1fastdog

It appears there's two schools of thought on it. I know I keep only two CC's at any time. Cancel accounts of zero balance whenever there's a third. I don't pay interest on CC's. When they go to a percentage rate, I close them.

CC companies make money off the seller. Handle your cash and debts well and you won't be in a credit card with interest deal. Ratio is simple enough through a high credit limit on a card and manage the balance. Never being late is much more important, IMO, than having a wallet full of cards to make you look solvent...

I will still highly recommend having your financing in place before you buy. Let the dealer try to beat your deal rather than hope they will "get you done".

It's never hurt my beacon.

CLEAN

Thats true. My credit unions CRUSH the dealers every time, to the point where I don't even let the dealers try anymore, they've never been able to beat the CU's on the cars that I've bought.

Barry626

Correction: that would be anything over 750.
750 - 850 u can pretty much name your interest rate!

TrickStang37

his theory is not true. the more cards you have open GENERALLY brings up your score, so long as you have < 50% of your credit used.

closing accounts generally hurts credit.

TrickStang37

most places is anything above 715 or higher.

TrickStang37

most credit unions don't offer 0% financing though.

1fastdog

What you say is probably true. I have 2 zero interest cards with pretty high limits, only use one, roll it to another zero interest when the "introductory" rate is about to rise, close the account "At customer request".

I can see how a debt utilization percentage could push a score up. No doubt, things have change in the past 14 years since I worked retail in car sales as personal training for getting into the automobile business. Back then, having high open lines of credit through revolving and CC accounts, when compared to income, would make getting a loan at a decent percentage rate difficult. This change could be why there's been a horrible problem with credit defaults...

Paying on time, for EVERYTHING, and above the minimum payment amount will go a long way toward your desirability as a credit risk.

Shop a loan before you close on a car. Let the dealer beat your rate.

2010_5thgen

only down side to most credit unions is that some,depending on where you live, dont transfer your credit score to the credit bureau and they sometimes wont transfer your credit score if for some reason you move out of town. other than that credit unions are great for deals. my banks always beat my credit union on rates.
dealer banks also have very low rates, sometimes lower than credit unions, due to the amount of loans they do every day. banks will start to offer better rates depending on how much business they can get out of the dealers.

CLEAN

Most dealerships won't give 0% on a GMS ordered car either, only in stock models. I have to order all my stuff because the dealers don't stock what I want generally.

hotdeal

Most dealerships won't give 0% on a GMS ordered car either, only in stock models. I have to order all my stuff because the dealers don't stock what I want generally.

Not true u as a employee are entitled to all incentives that are available

CLEAN

Not an employee, but they run 0% very infrequently, and when they do, they don't do it for 2 months, the time it takes to put an order in and get the car. And even if they did, usually it's stipulated that it's only on in stock cars.

RobDarden

Hopefully with the government intervention to get credit flowing and the interest rate drop to zero getting financing for anyone above 650 shouldn't be a problem by the time the Camaros are rolling off the assembly line.

5thGen

considering I'm not workng I know I won't be able to get one,

a6pk2go

When I was buying my house (6th house I purchased) I was advised that I needed to close out some of my cards due to the amount of debt I could have gotten myself into. My wife had several cards and we ended up closing around 35 cards altogether. Now this was for a house loan and not a car loan so I have no idea what course to take but I know I pay zero% interest on my two cards I have now and when the introductory time stops I will just switch to another zero% card as I seem to get a couple of offers every week or so. The best advise I can give a young person is to TAKE CARE of their CREDIT. I used to pay 28% on loans but once I learned how to manage my money it is a lot better keeping a lower interest rate and paying the balance or at least the minium each month to build your credit score up.

Good Luck to the young ones buying the new Camaro. I'm glad for once in my life to be over 25 knowing that my insurance is going to also be fairly cheap compared with the 16 to under 25 group who's insurance may run them MORE $$$$ than their car payment. I would check out the insurance rates on the new Camaro before digging yourself into a hole. JMHO

DBSaints

Im 24 and that is the exact reason why I have waited to order mine. I havent looked into it but i wouldn't imagine any insurance companies giving quotes on camaro's yet. I'm curious to see how much the past camaro's influence the new ones as far as insurance rates.