Building credit is an m f'er

[Kaneman]

I know there's that whole anti-big SUV crowd, I get all that. But for the active lifestyle that my family lives, bicycling, dogs, camping, fishing, etc., we really do need a big vehicle. Not to mention all the lumber and supplies I have to haul to the house while we're upgrading it.

Now, to be honest a mini-van would probably fit the bill too and get a little better gas mileage...but I don't care, because I don't want one. But a Corolla, a Camry or anything like that would be a complete waste of money.

[shmike]

Originally Posted by Kaneman

I know there's that whole anti-big SUV crowd, I get all that. But for the active lifestyle that my family lives, bicycling, dogs, camping, fishing, etc., we really do need a big vehicle. Not to mention all the lumber and supplies I have to haul to the house while we're upgrading it.

Now, to be honest a mini-van would probably fit the bill too and get a little better gas mileage...but I don't care, because I don't want one. But a Corolla, a Camry or anything like that would be a complete waste of money.

I'm not anti anything.

I like my vehicles big. The BIGGER the better. My small car recommendation was for cheap reliable cars that should last forever.

I know the Explorer has a bad rep but I would seriously consider one. My wife had one when we were dating. 180k on the clock and it still drove strong, all power options still worked and the air blew cold.

You should be able to pick up an early 2000's model for pennies.

[CrazyKell]

Originally Posted by shmike

A car loan is secured by the car, making it a secured loan.

Originally Posted by Rangerscott

But a car is a depreciation unlike a house.

This is more what I meant. The bank has something of value to take back with a house. With a car...not as much.

[Cutty72]

Have the same issue with my gf. Shit credit when we got together, been working on getting it up, she's into the 600's now. Bank won't even give her a 3K loan securing it against her car that she owns, saying she doesn't have "established credit". She's got 3-4 cc's, cell bill, student loans, etc. Not sure what else she can do?

I feel your pain man.

[pauldun170]

I usually recomend folks stay away from used Explorers.
For 5G you have unches o bunches o options.

[smileyman]

Basically the bureau's metrics and formulas for coming up with a credit score lacks a ton of common sense. They are complicated. So complicated they overlook the obvious.

I had excellent credit after my divorce, but alot of good regularly paid debts overlooks a source of cash flow or revolving debt dependency. I was broke. Then pile on some non bureau reportables like taxes and medical bills and I am bankrupt but with a 700 plus score...Its nonsense

[Kaneman]

Originally Posted by smileyman

Basically the bureau's metrics and formulas for coming up with a credit score lacks a ton of common sense. They are complicated. So complicated they overlook the obvious.

I had excellent credit after my divorce, but alot of good regularly paid debts overlooks a source of cash flow or revolving debt dependency. I was broke. Then pile on some non bureau reportables like taxes and medical bills and I am bankrupt but with a 700 plus score...Its nonsense

Oh yea, common sense doesn't even factor in on the equation. I've done some credit analysis and have training from Experian. I'm no expert, but I understand how it all works. Its all absurd.

[Tsunami]

Kaneman, my Fico score is about 735 and I can't get a loan. I think its just not that easy to get loans anymore. I can barely get a credit card, the last one I got was for $1k. And f'n BOA cut my credit line from $30k to $9k saying my debt to income ratio was too high.

[smileyman]

I was approved for a 0 down home mtg 100K+ last May, pay on time and have been denied for a Toys R Us, Lowes, and Home Depot credit acct.

!?!?

[TommyHotWheel]

http://www.drivetime.com/ I had to go here. You get raped, but the trucks are in good shape and they work with you, try to get the intrest as low as possible.