| What are some steps I can take to increase my credit? |
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Billlovesfishing
New Poster
Cash: $ 0.45
Posts: 2
Joined: 18 Aug 2011
Location: New York State
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| What are some steps I can take to increase my credit? |
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Okay so here it goes. I completed a semester of college two years ago, and decided I wasn't "ready" to finish it. At 20 years old I went to live with my Mother and younger brother who were struggling financially. Quickly I got a job, but unfortunately it was not enough. The majority of what I made went into the household, leaving me screwed on my student loans.
Eventually as I got raises, and a second job... I was able to start paying the loans off. Shortly thereafter my car started having problems, and I feared for it's reliability. I shopped around a bit and got another used car, under a loan of course.. I was desperate for transportation(can't work if I can't get to work).
So I settled with a local credit union. My rate with them is incredibly high, but I couldn't get a loan from any other major financial institution. My current rate is 16.940, which is a bit higher than I would like it to be. The amount I owe on the loan is lower than the value of the car, which is good. It also has a used warranty that I haggled for. Unfortunately the credit union does NOT report....
I'm still paying off the student loans, so LITTLE BY LITTLE I know my score is going back up... But at this point, I'm about ready to get into school again. So I need to cut some costs... What are my options(down the road) for refinancing? I've thought about trying to take out a credit card to pay the auto loan too, or at least part of it. But I'm having trouble getting one.
Sorry for the long post, just wanted to sprinkle the details on there! Thank you in advance for your time and help.
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Thu Aug 18, 2011 2:06 am |
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littleroc02us
Moderator
Cash: $ 384.35
Posts: 1891
Joined: 09 Feb 2009
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Sounds like your off to a life of borrowing when you need something, IMO not a good idea. Stop and get a job for a while until you can pay down the car loan and then save up some money for school and finish school with no debt. The path to success doesn't start with going heavily into debt. 
Risk comes from not knowing what you're doing. (Warren Buffet)
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Thu Aug 18, 2011 1:20 pm |
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eastmn
Senior Member
Cash: $ 85.80
Posts: 414
Joined: 04 Apr 2010
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Welcome to the Jungle. That rate sounds like an older used car loan to me. Shop around next time, http://www.bankrate.com .
Make damn sure you are saving/investing at least 10% of your income, or you'll never be able to keep your head above water. MANDATORY... ABOVE ALL ELSE...
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Thu Aug 18, 2011 2:17 pm |
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Billlovesfishing
New Poster
Cash: $ 0.45
Posts: 2
Joined: 18 Aug 2011
Location: New York State
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Thanks for the replies guys. I'm about to switch jobs so that I will be able to work & earn even more... Very frustrating - the amount of money I could have saved if I wasn't supporting my parent.. I love my car, but I guess it was a very bad decision. You live you lean, I guess. Thanks again..
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Thu Aug 18, 2011 9:36 pm |
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eastmn
Senior Member
Cash: $ 85.80
Posts: 414
Joined: 04 Apr 2010
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Ever thought of refinancing the car? Just be careful as the rule 78 loans are a rip-off...
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Thu Aug 18, 2011 10:58 pm |
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