Cya later guys...
Safety Car
Joined: Jan 2007
Posts: 4,735
Likes: 14
From: Visalia CA
Thread Starter
Le Mans Master
Joined: Mar 2005
Posts: 5,492
Likes: 39
From: Tampa Florida
I much rather have car payments then credit card debt, that just may be me though. Plus I think this will actually boost my credit as I never had payments on anything except credit cards and cellphones.
Le Mans Master
Joined: Oct 2004
Posts: 9,369
Likes: 4
From: Zephyrhills, Florida
St. Jude Donor '06-'07-'08-'09-'10-'11-'12-'13
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Thread Starter
Le Mans Master
Joined: Mar 2005
Posts: 5,492
Likes: 39
From: Tampa Florida
I know i should buy something that i would not have to finance at all and have absolutely no debt but i need to build up my credit since ive never had a car payment anyways, and truthfully you only live once so hey if i can swing it, why not
Race Director
Joined: Dec 2005
Posts: 11,664
Likes: 15
From: Wellsboro Pa
Drifting
Joined: Aug 2006
Posts: 1,407
Likes: 46
From: Tampa FL
The Vette depreciates very fast. Before buying a new car I always calculate the amount it will cost me in depreciation over the next 2 years. A Vette costing 45K could depreciate to 37K in 2 years very easily. So you have 8K over 2 years which is roughly $300 per month. If your car pmt has interest in the range of 6% thats another 1800 your first year when financing 30K. So you have 300+150 = $450 per month in interest in depreciation. You lose 5K a year on this purchase at a minimum.
Plus of course the transaction costs, taxes, dealer fees, tags etc.
Credit Score:
Don't make assumptions about what will increase your credit rating.
I haven't had a car pmt in many many years and I have lots of credit cards either for purchasing or 0% cards for parking balances, but my FICO is over 780.
I often thought that having too much credit card debt hurt your score but it doesn't. Having too high a ratio of revolving balances to revolving credit line does. And closing accts is a bad thing to do. It decreases your average acct history length which hurts your score.
Look at this scenario:
Guy has 3 cards, he paid off his original card from college and closed acct:
1 - 2.5K/5K = 50% filled, 5 yrs history
2 - .9K/1K = 90% filled, 1 yr history
3 - 1K/5K = 20% filled, 2 year history
Total debt 3.5K, average acct length = 2 yrs
Other guy has 4 cards:
1 - 4K/10K = 40% filled, 5 yrs history
2 - 0K/10K = 0% filled, 1 yr history
3 - 9K/20K = 45% filled, 2 yr history
4 - 0K/5K, had this card for like 12 years, its got a terrible interest rate so he doesnt use it, but never closed the acct
Total debt 13K , average acct length = 5 yrs
This guy has a higher credit score assuming that their payment history (number of pmts over 30 days late, 60 days late, sent to collections etc) is the same.
4 Factors
1 - average length of accts
2 - number of cards past 50% usage, 90% usage (90% hits hard)
3 - total revolving debt to credit line of all cards
4 - payment history
Want to increase your credit score? Get credit score monitoring. Then ask your creditors for a line increase. Each of them. They will give it to you if you are below 50% usage. Check your score next month it will have increased.
Plus of course the transaction costs, taxes, dealer fees, tags etc.
Credit Score:
Don't make assumptions about what will increase your credit rating.
I haven't had a car pmt in many many years and I have lots of credit cards either for purchasing or 0% cards for parking balances, but my FICO is over 780.
I often thought that having too much credit card debt hurt your score but it doesn't. Having too high a ratio of revolving balances to revolving credit line does. And closing accts is a bad thing to do. It decreases your average acct history length which hurts your score.
Look at this scenario:
Guy has 3 cards, he paid off his original card from college and closed acct:
1 - 2.5K/5K = 50% filled, 5 yrs history
2 - .9K/1K = 90% filled, 1 yr history
3 - 1K/5K = 20% filled, 2 year history
Total debt 3.5K, average acct length = 2 yrs
Other guy has 4 cards:
1 - 4K/10K = 40% filled, 5 yrs history
2 - 0K/10K = 0% filled, 1 yr history
3 - 9K/20K = 45% filled, 2 yr history
4 - 0K/5K, had this card for like 12 years, its got a terrible interest rate so he doesnt use it, but never closed the acct
Total debt 13K , average acct length = 5 yrs
This guy has a higher credit score assuming that their payment history (number of pmts over 30 days late, 60 days late, sent to collections etc) is the same.
4 Factors
1 - average length of accts
2 - number of cards past 50% usage, 90% usage (90% hits hard)
3 - total revolving debt to credit line of all cards
4 - payment history
Want to increase your credit score? Get credit score monitoring. Then ask your creditors for a line increase. Each of them. They will give it to you if you are below 50% usage. Check your score next month it will have increased.
Race Director
Joined: Mar 2005
Posts: 14,440
Likes: 3
From: MD
St. Jude Donor '11
The Vette depreciates very fast. Before buying a new car I always calculate the amount it will cost me in depreciation over the next 2 years. A Vette costing 45K could depreciate to 37K in 2 years very easily. So you have 8K over 2 years which is roughly $300 per month. If your car pmt has interest in the range of 6% thats another 1800 your first year when financing 30K. So you have 300+150 = $450 per month in interest in depreciation. You lose 5K a year on this purchase at a minimum.
Plus of course the transaction costs, taxes, dealer fees, tags etc.
Credit Score:
Don't make assumptions about what will increase your credit rating.
I haven't had a car pmt in many many years and I have lots of credit cards either for purchasing or 0% cards for parking balances, but my FICO is over 780.
I often thought that having too much credit card debt hurt your score but it doesn't. Having too high a ratio of revolving balances to revolving credit line does. And closing accts is a bad thing to do. It decreases your average acct history length which hurts your score.
Look at this scenario:
Guy has 3 cards, he paid off his original card from college and closed acct:
1 - 2.5K/5K = 50% filled, 5 yrs history
2 - .9K/1K = 90% filled, 1 yr history
3 - 1K/5K = 20% filled, 2 year history
Total debt 3.5K, average acct length = 2 yrs
Other guy has 4 cards:
1 - 4K/10K = 40% filled, 5 yrs history
2 - 0K/10K = 0% filled, 1 yr history
3 - 9K/20K = 45% filled, 2 yr history
4 - 0K/5K, had this card for like 12 years, its got a terrible interest rate so he doesnt use it, but never closed the acct
Total debt 13K , average acct length = 5 yrs
This guy has a higher credit score assuming that their payment history (number of pmts over 30 days late, 60 days late, sent to collections etc) is the same.
4 Factors
1 - average length of accts
2 - number of cards past 50% usage, 90% usage (90% hits hard)
3 - total revolving debt to credit line of all cards
4 - payment history
Want to increase your credit score? Get credit score monitoring. Then ask your creditors for a line increase. Each of them. They will give it to you if you are below 50% usage. Check your score next month it will have increased.
Plus of course the transaction costs, taxes, dealer fees, tags etc.
Credit Score:
Don't make assumptions about what will increase your credit rating.
I haven't had a car pmt in many many years and I have lots of credit cards either for purchasing or 0% cards for parking balances, but my FICO is over 780.
I often thought that having too much credit card debt hurt your score but it doesn't. Having too high a ratio of revolving balances to revolving credit line does. And closing accts is a bad thing to do. It decreases your average acct history length which hurts your score.
Look at this scenario:
Guy has 3 cards, he paid off his original card from college and closed acct:
1 - 2.5K/5K = 50% filled, 5 yrs history
2 - .9K/1K = 90% filled, 1 yr history
3 - 1K/5K = 20% filled, 2 year history
Total debt 3.5K, average acct length = 2 yrs
Other guy has 4 cards:
1 - 4K/10K = 40% filled, 5 yrs history
2 - 0K/10K = 0% filled, 1 yr history
3 - 9K/20K = 45% filled, 2 yr history
4 - 0K/5K, had this card for like 12 years, its got a terrible interest rate so he doesnt use it, but never closed the acct
Total debt 13K , average acct length = 5 yrs
This guy has a higher credit score assuming that their payment history (number of pmts over 30 days late, 60 days late, sent to collections etc) is the same.
4 Factors
1 - average length of accts
2 - number of cards past 50% usage, 90% usage (90% hits hard)
3 - total revolving debt to credit line of all cards
4 - payment history
Want to increase your credit score? Get credit score monitoring. Then ask your creditors for a line increase. Each of them. They will give it to you if you are below 50% usage. Check your score next month it will have increased.
Sooooo....he should buy a Toyota..
Race Director
Joined: Nov 2003
Posts: 11,063
Likes: 38
From: Menifee CA
The Vette depreciates very fast. Before buying a new car I always calculate the amount it will cost me in depreciation over the next 2 years. A Vette costing 45K could depreciate to 37K in 2 years very easily. So you have 8K over 2 years which is roughly $300 per month. If your car pmt has interest in the range of 6% thats another 1800 your first year when financing 30K. So you have 300+150 = $450 per month in interest in depreciation. You lose 5K a year on this purchase at a minimum.
Plus of course the transaction costs, taxes, dealer fees, tags etc.
Credit Score:
Don't make assumptions about what will increase your credit rating.
I haven't had a car pmt in many many years and I have lots of credit cards either for purchasing or 0% cards for parking balances, but my FICO is over 780.
I often thought that having too much credit card debt hurt your score but it doesn't. Having too high a ratio of revolving balances to revolving credit line does. And closing accts is a bad thing to do. It decreases your average acct history length which hurts your score.
Look at this scenario:
Guy has 3 cards, he paid off his original card from college and closed acct:
1 - 2.5K/5K = 50% filled, 5 yrs history
2 - .9K/1K = 90% filled, 1 yr history
3 - 1K/5K = 20% filled, 2 year history
Total debt 3.5K, average acct length = 2 yrs
Other guy has 4 cards:
1 - 4K/10K = 40% filled, 5 yrs history
2 - 0K/10K = 0% filled, 1 yr history
3 - 9K/20K = 45% filled, 2 yr history
4 - 0K/5K, had this card for like 12 years, its got a terrible interest rate so he doesnt use it, but never closed the acct
Total debt 13K , average acct length = 5 yrs
This guy has a higher credit score assuming that their payment history (number of pmts over 30 days late, 60 days late, sent to collections etc) is the same.
4 Factors
1 - average length of accts
2 - number of cards past 50% usage, 90% usage (90% hits hard)
3 - total revolving debt to credit line of all cards
4 - payment history
Want to increase your credit score? Get credit score monitoring. Then ask your creditors for a line increase. Each of them. They will give it to you if you are below 50% usage. Check your score next month it will have increased.
Plus of course the transaction costs, taxes, dealer fees, tags etc.
Credit Score:
Don't make assumptions about what will increase your credit rating.
I haven't had a car pmt in many many years and I have lots of credit cards either for purchasing or 0% cards for parking balances, but my FICO is over 780.
I often thought that having too much credit card debt hurt your score but it doesn't. Having too high a ratio of revolving balances to revolving credit line does. And closing accts is a bad thing to do. It decreases your average acct history length which hurts your score.
Look at this scenario:
Guy has 3 cards, he paid off his original card from college and closed acct:
1 - 2.5K/5K = 50% filled, 5 yrs history
2 - .9K/1K = 90% filled, 1 yr history
3 - 1K/5K = 20% filled, 2 year history
Total debt 3.5K, average acct length = 2 yrs
Other guy has 4 cards:
1 - 4K/10K = 40% filled, 5 yrs history
2 - 0K/10K = 0% filled, 1 yr history
3 - 9K/20K = 45% filled, 2 yr history
4 - 0K/5K, had this card for like 12 years, its got a terrible interest rate so he doesnt use it, but never closed the acct
Total debt 13K , average acct length = 5 yrs
This guy has a higher credit score assuming that their payment history (number of pmts over 30 days late, 60 days late, sent to collections etc) is the same.
4 Factors
1 - average length of accts
2 - number of cards past 50% usage, 90% usage (90% hits hard)
3 - total revolving debt to credit line of all cards
4 - payment history
Want to increase your credit score? Get credit score monitoring. Then ask your creditors for a line increase. Each of them. They will give it to you if you are below 50% usage. Check your score next month it will have increased.
my eyes hurt
Moderator
Joined: Jul 2005
Posts: 28,858
Likes: 819
From: Parrish FL
St. Jude Donor '06 thru '26
No doubt that the Infiniti is a great car. But it will never be a Corvette. When you buy an Infiniti you get an owners manual. When you own a Corvette you get a way of life.
