRADUATED, and said that it is wise to wait (myself included, which i was in your shoes as well)
B.) Peeps who are still in college and made the decision to buy...of course they are going to back you up...they made the same decision without seeing the result of that decision yet..
Take a look at repair costs, upkeep, etc...hell one blown tire and you are now racking up debt....what are your deductibles on your insurance? You brag about spending your money wisely and you are going out and buying a car by draining your savings account OR spending over 1/3 almost 1/2 of your monthly income (if you finance) just to drive a car (that is no longer the new kid on the block).....if you need someone else's approval to make this decision then something inside you is already nagging at you that it is not a good idea....listen to your common sense...
Last edited by BurnMac42; 02-23-2009 at 08:44 AM.
02-23-2009, 09:29 AM
#37
You can't afford it....either way you look at it does it REALLY sound like a solid financial plan to DRAIN your savings to buy a depreciating commodity? They are saying right now is where the millionaires of the future will be made...talk to someone who knows something about investments and invest that money.
Also I just noticed you are buying this for 14-15k? So what year is this Z?? I am going to guess its a used and out of warranty which is another MAJOR reason that buying this car is NOT a good idea....
You have two sets of people on here that you are listening to...
A.) People who made that decision, who are GRADUATED, and said that it is wise to wait (myself included, which i was in your shoes as well)
B.) Peeps who are still in college and made the decision to buy...of course they are going to back you up...they made the same decision without seeing the result of that decision yet..
Take a look at repair costs, upkeep, etc...hell one blown tire and you are now racking up debt....what are your deductibles on your insurance? You brag about spending your money wisely and you are going out and buying a car by draining your savings account OR spending over 1/3 almost 1/2 of your monthly income (if you finance) just to drive a car (that is no longer the new kid on the block).....if you need someone else's approval to make this decision then something inside you is already nagging at you that it is not a good idea....listen to your common sense...
Also I just noticed you are buying this for 14-15k? So what year is this Z?? I am going to guess its a used and out of warranty which is another MAJOR reason that buying this car is NOT a good idea....
You have two sets of people on here that you are listening to...
A.) People who made that decision, who are GRADUATED, and said that it is wise to wait (myself included, which i was in your shoes as well)
B.) Peeps who are still in college and made the decision to buy...of course they are going to back you up...they made the same decision without seeing the result of that decision yet..
Take a look at repair costs, upkeep, etc...hell one blown tire and you are now racking up debt....what are your deductibles on your insurance? You brag about spending your money wisely and you are going out and buying a car by draining your savings account OR spending over 1/3 almost 1/2 of your monthly income (if you finance) just to drive a car (that is no longer the new kid on the block).....if you need someone else's approval to make this decision then something inside you is already nagging at you that it is not a good idea....listen to your common sense...
wow... where do I start? You are obviously making assumptions that you have absolutely no information about.
1. "They are saying right now is where the millionaires of the future will be made...talk to someone who knows something about investments and invest that money. "
LOL I got the biggest kick out of this one... I have a degree in ACTUARIAL SCIENCE, go look that up and get back to me about what that is. In fact, nevermind I will save you the effort, its using years of college education about financial math, interest rates, and risk analysis to manage BILLIONS of dollars of investments in the insurance business. And to top it off, I am currently getting my Master's in Applied Financial Mathematics, to make myself even further qualified for upper level treasury/financial officer/cheif financial officer positions to handle investment decisions at insurance companies, investment firms, consultation firms, lending institutions, ect. So I am not sure who you want to be pointing fingers at about not knowing my way around investments and decision making... And btw, many actuaries who attain FSA status become those millionaires of the future you talk about...
2. "Also I just noticed you are buying this for 14-15k? So what year is this Z?? I am going to guess its a used and out of warranty which is another MAJOR reason that buying this car is NOT a good idea...."
I purchased my 2003 Z for $13,100 out the door for 14.4, it had 50k miles on it, all services records were perfect, car was immaculate, made a deal and a half and drove it home. I also bought the extended warranty to protect it for 3 yrs/36,000 for $1500, which is NOTHING for 3 years, the same thing the OP can do. He will be protected bumper to bumper, every little nook and cranny, door handle, anything.
3. Why are you so firm and set on telling him he cannot get what he wants, what he works hard for? Is it really that big of a deal? If anything happens, you think he cannot just turn around and sell it? A car is one of the most liquid assets you can buy... As long as he keeps it maintained properly and doesn't rack up cross country mile trips on it, he will not get hit very hard with the depreciation which would be the only thing to worry about. He has told you he has ranked his priorities, this lying very high, he does not spend his money elsewhere, or even want to. It will be less than a third of his DISPOSABLE income... of which he is not even spending! R-E-L-A-X Worst case scenario he realizes that it wasn't the best decision for him or it wasn't worth the money or it isn't working out and he sells it and buys a cheap honda and hes done with it. By the way, I have realized none of the above, it is a fantastic car to drive, an even better feeling being in the drivers seat, and a decision I absolutely do not regret. Why wait so long to feel so good? You live life only once... Make yourself smile. I do, everytime I walk up to my car, every time I drive down the road, every time I park somewhere and get out, every time that wonderful exhaust note rings in my ear.
Enjoy it.
02-23-2009, 09:44 AM
#38
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1. "They are saying right now is where the millionaires of the future will be made...talk to someone who knows something about investments and invest that money. "
LOL I got the biggest kick out of this one... I have a degree in ACTUARIAL SCIENCE, go look that up and get back to me about what that is. In fact, nevermind I will save you the effort, its using years of college education about financial math, interest rates, and risk analysis to manage BILLIONS of dollars of investments in the insurance business. And to top it off, I am currently getting my Master's in Applied Financial Mathematics, to make myself even further qualified for upper level treasury/financial officer/cheif financial officer positions to handle investment decisions at insurance companies, investment firms, consultation firms, lending institutions, ect. So I am not sure who you want to be pointing fingers at about not knowing my way around investments and decision making... And btw, many actuaries who attain FSA status become those millionaires of the future you talk about...
LOL I got the biggest kick out of this one... I have a degree in ACTUARIAL SCIENCE, go look that up and get back to me about what that is. In fact, nevermind I will save you the effort, its using years of college education about financial math, interest rates, and risk analysis to manage BILLIONS of dollars of investments in the insurance business. And to top it off, I am currently getting my Master's in Applied Financial Mathematics, to make myself even further qualified for upper level treasury/financial officer/cheif financial officer positions to handle investment decisions at insurance companies, investment firms, consultation firms, lending institutions, ect. So I am not sure who you want to be pointing fingers at about not knowing my way around investments and decision making... And btw, many actuaries who attain FSA status become those millionaires of the future you talk about...
It's just good advice and he's right. It's a fork in the road and if your goal is to become wealthy, then the wise decision at this point in your life is to buy a decent 5k car that will require minimal upkeep and ride that ***** till the wheels fall off so you can do more productive things with your money.
I would think an actuarial science/applied financial mathematician/upper level treasury/financial officer/cheif financial officer buzzword guru such as yourself would understand that.
That's what I should have done, but I do understand, there was no way anyone was talking me out of my brand new Z right out of college.
02-23-2009, 09:57 AM
#39
New Member
wow... where do I start? You are obviously making assumptions that you have absolutely no information about.
1. "They are saying right now is where the millionaires of the future will be made...talk to someone who knows something about investments and invest that money. "
LOL I got the biggest kick out of this one... I have a degree in ACTUARIAL SCIENCE, go look that up and get back to me about what that is. In fact, nevermind I will save you the effort, its using years of college education about financial math, interest rates, and risk analysis to manage BILLIONS of dollars of investments in the insurance business. And to top it off, I am currently getting my Master's in Applied Financial Mathematics, to make myself even further qualified for upper level treasury/financial officer/cheif financial officer positions to handle investment decisions at insurance companies, investment firms, consultation firms, lending institutions, ect. So I am not sure who you want to be pointing fingers at about not knowing my way around investments and decision making... And btw, many actuaries who attain FSA status become those millionaires of the future you talk about...
2. "Also I just noticed you are buying this for 14-15k? So what year is this Z?? I am going to guess its a used and out of warranty which is another MAJOR reason that buying this car is NOT a good idea...."
I purchased my 2003 Z for $13,100 out the door for 14.4, it had 50k miles on it, all services records were perfect, car was immaculate, made a deal and a half and drove it home. I also bought the extended warranty to protect it for 3 yrs/36,000 for $1500, which is NOTHING for 3 years, the same thing the OP can do. He will be protected bumper to bumper, every little nook and cranny, door handle, anything.
3. Why are you so firm and set on telling him he cannot get what he wants, what he works hard for? Is it really that big of a deal? If anything happens, you think he cannot just turn around and sell it? A car is one of the most liquid assets you can buy... As long as he keeps it maintained properly and doesn't rack up cross country mile trips on it, he will not get hit very hard with the depreciation which would be the only thing to worry about. He has told you he has ranked his priorities, this lying very high, he does not spend his money elsewhere, or even want to. It will be less than a third of his DISPOSABLE income... of which he is not even spending! R-E-L-A-X Worst case scenario he realizes that it wasn't the best decision for him or it wasn't worth the money or it isn't working out and he sells it and buys a cheap honda and hes done with it. By the way, I have realized none of the above, it is a fantastic car to drive, an even better feeling being in the drivers seat, and a decision I absolutely do not regret. Why wait so long to feel so good? You live life only once... Make yourself smile. I do, everytime I walk up to my car, every time I drive down the road, every time I park somewhere and get out, every time that wonderful exhaust note rings in my ear. Enjoy it.
1. "They are saying right now is where the millionaires of the future will be made...talk to someone who knows something about investments and invest that money. "
LOL I got the biggest kick out of this one... I have a degree in ACTUARIAL SCIENCE, go look that up and get back to me about what that is. In fact, nevermind I will save you the effort, its using years of college education about financial math, interest rates, and risk analysis to manage BILLIONS of dollars of investments in the insurance business. And to top it off, I am currently getting my Master's in Applied Financial Mathematics, to make myself even further qualified for upper level treasury/financial officer/cheif financial officer positions to handle investment decisions at insurance companies, investment firms, consultation firms, lending institutions, ect. So I am not sure who you want to be pointing fingers at about not knowing my way around investments and decision making... And btw, many actuaries who attain FSA status become those millionaires of the future you talk about...
2. "Also I just noticed you are buying this for 14-15k? So what year is this Z?? I am going to guess its a used and out of warranty which is another MAJOR reason that buying this car is NOT a good idea...."
I purchased my 2003 Z for $13,100 out the door for 14.4, it had 50k miles on it, all services records were perfect, car was immaculate, made a deal and a half and drove it home. I also bought the extended warranty to protect it for 3 yrs/36,000 for $1500, which is NOTHING for 3 years, the same thing the OP can do. He will be protected bumper to bumper, every little nook and cranny, door handle, anything.
3. Why are you so firm and set on telling him he cannot get what he wants, what he works hard for? Is it really that big of a deal? If anything happens, you think he cannot just turn around and sell it? A car is one of the most liquid assets you can buy... As long as he keeps it maintained properly and doesn't rack up cross country mile trips on it, he will not get hit very hard with the depreciation which would be the only thing to worry about. He has told you he has ranked his priorities, this lying very high, he does not spend his money elsewhere, or even want to. It will be less than a third of his DISPOSABLE income... of which he is not even spending! R-E-L-A-X Worst case scenario he realizes that it wasn't the best decision for him or it wasn't worth the money or it isn't working out and he sells it and buys a cheap honda and hes done with it. By the way, I have realized none of the above, it is a fantastic car to drive, an even better feeling being in the drivers seat, and a decision I absolutely do not regret. Why wait so long to feel so good? You live life only once... Make yourself smile. I do, everytime I walk up to my car, every time I drive down the road, every time I park somewhere and get out, every time that wonderful exhaust note rings in my ear.
Enjoy it.lol good for you..you can get back to me when you are ACTUALLY handling contracts/investments that large in the REAL world..those text book problems are tuffies i know
......but your right..we should listen to your CEO prep experience lolOh and BTW isn't people liek YOU and all your "highly educated" investment partners minds part of the reason we are in this financial mess?? So, please excuse me if your educated butt doesn't impress me all that much.....
If you are seriously supporting this kid draining his savings account so he can get a woody when he looks at his car while buying a depreciating item then please let me know what company/accounts you will be handling so I can avoid you down the road......enjoy your masterfulness
Even if I wasn't getting my MBA I would realize having nothing in savings while owning a sports car is a bad idea......why don't you use that powerful mind of yours and show the poor kid the cost breakdown of replacing the parts for a sports car?
Last edited by BurnMac42; 02-23-2009 at 10:17 AM.
