Re: Credit Improvement possible with this move?

Posted by Boadicea (66.149.179.202) on July 29, 2004 at 19:20:14:

In Reply to: Credit Improvement possible with this move? posted by Stephanie on July 29, 2004 at 17:25:45:

Don't use your full name on a public forum, dear. :-)

First of all, I understand your cousin's reasoning, but please....DO NOT reward a scamming dealership by financing a car through them! It is totally *unconscionable* that they would jack the interest rate up to 11% for someone with excellent credit, just because they know your credit is not quite up to snuff!

They know you want this car and that your dad is willing to help you out, so they are taking advantage of both of you. Don't give in to them. If you simply *must* have this particular car, then do as your father suggested and pay for the car in total. You can sign a promissory note with your dad to pay him back...AND STICK WITH IT.

Understand, financing the car and then paying it off in four payments will *not* help your credit. It takes a long history of on-time payments to bring your scores up. Lenders and the CRA's will just see this as a "windfall" situation (which is really is) and will not weigh it much in your favor. In the meantime, you've just reinforced a scam operation by making it work.

Follow Ups:

Post a Followup