 Credit Card courtesy check loophole? |
| I've got a credit card that sends me courtesy checks with 0% interest for a year. What's to stop me from writing a check out to myself and depositing it in my high interest savings account ... |
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 Creditors calling my house, my parents at work, and our cell phones at least 1 to 10 times a day..? |
| I am 25yo student, currently no job and living with my parents. I have accumulated a lot of debt and obviously have one creditor calling my cell, my parents home, their cell phones, and their jobs. T... |
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 Credit card debt...? |
| i have about 4-5 diff credit cards that are maxed out im about 7000 dollars in debt they keep callin me to pay it nd i keep tellin them ill make the minimum but i cant because i have to make the ... |
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 If you had a credit card limit of 25,000,000.00? |
| if you had a credit card limet of 25,000,000.00 what would buy or would u only use it when u really needed it?... |
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| I am trying to get back at credit card companies for sending their useless offers.? |
| I need more ideas. I already stuck trash in the business reply envelopes and stuck priority mail labels on them.... |
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| I want to open an account at the bank, but i not have the money to do so. Do you know any solution.? |
P.S i am from Egypt
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i have a job i have a mony but bank account need a namber with 3 zero
Many of the answers are not really answers
It seems that it is ... |
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| I am trying to get a home loan? |
| I am trying to get a home loan and I have about 1400.00 of old debt on my credit that has to be cleared up. I am just findinf this out and we are suppossed to close on Aug 14th. I tried to settle ... |
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 Credit card bonuses, is spending $2000 for $20 a good deal? |
using my credit card, if i spend $2000 worth , i get $20 back, is that considered a good bonus? what are the typical bonuses for credit card the ones without any anual fees
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 I need advice on how to get rid of credit card debt.? |
| i have like 5 credit cards and half of them are nearly maxed out. i want to cut the balances down and then get rid or all but 1. how do i do it?... |
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 I need a unsecured bad credit loan of $6000? |
| i make 48k per and am suffering from bad credit due to old doctor bills when i didnt have insurance. At that my debt is all of $4k and cannot seem to get away from this credit issue. I have 2 credit ... |
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 Can credit checks alone hurt your credit? |
Ok people, this is a bit of a rant so hang in there with me....
I heard from a friend that when your credit is checked for any reason it casues your score to go down. The logic behind ... |
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 If you apply for credit cards and are approved, do you have to pay anything just to have them? |
For example, if i had a credit card and never used would i still have to pay a monthly fee or anything?
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only reason why i want one is just in case of ... |
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 Is there a charge to get a credit card??? |
I am jus about to sign my credit card agreement and in the small print it says...
Total charge for credit
At the time the agreement is made : £257.78
Comprising intrest in the sum of ... |
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 What are some quick ways to raise my credit score? |
| I'm 19 y/o and I have three major credit cards. I have a credit score of 708 and I'm trying to get it higher. I recently applied for a loan but I need a co-signer. However everyone I kow ... |
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 How can I get rid of negative marks on my credit report? |
I have $2,000 in debt from collections and am going to pay in full this month. . What can I do / say / write to them for them to remove my negative marks??
THANKS!... |
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sem3578 | I am thinking of letting me car be reposessed. How much will it hurt my credit? |
I cant afford my monthly payment and am behind $1600.00. My dealership says they can get me a car loan on a less expensive used car with a co-signer and then to have my current vehicle repossessed. They said once I start making regular payments on the new auto loan, then my credit will bounce right back beyond the repo. Is this true? Is this something I should look into doing or is it a dumb idea? My current vehicle is a 2005 Dodge Neon and they dont make them anymore so the trade in value (even with my car in perfect condtion) is only 1/2 of what I still owe on it. What are your thoughts? Serious answers only please. Also if you have had this happen to you, please tell me your story. Thanks!!
Additional Details
My car is financed through Citi Financial Auto and my monthly payment is $334.10 incase that helps you answer. I'm wondering if I could refinance my car loan. Maybe that would get me a lower payment (even if a few dollars) and stop the reposession?? |
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mia2kl2002
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OK, have had/seen some experience with this, and I can tell you that it will cost you more to have it repossessed than it does to pay for it.
They charge several hundred dollars ON TOP of what you owe... to cover their cost for paying those rats who come to your house in the middle of the night and basically steal your car and take it to the bank.
The bank doesn't want your car, and they don't want to fool around selling it, either.... they will sell it for whatever they can get, as quickly as possible.... and then YOU will STILL owe them for the balance, up to the amount of your debt to them.
It will hurt your credit... of COURSE!! Who is going to be fool enough to loan any money for anything, to somebody who flat didn't make their car payments.
You just need to sit tight..... we've all been there before. Once you get it about half paid-off, you will be in a better position to sell it, or whatever you want to do.
Next time, remember this, and buy something less expensive, so you can EASILY afford the payments + insurance + whatever else you like to spend money on.
I♥♫→mia☼☺†|
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blueprairie
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You need to check with a qualified credit counsellor; however, I would be leery of someone promising your credit will bounce right back. Sure, you'll be able to get credit but it will cost you more than it will cost someone with a clean record.
It sounds as if the dealership is simply trying to get their money back out of you any way they can. |
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pdudenhefer
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The repo will be on your credit report for 7-10 years. Doesnt make a difference what they say-a repo is a repo |
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roy40372
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I NEVER HAD IT HAPPEN BUT I HAVE SEEN SOME PEOPLE DO IT AND END UP STILL OWING MONEY. IN SOME STATES IF YOU GET REPOED THE DEALER SELLS THE CAR. IF IT DOES NOT BRING ENOUIGH TO PAY IT OFF THEM YOU'RERESPONSIBLE FOR THE BALANCE. YOU BETTER CHECK THIS. ALSO A REPO WILL DO MEGA DAMAGE TO YOUR CREDIT RATING. |
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swigglybop1
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well one way or the other you are basically f-ed, i dont know about what the dealership is trying to do with getting you a new car, but what i do know is that a voulentary repo will effect your credit score less, because it shows a pro-active move on your part so get that taken care of. good luck and keep your finances more in check so you dont have to go through this again. live and learn |
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Process Guy
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If your car is reposessed, you will still owe the money that you are past due. In addition, the bank will sell your auto at auction for much less than you owe. You will be responsible for the difference of what you owe on your loan and what they sold the car for.
Refinancing the loan sounds like the much better option. |
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Sweet Mamacita
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If you have your car repossessed, that will lower your credit score, very low. For them to tell you that they will give you another car with payments that you can afford, it is also and untruth. You see since your credit score will be low, they can give you another loan but the interest will be double of what you are paying now. So in the long run, you will be paying more for that car than what it is worth. You can talk to the bank and see if they can give you an extension for your payment, usually they can give you at least two months to try to recoup. The extension will cost you about maybe 70 to 100$'s if Iam not mistaken. I don't know how many months you are behind but repo starts right after 90 days of being late. Try your darnest to work something out before they repo your car. Borrow the money from family members do anything you can. The repo will stay with you for 7 years. Don't listen to what they are telling you, It is all false. Also for your information if you have the money in the bank, the bank can take it without your permission, because this has been mentioned to you before, even if you did not hear.
p.s. giving your car voluntarily or not is the same thing.
***another option hurry and file for bankcruptcy and the car stays with you, remember to put the car in the bankcruptcy with your other debtors.
**that is an excellent option, to refinance..a great option, this will not harm your credit at all, you might have to have someone sign with you on this, though..ok I hope I have helped you.
Collections dept, for vechiles at Chase Bank |
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Dirtydog
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If the car is repossessed it will appear on your credit report for up to 7 years. It will have a negative affect on you ability to get a new loan for another car, hence the need for a co-signer. It will me you will pay a higher interest rate on most future loans.
Try looking at selling the car privately. Trading it to a dealer will often cost you as much as 30% of the value. If you do sell it privately you will have to discuss it with whom ever you owe the loan on it to.
If you want to fix your problem and clean up your credit score you would be better off to borrow the $1,600 from someone and bring the overdue balance up to date. The late payments would still have a negative affect. As the car is newer you would be better of with it than a clunker and maintaining timely payments over say a year should put your credit score on the mend.
I am not trying to be mean only practical with the following; the payments on a Neon cannot be significant and if you cannot afford them you probably should not own a car. Remember the older the car the more repairs. The bigger the motor the more fuel.
Never get financing through the dealer or private brokers try to stick with the bank. |
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SHARLENE S
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A friend of mine let her car get repossed a few years ago and she said that since that has happened she cannot get any type of credit whatsoever. Both cars that she has she had to but at a buy her pay here and she couldn't get a apartment in her name. She has had a lot of problems since then, She is now paying the car off plus the interest so she can buy a home . S o I wouldn't recommend it. As for the car if you are financed through Chrystler they will give you a bunch of bull over it too. I have had 2 neons and both financed through them and with each late payment that i had they charged an outrageous ballon payment the ended up with me having to pay an extra 8 months on the deal. With my new car i went through a completely different loan company just to keep away from chrystler because I only like Dodge vehicles. |
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nature4me
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Bad idea -if you have a co-signer then you should get a new loan in order to lower your payments and catch up the arrears.
It sounds like you have a good economical car ,why send it back in order to take on a older cheaper car ?
In the end on a repo they will come after you for the difference between the value and what you owe...also a repo will stay on your credit report for 7 years , yes you can slowly improve your credit however your credit score will go down the tubes.
If you must send it back ...volunteer it ( there is a difference on your credit bureau .
Good luck !
Ps try not to destroy your credit over 1600 -you will regret it. |
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Gizmo
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You will be screwed for life...just like they want you to be ! |
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paladin_5585
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Why not sell this car you own. Problem is if you let them reposess, it will go to an auction and if it does'nt bring what you owe on it and it won't you still owe the balance. My advice is sell it for what you can get, take the hit and pay off the balance. Then find a $500 pos to drive. |
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kman1830
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You don't say how old you are ,if your over 60 you can tell where to go,if your young tell them you want to put your car up for voluntary repossession,car loans hurt your credit,if you have any other outstanding credit problem's seek help.This is how it works,say you owe $7500 on the neon,they take it, it goes up for auction,they get $4000 @auction,you still owe them $3500,& once they send it in to the credit bureau,nothing can remove it,they'll tell give us the $3500 and we'll remove your name,it's a lie ,once they send it in it's there,they can do nothing. |
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