holy financial kick to the balls· Page 3

rabidgopher04
Member

12 years ago

I have $9,500 left.

If I sell it outright, according to Kelley Blue Book.
Excellent $11,606
Very Good $11,156
Good $10,756
Fair $9,406

I tried refinancing it through my bank and was denied. Kind of a kick to the gut when you've had two credit cards up to date and been making payments on student loans for two years and a car payment for more than a year with nothing in the last at least two years ever being late ... and still can't refinance a car that has a $2k value more than the loan? I really hate this credit thing ... talk about frustrating.

Originally Posted by: Zero2Cool

Unless you have more cash in the bank to buy yourself a car outright, you'd only have between $0-$2000 in your pocket if you sell that car (since you owe $9500 on it still). Why not just put the extra cash (if you have it) into paying down the loan?

Did you do a 6 year term on that loan?

Do you pay off your credit cards or do you just make payments? Your credit score will improve when your debt to credit ratio decreases. Don't carry a balance on the credit card and your credit score will improve.

Amazing Bacon Delivery Service! Never be without good bacon again.

Zero2Cool
Elite Member Topic Starter

12 years ago

#22

I can afford the car payments, that's not the problem. The issue I have is I'm cheap and hate wasting money. When I have a car that's valued at $11,000 and I owe just over $9,000 I'm okay with that. But I'm going to end up paying $16,000 and that just pisses me off.

I have two credit cards, one I use for gas the other I use for grocery shopping and entertainment (movies, etc). I pay each off every paycheck. When my credit card statements are due, they have a zero balance, but I'm about $29k in debt with my student loans that I pay every month.

DakotaT
Select Member

12 years ago

#23

Originally Posted by: Zero2Cool

You're not in bad shape, you just got taken on a bad loan. What I would do in your situation is put whatever extra I could on that monthly car payment and pay it off ahead of schedule. The problem with ammortization schedules is that the interest always gets paid more in the early years of the loan.

You could always prostitute yourself for some extra scratch. 😂

Zero2Cool
Elite Member Topic Starter

12 years ago

#24

I might start selling myself! lol ... I am trying to figure out a way to profit from my "technology" skills.

Originally Posted by: DakotaT

I don't think I was "taken" at all. I knew I was getting hosed, but did it because I like the car. I needed a good reliable vehicle for my daughters while traveling to/from Wisconsin/Colorado and I was trying to improve my credit. There's a price to pay when you've got bad credit in order to improve it. I accepted that and figured since I got all of the erroneous things (2 mortgages and 2 car loans and other items that all were default or foreclosed) off my credit report that had nothing to do with me.

The only debt I've had on my credit report in the last 7 years that I have failed ... 35k in student loans went to default late 2008. I started making payments (and haven't missed since) around middle to late 2009.

Wade
Veteran Member

12 years ago

#25

Hey, I'd pay you to use those skills of yours to fix my website/blog this summer, but ...

...unfortunately, I'm using all of next year's extra cash to buy the puppy and get him home.

(I may know a good deal about economics, but I'm lousy at putting it into effect in my personal finances.)

Signed,
Geezer who would still be living with his mother if his mother was doing the demential and super-geezer thing.

And do not be conformed to this world, but be transformed by the renewing of your mind, that you may prove what is that good and acceptable and perfect will of God.
Romans 12:2 (NKJV)

Zero2Cool
Elite Member Topic Starter

12 years ago

#26

Alright, now it makes sense after I got my credit report.

11 claims for Sallie Mae - original total $33,000
[list]

8 with status Claim filed with Government and a remaining balance of $0.

3 with status Charge Off and a remaining balance of $21,000.[/list]

8 claims for USA Funds - original total $27,000.
[list]

8 with status Collection and a remaining balance of $0.[/list]

Good items (revolving) first reported on ...
[list]

April 2011 - Credit Card #1

March 2011 - Auto Loan

December 2011 - Credit Card #2

June 2010 - US Dept Direct Loans - original amount $31,000[/list]

I thought I got both credit cards within a few months from one another.

I have an offer for the Sallie Mae debt of $21,000 to be settled for $7,100.

Edit, oops, forgot the "good" news! The Charge Off claims will disappear Feb 2015 and the Claim w/Gov fall off April 2015! ... 😣

gbguy20
Veteran Member

12 years ago

#27

People really need to start getting back to the old ways of doing business. Buy only what you can pay for. The hell with credit cards and loans. And if you do use your credit card, pay it off every month.

Originally Posted by: DakotaT

this is how i do things. Well, maybe not exactly. I only buy things I can afford to pay off at the time, but I take out loans for the sole purpose of building credit. I usually pay the loan off in half the time I am supposed to though because I absolutely hate paying interest.

Wade
Veteran Member

12 years ago

#28

I was doing well, much more disciplined. Even cancelled the April Vegas trip.

The Thuji purchase has screwed that up.

Thuji: $800.
My airfare: $400.
Dog's airfare ("in cabin" charge): $125.
"Airline approved" miniature bag for under seat for dog: $60.
Incidental charges from breeder: $75.
Passenger side mirror (don't want to drive roundtrip to Chicago without all mirror: $70 plus labor TBD.
Dog food -- TBD.
Vet stuff -- who knows?!?
Doggie pads, cushion, puppy toys, treats, harness, leash, poop bags, more toys, puppy blanket -- not added up.
Obedience training.
Neutering.
Shots.
Dogsitting/doggie day care.
More food.
More toys.
Stuff to clean pee spots from carpet.
More treats.

Argh! Why did I buy a puppy again?

Oh, right. Cute + companionship: Priceless.

Whew.

And do not be conformed to this world, but be transformed by the renewing of your mind, that you may prove what is that good and acceptable and perfect will of God.
Romans 12:2 (NKJV)

vegOmatic
Registered

12 years ago

#29

We've had these threads before Zero, you're just no good with money. They need to make credit cards that give you a painful shock every time you touch it.

blank

Zero2Cool
Elite Member Topic Starter

12 years ago

#30

We've had these threads before Zero, you're just no good with money. They need to make credit cards that give you a painful shock every time you touch it.

Originally Posted by: vegOmatic

I think you have me confused with someone else. I've never had problems with managing my money, other than the timing of when my student loans were due. I've never owned a credit card until about a year ago when I got two in order to help improve my credit. And I pay them off before the balance is due, bi-weekly on payday. If credit rating didn't matter, I'd have never bought a car with a loan or would I own the two credit cards I do. I buy what I can afford and never over spend. I have a family to support and they come first.

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