Credit destroyed; can I buy a car?

[creditgone]

I had very good credit until the past 18 months. Our business took a major hit and I was on the hook for a serious loss. We have late payments on our mortgage, credit cards, loans, etc. We're months behind of some of them.

We also need to buy a car. We can handle about $300 per month if somebody will sell to us.

I'm looking for opinion here on how to go about it, or if you feel it will just be impossible with our credit problems. Further, if it is possible, would we get stuck with loan shark rates?

Thanks.

[Shpuker]

Originally Posted by creditgone

I had very good credit until the past 18 months. Our business took a major hit and I was on the hook for a serious loss. We have late payments on our mortgage, credit cards, loans, etc. We're months behind of some of them.

We also need to buy a car. We can handle about $300 per month if somebody will sell to us.

I'm looking for opinion here on how to go about it, or if you feel it will just be impossible with our credit problems. Further, if it is possible, would we get stuck with loan shark rates?

Thanks.

How bad is bad? 300ish? 400ish? 500ish?

[Herk_FE]

Start saving that 300 a month now and pay cash for something. If you are already having financial difficulties incurring more debt may not be the best decision.

[creditgone]

Originally Posted by Herk_FE

Start saving that 300 a month now and pay cash for something. If you are already having financial difficulties incurring more debt may not be the best decision.

Thanks.

Actually, we earned a $400 per month car bonus from the company we work with. We use it or lose it. As long as we buy or lease a vehicle, the company will continue to pay us the money each month.

The issue now is whether or not I'll be able to convince a dealer to sell to me.

[Shpuker]

You should be fine as long as your score is somewhat respectable. If its 400's I wouldn't count on it, 500's and it'll have a piss poor interest rate, 600 and it'll be fairly good, 700+ and it'll be a low rate. I don't know where you'd fall

[Herk_FE]

Originally Posted by creditgone

Thanks.

Actually, we earned a $400 per month car bonus from the company we work with. We use it or lose it. As long as we buy or lease a vehicle, the company will continue to pay us the money each month.

The issue now is whether or not I'll be able to convince a dealer to sell to me.

Got ya I am just on a dave ramsey kick lately and your situation seemed like avoiding debt may have been your best option.

If you wanna get a quick indicator of your score there is a site called credit karma that gives you a beacon score for free once a month. It's not one of those scammy free credit reports sites its a good resource I use myself.

Google credit karma and give it a shot your score may not have taken the hit from your missed bills yet so acting sooner rather then later may be your best bet.

[creditgone]

Thanks for Credit Karma. It pulled a 601 score. Not disastrous yet, but "poor." It'll probably get worse as we're right now not in control of our situation. The company tanked and took us with it, and there's no way we can get current. Maybe a relative will co-sign for the car. I think that's the only chance we'll have.

Thanks for your help.

Originally Posted by Herk_FE

Got ya I am just on a dave ramsey kick lately and your situation seemed like avoiding debt may have been your best option.

If you wanna get a quick indicator of your score there is a site called credit karma that gives you a beacon score for free once a month. It's not one of those scammy free credit reports sites its a good resource I use myself.

Google credit karma and give it a shot your score may not have taken the hit from your missed bills yet so acting sooner rather then later may be your best bet.

[Ray paulsen]

Originally Posted by Herk_FE

If you wanna get a quick indicator of your score there is a site called credit karma that gives you a beacon score for free once a month. It's not one of those scammy free credit reports sites its a good resource I use myself.

.

It's not one of those scammy sites ?,,, well then answer to this link ?

http://creditsuit.org/credit.php/blo...m_lying_thugs/


Educated consumers on the Internet will obtain a free credit report, but not a credit score.
I started to add a webpage on the matter and should have it finished in a few days, if you care to look

http://www.usedcartips.org/creditscore.html

[Herk_FE]

First I am not the one in this conversation trying to attract hits to my website.

You link to some corner of the web anti credit site that has a negative spin on pretty much everything and request that I explain it? Sure that website is one individuals opinion on a website that is counter to the numerous websites that recommend that site as we say in the military for SA (situational awareness). The credit karma site is not designed to be a end all to be all source on your credit. It is designed to give consumers an idea of how their credit is and how it is trending.

In addition you say educated consumers only need their credit report? I say if that is all they get and they are interested in their credit worthiness they are not very educated. If you had any expertise in finance or credit as your website claims you do then you would probably know that your beacon/fico scores are what everything from auto to home loan providers use coupled with your debt to income ratio to determine loan size and interest rate.

Perhaps you should focus less on trying to get website traffic and more on providing quality information.

Just my

[Ray paulsen]

I asked a simple question, got an answer, but did not expect a personal attack, but thats ok.

However I would appreciate to know where I made the statement " educated consumers only need their credit report " so I can correct that statement,,,thanks

[Ray paulsen]

Originally Posted by Herk_FE

In addition you say educated consumers only need their credit report? I say if that is all they get and they are interested in their credit worthiness they are not very educated. If you had any expertise in finance or credit as your website claims you do then you would probably know that your beacon/fico scores are what everything from auto to home loan providers use coupled with your debt to income ratio to determine loan size and interest rate.

It's been over a week with no counter to my question, I sincerely wish if you got issues with your pc at your end they may be solved quickly.

[Herk_FE]

For some reason when I quote you it does not show my posts odd....

Here is verbatim what you said...

"Educated consumers on the Internet will obtain a free credit report, but not a credit score.
I started to add a webpage on the matter and should have it finished in a few days, if you care to look "

[porsche777]

This financial crisis. I have learned something.
You know Italy. This country is quite modern devellop for some part,
But not that rich. They still have plenty of industry in the north.
And that's the only one "devellop" country during this financial crisis that was not hit.
They didn't suffer any lost or bankrupthy.
For two reasons.
They never borrow money.
They don't use finance thinks. They hate the finance things.
It's not one of their habit.

I have read, People their run often familly companies.
For example they run a 50 employees comany. without borrowing money.
If the company makes profit, then they save money.
And only when they have this money saving in the bank, then they invest in new machinery and hire 10 more employees.
They make it step by step. They hates the finance their. They think it's a shame to own money to a bank.
Country tradition. I m not Italian.
But it's avoid a lot of trouble to make it step by step,
It's avoid a lot of trouble to have savings and to not feed a parasite bank.

And their is something else i want to say :
Like two kind of buisiness exist on earth.

The one very usefull for the society. Building houses, producing real vegetable and fruits, running a good music school, being the one that build parts of pretty motorbikes and so on, running a sport club and so on.

The one not that usefull for the society. People who over marketing products, like a yoghurt cost 50 cents and the marketing people try to sell it to the population 2 dollars, some civil servants are hard wokers, others kind of just chat the whole day, selling medicines that are placebos in fact, real estates agencies who rent like two times higher as the market prices.

The one who run a buisiness usefull for the people will have more chance in buisiness.
We must always think : do i sell something usefull for people? And do i sell at the good price? Me and my customer are we both happy with this deal?

[porsche777]

Originally Posted by tampabaymotors

YOU REALLY NEED TO SPREAD THE WORD ON THIS ONE ITS UNBELIEVABLE..

really, you mean it?
tell me, you understand it. My english is understandable?