View Single Post
Old 04-25-2004, 09:19 PM   #158 (permalink)
NoSoup
Non-Rookie
 
NoSoup's Avatar
 
Location: Green Bay, WI
Well, applying for a loan and not qualifying for it won't damage your score, it is the actual application process that will (when they pull it)

I bluebooked a mid 2001 Honda Civic, and if you are confident that you will keep it for another 5 years, one option you may have is to do a consolidation loan using that as collateral. You will have a better chance to qualify than an unsecured loan, as well as most likely have a lower interest rate. I would consolidate the "worst" cards that you have (i.e. highest rates, annual fees, ect.) After doing that, take your remaining cards that you have and choose the "worst" card that you have out of those. Pay your minimum car payment, the minimum payments on all other cards, and put every dime you can afford toward the credit card that you chose to pay off. Once it is paid in full, choose your next card using the same criteria, and then attack it. As you pay off more cards completely, your monthly payments will decrease, allowing you to put all the additional funds towards principle on your debts. After all your credit cards are paid off, concentrate on your vehicle loan.

You should be able to consolidate your MBNA card, and hopefully your Chase card as well. Once paid, close the accounts until you only have 2-3 open lines of credit.

Secured credit, such as a vehicle loan, looks better to future lenders than unsecured debt, such as credit cards. By doing this, you should substantially improve your score and hopefully will qualify for Credit Cards and/or other loans with better terms in the future.

Another thing you may want to consider is dropping Ameridebt, as they probably are taking a fee with each payment, and it reflects poorly on your bureau.

I know that it may seem like a helluva long tunnel, but I promise that there is light on the other side.

If you have any more questions, just ask!
NoSoup is offline  
 

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 181 182 183 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 206 207 208 209 210 211 212 213 214 215 216 217 218 219 220 221 222 223 224 225 226 227 228 229 230 231 232 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 255 256 257 258 259 260 261 262 263 264 265 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 288 289 290 291 292 293 294 295 296 297 298 299 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 322 323 324 325 326 327 328 329 330 331 332 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 355 356 357 358 359 360