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Thread: Poor Credit: I just got my score

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    God/dess cinammonkisses's Avatar
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    Default Poor Credit: I just got my score

    Earlier last week, I tried to get financing on my first car. It was a 1999 Ford Escort, and the dealership only wanted $4995 for it. I let them pull my credit to finance. He told me I'd been turned down. I go to pull my credit for myself and I have some things on there that need to be paid off. I went into a "debt overdrive" paying off these old, delinquent bills.

    How long will it take before my credit can get into an at least satisfactory range? Currently, I have to take a cab to work. It cost me $720/month yes PER MONTH to get to work. And that is with the discount the cab company gives me. My fare should be $40 but the charge me $30.

    Does anyone know? I'd really appreciate it.

    ~Cin







    Some Douchebag: "[Pimp C] 12:43 am: its true we got to stick together the black people on SW CK you is teh condoleeza of SW"


  2. #2
    Star_bare_elegance
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    Default Re: Poor Credit: I just got my score

    I set up a pay off of all my debt for six weeks about a month ago. I called all of the people myself and set it up to come out of my account every friday. I had to make $500 at least a week. My credit score went up 20 points after the first 3 weeks. I think if you pay your debts off as much as possible every week you work your score will be rise in no time. Try equifax score watch it send messages to you cell when your score rises

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    Featured Member Gemini_Syn's Avatar
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    Default Re: Poor Credit: I just got my score

    Hey Ck, you can get a prepaid credit card at wells fargo if you open an accout with them. I think its called OPPORTUNITY CHECKING. Joel at my bank says he has seen people improve thier credit drastically in 6 months.


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    Veteran Member TarynJolie's Avatar
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    Default Re: Poor Credit: I just got my score

    Maybe consider buying a car that you can pay for in full rather than finance. It may not be much to look at but you can always upgrade later.

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    Veteran Member Angel75217's Avatar
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    Default Re: Poor Credit: I just got my score

    Yea i was gonna say that, You could pay for a junker in 3 months with that cab rate, and then after you get your credit up, re sell it and get that car you want. plus some dealerships have a traid in
    Licky like a tangerine


    .... Yea I said it!!!

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    Default Re: Poor Credit: I just got my score

    Did they just tell you youre credit was bad or did you get a report?
    If you get a credit report go over it carefully and look at what is suppose to be there and what isnt. The stuff that isnt take steps to get it off quick.

    I always thought it takes less than a year to clear credit from bad to good. Im probably wrong. on that one.
    you live like an ivy vine
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  7. #7
    AudreyLeigh
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    Default Re: Poor Credit: I just got my score

    Good that youre starting to pay your debt off.

    Better idea is to send in a form letter to the credit report places disputing the stuff on your credit report. they have 30 days to update the information or it gets permenantly erased from your file. I checked into it and its not illegal to do.

    May want to do ^^^ and try to get out of some debt rather than pay it all off. Ive heard of people having 1/2 their debt erased because it was old and the collection companies didnt have the information they needed. Most debt it sold off with nothing but a name, SSN, and amount. Its hard for them to prove you owe the money.

    After you do that THEN start paying off the others that did update and are still posting to your credit report.

    is a great place to get a secured CC and start re-building credit that way. Only charge 50% to the credit card and leave a small balance monthly.

    Make sure if youre going to dispute debt that you take the letter that you were denied credit and send it in by snail mail to the credit reporting agencies asking for a free credit report.

    If you go to annualcreditreport.com they have 45 days rather than 30 to dispute.

    Please dont go by 'credit scores' from creditreport.com and other places. The ONLY REAL FICO is from myfico.com

    Creditreport.com said my scores were in the 300-400 range and in actuality theyre are in the mid 500s.....

    Good luck!

  8. #8
    PhillyDancer1982
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    Default Re: Poor Credit: I just got my score

    I can relate. This time last year, I had just started dancing and was "broke as a joke." I had 1,000s of dollars of debt/bills that I'd incurred from my poverty-stricken pre-dancing days. Because I was concerned about the effect of these large credit card bill balances on my credit, I devoted ALL my dancing money to paying this off.

    This left me with no money to afford car insurance or engine repairs for my car, thus leaving me car-less. I was putting all my money towards paying down debts, and at first it sucked because all my hard-earned efforts didn't create much increase in my credit score...eventually over time it did help, though, it just took a few months for my score to rebound. At that time I worked at a club in the middle of the city, so there was always trains/busses as a last resort tactic, although not the safest method by any means. It wasn't until I transferred to a better club that was outside mass transit limits, that I began feeling the effects of cab fare. A one-way 25min cab ride from club to my apartment cost $37! That's $72 a day, $360 a week...and $360/week is WAAAY more than a rental car would cost! I tried getting a rental car to last me until I had money saved, but no one would rent to me because I was under 25 and didn't currently have car insurance in my name(the reason I didn't have car insurance, was because I couldn't afford the car, hence a need for renting a car!! ) As embarasing as this sounds, I would take a $15 cab ride to the nearest bus port, then ride 2 busses home from there...I put the extra $20 I saved each way towards a temporary "beater" car.

    I woulda much rather put the money towards repairing my first car, but it was an antique car that needed extensive engine restoration work. Not only would this work cost more than a "beater," but the work required antique VW specialists and at that time all the specialist shops were overfilled with work. Instead I put about $1,000 towards a 1989 Jetta and this vehicle, although not in the nicest shape, had a good engine and got me home quicker and MUCH CHEAPER!! In the meantime that I drove the Jetta, I saved up a considerable down payment for the car I *really* wanted...a 2006 Mustang GT. 2 months after buying the Jetta, I went to the dealership and was instantly approved for the Mustang, most likely because I was putting down $6,000 and I'd paid off all revolving debts and ensured that all accounts stayed current/on time.

    My suggestion to you is, buy a temporary beater and in the mean time(costs between $700-1500), pay off debts or collections, then wait a few months for your score to increase. I agree with the people who told you to get Equifax scorewatch. When you tried to buy the Escort, did you go to a Ford dealership, or a general used dealership? Because Ford credit(directly from Ford dealership) is generally a lot easier to obtain than most car financing. Also, you might want to look into "predatory" lenders, companies that finance at high interest rates HOWEVER are easier to get approved for. You can always refinance your car later in time after you make timely car payments and your credit score improves. Good luck!

    Oh and PS--as far as the first car, I've finally found some people who have the time to restore the engine for me. After being off-roaded for over a year, it should be back soon and better than ever.

  9. #9
    AudreyLeigh
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    Default Re: Poor Credit: I just got my score

    Quote Originally Posted by PhillyDancer1982
    When you tried to buy the Escort, did you go to a Ford dealership, or a general used dealership? Because Ford credit(directly from Ford dealership) is generally a lot easier to obtain than most car financing. Also, you might want to look into "predatory" lenders, companies that finance at high interest rates HOWEVER are easier to get approved for. You can always refinance your car later in time after you make timely car payments and your credit score improves. Good luck!
    Shes right - Ford has a great first time car buyer program. You WILL need a down payment tho. About 20% and theyll find you financing.

    My boyfriend financed my car with crappy credit. Car was $4995, I put $1500 down and have 24.99% interest but its worth it to build his credit and such. My financing was through WFS financial.

    A note - its MUCH easier to get financed at a well known car place, Honda, Ford, Chevy than at one of those hole in the wall places. The larger places have MANY more financial lender institutes to try.

    My guy just a month earlier tried to finance his truck at a small place thinking it would be easier to get a loan and got denied. His truck was the same price as my car... ended up having to borrow cash.

    He learned a good lesson when it comes to cars and financing...

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    God/dess FrustratedBunny's Avatar
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    Default Re: Poor Credit: I just got my score

    If you are paying that much in cab fare you could finance a car at whatever jacked up rate someone will give you as awful as that sounds and pay off the car in less than a year so you really wouldn't pay as much interest as it would seem. Plus you'll be building your credit up even more by paying off the car. Do you know what your score is? Somebody will loan you money for a car but it's going to be high interest. If they loaned my boyfriend money for a car they will laon it to anyone! his interst is 28% though.

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    God/dess cinammonkisses's Avatar
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    Default Re: Poor Credit: I just got my score

    Quote Originally Posted by PhillyDancer1982
    When you tried to buy the Escort, did you go to a Ford dealership, or a general used dealership?
    Yea, I think that was my problem I went through a small, family owned used car company. My guy friend knew the people, so we were pretty positive that things would work out in my favor..YEA RIGHT







    Some Douchebag: "[Pimp C] 12:43 am: its true we got to stick together the black people on SW CK you is teh condoleeza of SW"


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    God/dess cinammonkisses's Avatar
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    Default Re: Poor Credit: I just got my score

    Quote Originally Posted by FrustratedBunny
    If you are paying that much in cab fare you could finance a car at whatever jacked up rate someone will give you
    Yea, I tried...I even said I'd put down $1000 on a $4995 car Those fouckers still turned me down The salesman told me I'd need a co-signer. But I'm not gonna worry myself with them. If anythind I'll go buy me a little junk car like Philly suggested.

    Quote Originally Posted by frustratedbunny
    Do you know what your score is?
    Yea, and trust me it's nothing to brag about. It's in the lower end spectrum. Basically, more than 500 less than 600.







    Some Douchebag: "[Pimp C] 12:43 am: its true we got to stick together the black people on SW CK you is teh condoleeza of SW"


  13. #13
    tampafldancer
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    Default Re: Poor Credit: I just got my score

    whoa... 24 and 28 percent interest for a car?

    um, I didn't think it went that high?

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    God/dess Emily's Avatar
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    Default Re: Poor Credit: I just got my score

    me neither, especially since they can repo, unlike with things you buy on a credit card....seems unfair.

  15. #15
    PhillyDancer1982
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    Default Re: Poor Credit: I just got my score

    These days, interest rates are sky-high!! This is the era of "buy now, pay later" and "bigger/newer is better," so companies are taking advantage of the people who don't have the best credit. Yes I've heard of "predatory" or "bad credit" car loans with interest well into the 20s. As far as credit cards go, I know that most states cap interest rates at 19%, HOWEVER a few states(Delaware and South Dakota, for example) do NOT have restrictions on their interest rates. That is why most credit card companies set up their headquarters in those rare few states, so that they can charge an arm and a leg in interest.

    Cinnamonkisses, if your score is greater than 500, it might not be the best score but it IS good enough to get car financing somewhere. And at least they told you that you'd get approved with a cosigner; that means your credit isn't completely bad. My friend used to work at a new/used dealership, and she told me about a guy who had the worst credit she'd ever seen!--pages and pages of collections/pastdue accounts, he owed money to EVERYONE!--and even with a responsible cosigner with him, he STILL got turned down!!(I don't know what his score was, but probably in the 300s! =-O)

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    God/dess VenusGoddess's Avatar
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    Default Re: Poor Credit: I just got my score

    If you pay off old debt, you make sure you get a "paid in full" letter from them. While it may take THEM 6-8 weeks to update with the credit bureau, you can send in copies of those letters yourself. There is also something called a quick rescore. You take the proof to a certain company and pay $100 and the credit bureaus will update all the info and rescore your info within the week.

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    God/dess cinammonkisses's Avatar
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    Default Re: Poor Credit: I just got my score

    Quote Originally Posted by VenusGoddess
    If you pay off old debt, you make sure you get a "paid in full" letter from them. While it may take THEM 6-8 weeks to update with the credit bureau, you can send in copies of those letters yourself. There is also something called a quick rescore. You take the proof to a certain company and pay $100 and the credit bureaus will update all the info and rescore your info within the week.
    Thanks for reminding me. Don't you know I paid off one of my delinquient bills about a month ago right. I told the girl to send me a letter stating that my balance was paid in full etc. I kept it.

    Monday, I get a call from the same agency (different creditor person though) stating that the girl who processed my account settled with me for to little of money. (I paid off a sprint bill $300, but we settled and i only paid $160) She said that the girl didn't process my info correct and that I still owe $60. I have no prob with paying $60 cause that isn't shi, but it's the PRINCIPAL of the matter. I have a letter that specifially states that I've been paid off in full. What do you guys think







    Some Douchebag: "[Pimp C] 12:43 am: its true we got to stick together the black people on SW CK you is teh condoleeza of SW"


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    God/dess VenusGoddess's Avatar
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    Default Re: Poor Credit: I just got my score

    If you settled and got a letter from the company, I would tell them to take a hike. A MONTH later? Too bad. Send the copied letter to the credit bureau and have it updated. You paid a little more than 1/2 of that debt...so why do they care about another $60? Get it all cleared up on your credit report and see what the creditors say...but, I would hold off on paying the $60. That could go towards any other stuff you need to get cleared.

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    Featured Member lizlizliz's Avatar
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    Default Re: Poor Credit: I just got my score

    my sister works for americredit and she's seen people with upwards of 30%

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    God/dess cinammonkisses's Avatar
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    Default Re: Poor Credit: I just got my score

    Quote Originally Posted by VenusGoddess
    If you settled and got a letter from the company, I would tell them to take a hike. A MONTH later? Too bad.
    See, that's how I felt about the situation too. It's good to know that I wasn't in the wrong for getting bitchy with the creditor lady.







    Some Douchebag: "[Pimp C] 12:43 am: its true we got to stick together the black people on SW CK you is teh condoleeza of SW"


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    God/dess FrustratedBunny's Avatar
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    Default Re: Poor Credit: I just got my score

    whoa... 24 and 28 percent interest for a car?
    The usury rate (at least in Florida) is 18% I believe. HOWEVER, certain types of lenders can go higher than that. Since my bf has his car financed through some certain type of financer they can go above and charge him a little over 28%. It's sad but true. The worse off you are the more you get taken advantage of. He has been paying forever on a fucking 1995 Honda and just finally payed it off. Plus he made a ton of late payments so he probably paid about $20k for a $10k car.

    As far as your score, cinnamon, mine was about 400 something right before I filed bankruptcy. THAT is a bad score! After I filed chapter 7 it shot up and now i'm not sure what it is because I haven't checked for a while. I'll bet my bf's is like a 200 because he can't get any kind of credit to save his life. Of course just about every debt he has he just doesn't pay so it's not a shock. I wouldn't loan him money either!

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    Banned Katrine's Avatar
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    Default Re: Poor Credit: I just got my score

    I believe that national usury rate is anything above 29.9% but don't quote me on that.

    Annualcreditreport.com will allow you to access Experian, Equifax, and Trans-Union for free one time annually. They won't give you the FICO, but it will show you anything on your score that can be disputed.

    Is your credit low because you had some debts you didn't pay, or is it just low because you are young and don't have much credit going for you?

    I would stay away from Orchard Bank, their rates are sky high and credit limits low. Try Immigrant Direct: http://www.juniper.com/app/japply/lp...kid=0000000000

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    Member compugirl's Avatar
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    Default Re: Poor Credit: I just got my score

    Years ago I had bad credit and I found a place that did in house financing. My note was $159 every 2 weeks. The car was in PERFECT shape and ran good.$750 a month is a lot look arounf for other transportation services as well.
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