Dear Penny,My mechanic just told me my 16-year-old car is a fire hazard and that my only option is to sell it for scrap metal. I’ll probably get $100 for it.I have no money saved, and I’m recovering from wrecking my credit in college. But I need a car ASAP. Public transportation where I live is a joke, and my job requires me to travel across three counties.I know I’m going to have a high interest rate due to my bad credit, and I’m OK with buying an older used car. But I’m terrified of negotiating with a used-car salesperson. My parents worked out the terms of the deal when I bought this car as a teenager. I’m afraid the salesperson will sense my desperation — especially since I don’t have a trade-in and I don’t have much time to shop around — and tack on extra fees and interest.Any tips that will help me deal with a used-car lot?Sincerely,Carless and Credit ChallengedDear CCC,While we advocate for buying used cars and … [Read more...] about Dear Penny: I need a car, but my credit is awful. Will I get ripped off?
Car finance bad credit
By Amy Osmond Cook | Orange County Register PUBLISHED: April 28, 2017 at 10:36 am | UPDATED: June 8, 2017 at 2:28 pm Denied. Your bad credit history strikes again. You didn’t even plan on applying for credit; You just wanted to get a 15 percent discount on your Macy’s purchase by applying for a store credit card. Nobody enjoys being reminded of past mistakes, but when you have a bad credit history, you are reminded of those financial mistakes every day. And not only is that a blow to your emotional well-being, it’s also bad for your health. Bad credit = stress When you face credit checks for typical consumer decisions like buying a cell phone, requesting a gas card, or even applying for a new job, it’s hard to think about anything else, and that can be stressful. “It’s no mystery that stress relief is critical for our emotional and psychological well-being as well as for our physical health,” Kimberly Rotter, a personal finance expert for … [Read more...] about 3 ways bad credit can ruin your health
It's easier to buy a home in this South Texas city. Here are seven median-priced home for sale there. Sara Ventiera, provided by Published 5:00 am CDT, Monday, September 10, 2018 Corpus Christi is among the top 10 U.S. cities where you can get a mortgage with poor credit. Click ahead to view 7 median-priced homes for sale in the South Texas city. Corpus Christi is among the top 10 U.S. cities where you can get a mortgage with poor credit. Click ahead to view 7 median-priced homes for sale in the South Texas city. Photo: Tony Frenzel Click ahead to view 7 median-priced homes for sale in Corpus Christi, Texas. 8209 Rock Crest Drive, Corpus Christi: $223,000 4 beds / 2.5 bathrooms Click ahead to view 7 median-priced homes for sale in Corpus Christi, Texas. 8209 Rock Crest Drive, Corpus Christi: $223,000 4 beds / 2.5 bathrooms … [Read more...] about Corpus Christi among top 10 U.S. cities where bad credit won’t stop you from buying a home
Let's say big credit card balances and some late payments have hurt your credit score while problems with your car make you worry about getting to work dependably. Unlikely as it seems, you may be able to get a new car loan. "Contrary to conventional wisdom, there are a number of reasons why a lender would help somebody with a troubled credit history buy a new car," says Ronald Montoya, consumer advice editor for Edmunds.com. He notes that new cars are better than used ones as loan collateral and that borrowers are less likely to have to divert money from loan payments to maintenance and repairs. So-called subprime loans -- usually involving credit scores of 620 or less -- have grown in the recovery from the 2008 financial crisis and now represent about one-fourth of all car loans and 15 percent of loans for new cars. So clearly loans are available for car shoppers with less-than-perfect credit. If you want to increase your chances of buying a new car that will fit into your … [Read more...] about Bad credit? Tips on how you can finance a new car
A bad credit rating can affect you in unexpected ways. A new study by InsuranceQuotes.com found that car owners with bad credit but perfect driving records can pay two to three times more in auto insurance premiums than those with excellent credit. The study found that, on average, car owners with fair credit paid 28 percent more than a driver with excellent credit. And with poor credit, that jumps to 104 percent greater premiums -- more than double the rate for owners with excellent credit. That difference can lead a tripling of insurance premiums in some places. Arizona, New Jersey, Nevada, Nebraska and Oklahoma shows more than 200 percent premium hikes for poor credit drivers versus those with excellent credit. If you live in California, Hawaii or Massachusetts, your credit rating doesn’t affect your auto insurance costs because those states have forbidden the practice. But in all other states, your credit rating definitely figures in. “What’s really … [Read more...] about Crumple zone: Bad credit and auto insurance costs