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Thread: Credit, Debt, and Car loan

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    CoCo's Avatar
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    #1

    Confused Credit, Debt, and Car loan

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    I am going to start off by saying that they should have a class in high school that teaches you about credit and all of that so you learn about it before you make a mistake, not after.
    Me and my husband when we were dating got a credit card and like teenagers went nuts. We are now suffering for that. We have about 6000 of debt and have signed up with CareOneCredit.com This week will be our first payment.
    However, my husband is leaving for basic August 16th, 2009. We only have one car and it is a manual. I cannot multitask so this is really hard for me to do lol . We have tried and will keep trying but the car is old and we NEED not WANT but NEED to get into a car. My credit score was at 655 but went down to 529 in the past couple months due to not being able to make payments. (which is why we went to care one) we want to get this all under control and debt free by December, which if we stick to our plan we will be. His credit score is at 545. We do not have any cosigners available. So the questions I need answered are; What is the best way to raise your credit once you have gotten out of debt? (since it will be hard to get a credit card are there other ways?) and is there any way or anyone we can work with that will approve us for auto loan with bad credit? The easiest thing to do would be to learn to drive a manual, maybe I will get it down before he leaves but if not any ideas? We have learned from our mistakes and are in the process of fixing them just wish I would have knew about this before.
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    #2
    Given the credit situation the world is in, it will be really hard to get a loan with bad credit. Lenders are much more strict, but it doesn't hurt to look around. You'll most likely end up getting a very high rate.

    The best way to improve credit score is #1 DO NOT close out your credit cards you've paid down. Just leave them open and don't use them. Make sure you pay your bills on time. You should use the credit card and pay it off in full continually. This will prove you are credit worthy and responsible. It takes some time but you will start seeing an improvement in year. Good luck!
  3. New to the Navy
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    #3
    Thanks! we wont close the accounts then just cut up the cards.
  4. Senior Member
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    #4
    Do not cut the cards. use them for things that you can pay off. You need to build credit not eliminate it. There are dealerships that work with bad credit. Places like JB Byrider. Their interest rates are really high but they will help you build your credit back up. good luck!
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    #5
    Regarding closing the credit cards or not. I think you need more information because having TOO many credit cards open, even with a zero balance, looks bad to loan companies because it is potential debt. Kudos to you for getting this under control. Have you gone to talk to the finance counselor at the Navy's Family Center? They can probably help you out.



    "If we ever forget that we're one nation under God, then we will be a nation gone under." - President Ronald Reagan

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