More financial advice please
More financial advice please
Since some of you guys here actually deal with this stuff for a living, I have a few quesitons.
I currently have one credit card with a $1000 credit line. Would I build credit faster if I have two credit or three credit cards? I would just use one for the stuff I usually buy then use the other one or two for gas or something...
Say I'm at the dealer and I'm shooting for the sight and sound package along with the aero kit. That has a msrp around $37,500. What would a reasonable price be to bargain for?
Thanks for any input guys!
I currently have one credit card with a $1000 credit line. Would I build credit faster if I have two credit or three credit cards? I would just use one for the stuff I usually buy then use the other one or two for gas or something...
Say I'm at the dealer and I'm shooting for the sight and sound package along with the aero kit. That has a msrp around $37,500. What would a reasonable price be to bargain for?
Thanks for any input guys!
Since some of you guys here actually deal with this stuff for a living, I have a few quesitons.
I currently have one credit card with a $1000 credit line. Would I build credit faster if I have two credit or three credit cards? I would just use one for the stuff I usually buy then use the other one or two for gas or something...
Say I'm at the dealer and I'm shooting for the sight and sound package along with the aero kit. That has a msrp around $37,500. What would a reasonable price be to bargain for?
Thanks for any input guys!
I currently have one credit card with a $1000 credit line. Would I build credit faster if I have two credit or three credit cards? I would just use one for the stuff I usually buy then use the other one or two for gas or something...
Say I'm at the dealer and I'm shooting for the sight and sound package along with the aero kit. That has a msrp around $37,500. What would a reasonable price be to bargain for?
Thanks for any input guys!
Example (fake numbers): MSRP $37,500
Invoice $35,365
Gross $2,135 split this in half then you get $1,067.50
So then take $1,067.50 off the MSRP. Your price $36,432.50.
So basically tell the salesman, "I'll split the gross in half with you".
1. your credit rating goes up by paying off credit cards. so opening up a small one, paying off the balance, holding open and then closing for new one will enhance your rating, just never miss a payment.
2. don't buy an EvoX right now. If you're really looking at $1000 credit cards then you're only a paycheck or two away from losing your new EvoX, particularly if you aren't putting at least 1/3 down payment. Plus, by being patient, the EvoX's will continue to drop in price b/c no one's really buying in this recession, with gas prices going up, and with the '09's about to be released in a few months. Far less hassles buying an EvoX after the 1st yr bugs worked out. Only 3 months ago, my dealer was asking 3K over msrp (they had 5 EvoX's), then next month asking msrp, then next few months (with 20 sitting on the lot know) now at invoice or "below invoice" if your willing to take one of these early model X's off their hands.
GL
2. don't buy an EvoX right now. If you're really looking at $1000 credit cards then you're only a paycheck or two away from losing your new EvoX, particularly if you aren't putting at least 1/3 down payment. Plus, by being patient, the EvoX's will continue to drop in price b/c no one's really buying in this recession, with gas prices going up, and with the '09's about to be released in a few months. Far less hassles buying an EvoX after the 1st yr bugs worked out. Only 3 months ago, my dealer was asking 3K over msrp (they had 5 EvoX's), then next month asking msrp, then next few months (with 20 sitting on the lot know) now at invoice or "below invoice" if your willing to take one of these early model X's off their hands.
GLClosing new or old accounts will not improve your score. Having established credit (ie. long term credit cards or loans) will however up your score
2. is correct. seems like you might be tight on your budget and should wait a bit. plus the X's will have lower prices and special financing down the road.
People if you don't know what you are talking about or are not licensed to give financial advise please don't do so. You are jeopardizing peoples livelihood
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Joined: Jan 2008
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From: Omaha, Nebraska
2. don't buy an EvoX right now. If you're really looking at $1000 credit cards then you're only a paycheck or two away from losing your new EvoX, particularly if you aren't putting at least 1/3 downpayment. Plus, by being patient, the EvoX's will continue to drop in price b/c no one's really buying in this recession, with gas prices going up, and with the '09's about to be released in a few months. Far less hassles buying an EvoX after the 1st yr bugs worked out. Only 3 months ago, my dealer was asking 3K over msrp (they had 5 EvoX's), then next month asking msrp, then next few months (with 20 sitting on the lot know) now at invoice or "below invoice" if your willing to take one of these early model X's off their hands.
GLcouldnt have said it any better!!!
Since some of you guys here actually deal with this stuff for a living, I have a few quesitons.
I currently have one credit card with a $1000 credit line. Would I build credit faster if I have two credit or three credit cards? I would just use one for the stuff I usually buy then use the other one or two for gas or something...
Say I'm at the dealer and I'm shooting for the sight and sound package along with the aero kit. That has a msrp around $37,500. What would a reasonable price be to bargain for?
Thanks for any input guys!
I currently have one credit card with a $1000 credit line. Would I build credit faster if I have two credit or three credit cards? I would just use one for the stuff I usually buy then use the other one or two for gas or something...
Say I'm at the dealer and I'm shooting for the sight and sound package along with the aero kit. That has a msrp around $37,500. What would a reasonable price be to bargain for?
Thanks for any input guys!
if you want to build your credit history you need installment loans i.e car or home or even student loans. credit cards make up a small portion of your credit.
credit cards do 2 things for your score... you need to have 60-70% available and not miss a payment or be slow to pay.
if you are over 50% charged up on your revolving accounts (credit cards and equity lines) it can drop your score up to 70 points.
if you are just getting started with credit get your parents to co-sign and set up a direct draft from your checking account so you don't miss a payment and hose your parents!!!!
go to www.kbb.com and look up invoice offer them 1000-1200 over invoice and that should be in the general area of what they should take.
STevo
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1/2 right. you don't necessarily get credit for paying off your cards constantly. if you pay off your balance every month (unless it is a discover card to my knowledge) you will never get credit for using the card it will show a consistant balance of 0. The best way is to keep a balance of 5-25% at any given time, especially on small credit cards. But again a credit card is a small portion of getting and maintaining credit.
oh and closing a credit card will HURT your credit score... WHY??? you ask. credit cards are like equity for you credit the more you have available the better it is. if you close a credit card you have less equity. if you close a big credit card with a 0 balance you can hurt your score. if you close a credit card with a balance you will destroy your score.
STevo
Last edited by fmly evo; May 23, 2008 at 03:34 PM.
Please follow "fmly evo" and his advice....he knows his stuff....if you have more financial questions pick up a Suze Orman book and start reading...the woman knows her stuff....It would really suck for you to come on here and start listening to some of the non-educated and screw your yourself and your credit score over...happy car shopping though, i hope you end up with what you want
I will answer your second question. If you looking at a vehicle with an MSRP of $37,500 I would ask to see the invoice. Then just split the gross in half. This is the fairest deal for you and the salesman. No one is getting screwed.
Example (fake numbers): MSRP $37,500
Invoice $35,365
Gross $2,135 split this in half then you get $1,067.50
So then take $1,067.50 off the MSRP. Your price $36,432.50.
So basically tell the salesman, "I'll split the gross in half with you".
Example (fake numbers): MSRP $37,500
Invoice $35,365
Gross $2,135 split this in half then you get $1,067.50
So then take $1,067.50 off the MSRP. Your price $36,432.50.
So basically tell the salesman, "I'll split the gross in half with you".
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Joined: Feb 2008
Posts: 54
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From: morris, nj
Please follow "fmly evo" and his advice....he knows his stuff....if you have more financial questions pick up a Suze Orman book and start reading...the woman knows her stuff....It would really suck for you to come on here and start listening to some of the non-educated and screw your yourself and your credit score over...happy car shopping though, i hope you end up with what you want
Now if someone isnt do anything for their financial future doing what she suggests is a better idea than doing nothing but any real financial planner will tell you she doesnt give the best fianacial advice
As someone who actually works in the financial industry i can honestly say that suze orman is retarded.
Now if someone isnt do anything for their financial future doing what she suggests is a better idea than doing nothing but any real financial planner will tell you she doesnt give the best fianacial advice
Now if someone isnt do anything for their financial future doing what she suggests is a better idea than doing nothing but any real financial planner will tell you she doesnt give the best fianacial advice
Do yourself a favor and keep any revolving accounts you have open and in good standing as this is what is building your credit. Don't pay off the balance of the credit card every month. Creditors want to see that you are using them and making consestant payments on time. If you pay the total off every time it shows a 0 balance like you never even used them. I would suggest making your regular payment plus 10-25% more to cut down on intrest.
Thanks guys this advice is awesome.
Someone mentioned that the MSRP for the 09's will be lower? I hope so... the Mitsu dealer around me has sold 4 since the EVO X launched. I just hope buying the EVO with its 15/22 mileage won't bite me in the *** a few years down the road...
Someone mentioned that the MSRP for the 09's will be lower? I hope so... the Mitsu dealer around me has sold 4 since the EVO X launched. I just hope buying the EVO with its 15/22 mileage won't bite me in the *** a few years down the road...
