621 credit score, 30 $ in debt, I need a car but I don't know which way to go
This is my situation to.make it brief because Its pretty simple actually. Credit 621 (before record of last payment) to make my card down to 30% , which I plan to pay off after another increase on the credit. ( Which is my minimum anyway ) Debt - $30 ^ Income…
This is my situation to.make it brief because Its pretty simple actually. Credit 621 (before record of last payment) to make my card down to 30% , which I plan to pay off after another increase on the credit. ( Which is my minimum anyway ) Debt - $30 ^ Income ~$2600 Rent - $775 Utilities/subscriptions/monthly expenses/ insurance - ~ $325 Extra for covering groceries/ misc - $250 There's a lot of in between the lines stuff that is non necessity that I could just cut away , or by buying in quantity as for the normal stuff like staple meals and toiletries. For context I could combine my wifi to add a line for free and that right there by it self is 45 dollars. It seems small but there's many avenues that I could do this in. My question with my limited credit 'history but low dti what's the best move for financing a car that would last me . And I don't mind paying for. My housing and utilities are at an all time low considering the ppl around and it's time to make a move This 08' Mazda is on its last leg and misses Obama.
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$30 bucks? Go ask the neighbor if you can help clean out their garage or mow their yard. Hell by the end of the day you may have a positive net worth! :)
Is it right to way until the credit bureaus get the report before I make another payment or will it all hit at once or does that matter?
I have a child and the mazda has an F on the side impact and the repairs are after I already replaced the whole front end, and the struts. It needs more work but I feel like the repair cost doesn't negate the fact that I know that it's unsafe and has rust in the pinch welds. I can't have a bike or a scooter. You ever play happy wheels?
I want to know if we are talking about $30,, if so, I am truly out. Bro, no one needs advice on $30 of debt.
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You can actually see it by observing your own credit, but the best source is the Credit Scoring Primer, which is the single best source for how FICO scoring works outside of the Fair Isaac Corporation that wrote the algorithms (and they're a bad source since they don't say much). But this is actually something that's super easy to test yourself. Wait for a month when you have abnormally large spending, and therefore abnormally large statement balances. You'll see your scores drop as soon as those new balances are reported to the credit bureaus. Then when you pay those balances back down to normal, you'll notice your score goes right back up to where it was as soon as those new lower balances are reported. This thread from r/Credit is probably the best explanation you'll find anywhere about how the utilization metric works under FICO scoring: Utilization - r/CRedit FAQ #8 And this thread explains the origins of the Credit Scoring Primer, and how FICO scoring hobbyists figured out much of how FICO works by reverse-engineering their own credit and crowdsourcing their data with each other: Cracking the FICO Code: How We (Mostly) Did It (And Why We Need Your Help to Keep Doing It)
Credit card bills work just like utility bills: There's a month-long statement period, and after that period ends you have 3 to 4 weeks to pay for what you spent during that time. Anything you spend after the statement period ends (including that 3 to 4-week gap between your statement closing and your due date) goes on next month's statement. So just let your statement post and pay the statement balance by the due date each month and you'll never pay interest.
It's $30. Just pay it off! You are worrying way to much about this. to make my card down to 30% , which I plan to pay off after another increase on the credit. ( Which is my minimum anyway ) This makes no sense. Pay the statement balance before the due date, the percentage doesn't matter in normal times. If you are taking a loan soon, pay the card off in full before the statement balance finalizes so your utilization is as low as possible.
Credit 621 Which credit score? You have dozens of different credit scores, and they can vary by well over 100 points from the highest to lowest. And the ones you see on some of the most popular sites are irrelevant because banks don't use them. (before record of last payment) to make my card down to 30% , which I plan to pay off after another increase on the credit. ( Which is my minimum anyway ) That whole 30% thing is the biggest myth in credit: It's a myth that you need to keep your utilization low or below a specific percentage all the time. If you're staying in budget and paying your statement balances each month, usually anything between 0% and 100% utilization is just fine. Low utilization doesn't build credit because it resets completely each month the next time your statement balances are reported. The only thing that builds credit with credit cards is time. So if you're not in credit card debt, then most of the time you should ignore your utilization and pay attention to your finances. And if you are in credit card debt, your biggest problem is the interest you're paying: as soon as you pay your debt down you'll gain back all the score points you lost due to high utilization, but you won't get back the money you spent in interest fees. Debt - $30 Is this a carried balance, or are you paying your statement balances in full each month? Follow this flow chart for the optimal way to use your credit card in any situation: https://imgur.com/a/pLPHTYL
What’s your source on low credit utilization being a myth?
Save up for 3k beater car and buy only liability insurance
This is what I owe after paying last payment . But my minimum is 25 the balance is 30 . That Pic is simple but makes a lot of sense
I got a Camry for 700$ last year. Still moving
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first off I would check to see if you actually do need a car? Many people could get away with buying an electric bicycle or scooter for commuting for at least a while until they save up enough money. you should really just be paying off any debt you have and trying to increase your credit score by applying for a secured credit card through whichever bank you have had a checking or savings account with the longest. You say your car is on its last leg but realistically have you taken it to multiple mechanics to get a second or third opinion on how much it would cost to repair? 08 is old but not derelict and might be worth repairing.