As you all know I just found out my car has way too many leaks to fix therefore with in the next few months I should be looking for a new car. I decided the money that I was saving for a house and then change my mind, I was going to use the money to pay off debt...now I think I should use it towards a new car, well I have no choice. Any way
my credit score is terrible (615) I have two charge offs and no slow pays. I got an offer in the mail to pay off one of the charge off in order to settle the account, the original balance was $750.11 and the company is willing to accept $562.58 to settle (I did try to get this reduce, but was told no). My dilemma is should I pay off the debt and boost my credit score for a better interest rate when I decided to purchase a new car, but I'll be a short fund. However, in about a month with my part-time job I will be able to add the $500.00 back, or keep the money in case I need a down payment. I was thinking about going through my credit union, which I am sure will give me a better deal than the dealer. Right now I do not know how long my car will last but was told to just check the oils and drive it until it can't be driven any more. My sisters says pay off the debt boost my score and save even more for a down payment on a new car, especially since Ill get two checks from my part-time job which will be equivalent to the $500.00
I just dont know
lesson learn never live like the Jones otherwards never bite off more than yiu can chew. Don't cahrege things you do not need
My dilemma
June 1st, 2006 at 05:55 pm
June 1st, 2006 at 07:58 pm 1149191931
If, on the other hand, it's from the original creditor, try to negotiate with them about paying off, and boosting your credit score.
Good luck and let me know how things turn out.
June 1st, 2006 at 09:49 pm 1149198577
June 2nd, 2006 at 12:23 am 1149207831
June 2nd, 2006 at 12:44 am 1149209091
Try to get validation on this debt from the original creditor and from this CA. If they are legit, they will be willing to work with you. If they are not, they most likely will start to hem and haw, etc. Try to find out how they got this debt. Then look up the debt statute of limitations in your state.
If it comes right down to it, and you have to pay this amount, then do so, but follow up and get it removed from your credit report. That is vital.
June 2nd, 2006 at 01:56 am 1149213381
June 2nd, 2006 at 02:32 am 1149215571