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Hope I am doing the right thing

June 5th, 2006 at 08:51 pm

Sorry so long but I am simply nervous:

I hope I am doing the right thing, as you all know my car is drivable but pretty soon it won't be. I will have to finance a car but my credit is sooo bad just reviewed my scores

Transuion: 610(dropped by 5 points due to inquiry)
Equifax: 595
Experian: 543

So since I was putting money away for a new car (I just opened this account) and only had $72.98 I decided to transfer to the challenge giving me a total of $823.46
Now I owe HSBC $797.61 and will pay this out of the challenge money leaving me with $26.30. My goal is to try and pay off as much as possible so that my score will boost and I will not need a co-signer for a vehicle, But I will have $812.61 in my EF (My brother still owes me $265.00) and I will get paid next week from the part-time job in which I plan on adding to the challenge about $230.00

Now I am left with the following
CC1: $2048.15Ö L
CC2: $944.45
CC3: $125.84

And this is what I owe on my momís accounts
CC1: $406.90
CC2: $216.96 ( I maybe a $100.00 off on this, actually more)

But this is my plan and please pray that my car hold out at least 4 more months
My score is low due to two charge offs and high balances and not slow pay
Oh boy you live an d learn

6 Responses to “Hope I am doing the right thing”

  1. MsSuperSaver Says:

    Praying for your car to hold out! Your credit score may not bounce up right away just for paying off some credit cards but it is so important to get them paid off before getting involved in a car loan so you won't have so many bills coming in. Best of luck with your bill paying!

  2. boomeyers Says:

    Live and learn and the other cliche Hindsight is 20/20. I guess the hardest thing is learning from our mistakes and when times are good - not reverting to old bad habits!

  3. Thrifty Ray Says:

    and the good news is... you KNOW WHERE YOURE AT financially, you HAVE A PLAN OF ATTACK, and YOU ARE STICKING TO IT....all good reasons to pat yourself on the back. You can do this!

  4. campfrugal Says:

    Your credit score is not that bad. Yes, it could be higher, but you can still finance a car without a co-signer. Your interest rate will be higher than usual, but after 6 months of keeping your payment on time, go onto lendingtree.com and have lenders compete for you with a lower interest rate. That is what I had to do. My score was similar to yours, a little higher, I had no debt, but was able to finance a car on my own for 14.5%. Yes that is high, but after 6 months, did the lending tree thing, and got that amount cut in half to 7%. So far, I have used lending tree for re-financing my home, low rate of 6%, re-fiananced my vehicle, looked into a home-equity loan (had a lot of lenders for this one, but chose to do something different) and a personal loan (which I ended up going through my credit union - it was for my son's college, so we put it in his name with me as a co-signer, so he could build his credit). Good Luck. I actually hope your old car holds out, it sucks having a car payment with full-coverage insurance payment, but I like not having to worry if I am going to break down with my kids in the car.

  5. miclason Says:

    I hope your car holds...good luck with your plan!

  6. veronak Says:

    Thanks guys for all your support

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