Q&A: Can I borrow a small loan from a credit place where I have a car payment with?
Question by Jo-Jo: Can I borrow a small loan from a credit place where I have a car payment with?
In other words, I have a car and right now I had it financel from a place called Pioneer credit. I was thinking since I already had payments with them that maybe I can get small loan for christmas. Would they be able to give me a loan like that and would they be able to just add that amount I borrow on top of the total balance of my car payment?
Best answer:
Answer by SPIFIMAN1
Auto finance is what I do for a living and that is going to be totally up to your lender to decide.
But as long as you have had the loan long enough, have a good payment history, budget for the higher payment and most importantly have some equity in your vehicle, your chances are very good.
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If I make a cash advance with my credit card and pay it off on the same day, will I still get charged interest?
Question by : If I make a cash advance with my credit card and pay it off on the same day, will I still get charged interest?
I bought something from a store and signed up to their 6 months zero interest credit. I need to return the item to the store but they said I can’t return it until I pay off the balance. I can’t use my Visa to pay it because you can’t use credit to pay credit, so would getting a cash advance be a good idea for this? When I pay off the balance with the stores credit, they said I’ll be able to return the item.
Best answer:
Answer by Ginger
You will be charged very little interest for the cash advance if paid off quickly but the ca tran fee can be huge, like 3%. I don’t know why they want you to pay it off first and then get credit for the return! I just hate those 6 month and 12 month zero offers that bite you in the end, or in your case the beginning.
Are you not going through with a substitute? This requirement to pay for it and then get a credit makes absolutely no sense to me.
Give your answer to this question below!
100% Internet Credit Card Fraud Protected Reviews
100% Internet Credit Card Fraud Protected
This book provides professional anti-fraud methods that can help you protect your business from credit card fraud.
List Price: $ 100.00
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Bad Credit Car Lenders Aren’t Bad
If you are familiar with how credit cards work, then you definitely know how important it is to have a high credit score. Well, it does not have to be extremely high but decent enough to be considered as good. With a good credit score at hand, you will be assured of numerous advantages and awesome perks.
For one to be able to achieve a good credit score, you must have a good credit history. You must have a credible background and fit requirements. You must also be punctual. It is called a credit for a reason and that is for it to be paid on time. You must be meeting your scheduled dues so as to receive a good credit score. You must also be a flexible credit holder like being able to juggle a number of different credits. This will prove to your credit lender that you know how to manage yourself well.
However, despite the efforts of maintaining a good credit score, some people just don’t get the best things in the world. Some may have problems with an already leaky credit history, a couple or few missing out on deadlines and not having enough various credits. With that said, you are deemed to be a bad credit holder.
What these bad credit car lenders do is they focus on dealing with people who have credit scores as low as 480. With them, no down payments are needed given that the loan asked is not sky high distant from that of the original price during purchase. Another good thing about them is that you need not to enclose yourself to choosing a car from only one car lot. You can go car hopping, searching for the right one anywhere you want, no holds barred.
But being a bad credit holder has its benefits specifically when it comes to bad credit car lenders. Thanks to them, people with bad credit scores are given the opportunity to still get their dream car. And a person can only do so by getting a car credit using a bad credit history.
Categories: Loan Articles Tags: Bad Credit, car lenders, Credit, Lenders
Consumer Credit in the United States: A Sociological Perspective from the 19th Century to the Present
Consumer Credit in the United States: A Sociological Perspective from the 19th Century to the Present
It is commonly imagined that in recent years the rampant growth of consumer credit has lured American consumers into a crippling state of indebtedness, a state that has upended old cultural values of Puritan thrift and stimulated a frenzy of consumption. Drawing on the sociological concept of ‘government’ and informed by a historical perspective, Marron presents a much more complex and nuanced reality. From its early antecedents in nineteenth century salary lending and instalment selling, she shows how the emergence and growth of consumer credit in the United States have always been subject to shifting regimes of control and regulation.
List Price: $ 89.00
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Categories: Loan Products Tags: 19th, Century, Consumer, Credit, from, Perspective, Present, Sociological, states, United
Fair Lending Compliance: Intelligence and Implications for Credit Risk Management (Wiley and SAS Business Series) Reviews
Fair Lending Compliance: Intelligence and Implications for Credit Risk Management (Wiley and SAS Business Series)
Praise for
Fair Lending ComplianceIntelligence and Implications for Credit Risk Management
“Brilliant and informative. An in-depth look at innovative approaches to credit risk management written by industry practitioners. This publication will serve as an essential reference text for those who wish to make credit accessible to underserved consumers. It is comprehensive and clearly written.”
–The Honorable Rodney E. Hood
“Abrahams and Zhang’s timely treatise is a must-read for all those interested in the critical role of credit in the economy. They ably explore the intersection of credit access and credit risk, suggesting a hybrid approach of human judgment and computer models as the necessary path to balanced and fair lending. In an environment of rapidly changing consumer demographics, as well as regulatory reform initiatives, this book suggests new analytical models by which to provide credit to ensure compliance and to manage enterprise risk.”
–Frank A. Hirsch Jr., Nelson Mullins Riley & Scarborough LLP Financial Services Attorney and former general counsel for Centura Banks, Inc.
“This book tackles head on the market failures that our current risk management systems need to address. Not only do Abrahams and Zhang adeptly articulate why we can and should improve our systems, they provide the analytic evidence, and the steps toward implementations. Fair Lending Compliance fills a much-needed gap in the field. If implemented systematically, this thought leadership will lead to improvements in fair lending practices for all Americans.”
–Alyssa Stewart Lee, Deputy Director, Urban Markets Initiative The Brookings Institution
“[Fair Lending Compliance]…provides a unique blend of qualitative and quantitative guidance to two kinds of financial institutions: those that just need a little help in staying on the right side of complex fair housing regulations; and those that aspire to industry leadership in profitably and responsibly serving the unmet credit needs of diverse businesses and consumers in America’s emerging domestic markets.”
–Michael A. Stegman, PhD, The John D. and Catherine T. MacArthur Foundation, Duncan MacRae ’09 and Rebecca Kyle MacRae Professor of Public Policy Emeritus, University of North Carolina at Chapel Hill
List Price: $ 78.95
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Categories: Loan Products Tags: Business, Compliance, Credit, fair, Implications, Intelligence, Lending, Management, Reviews, Risk, series, Wiley
The Subprime Virus: Reckless Credit, Regulatory Failure, and Next Steps
The Subprime Virus: Reckless Credit, Regulatory Failure, and Next Steps
The subprime crisis shook the American economy to its core. How did it happen? Where was the government? Did anyone see the crisis coming? Will the new financial reforms avoid a repeat performance?
In this lively new book, Kathleen C. Engel and Patricia A. McCoy answer these questions as they tell the story behind the subprime crisis. The authors, experts in the law and the economics of financial regulation and consumer lending, offer a sharply reasoned, but accessible account of the actions that produced the greatest economic collapse since the Great Depression. The Subprime Virus reveals how consumer abuses in a once obscure corner of the home mortgage market led to the near meltdown of the world’s financial system. The authors also delve into the roles of federal banking and securities regulators, who knew of lenders’ hazardous mortgages and of Wall Street’s addiction to high stakes financing, but did nothing until the crisis erupted. This is the first book to offer a comprehensive description of the government’s failure to act and to analyze the financial reform legislation of 2010.
Blending expert analysis, vivid examples, and clear prose, Engel and McCoy offer an informed portrait of the political and financial failures that led to the crisis. Equally important, they show how we can draw lessons from the crisis to inform the building of a new, more stable, prosperous, and just financial order.
List Price: $ 34.95
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Categories: Loan Products Tags: Credit, Failure, Next, Reckless, regulatory, Steps, Subprime, Virus
Consumer Credit Models: Pricing, Profit and Portfolios
Consumer Credit Models: Pricing, Profit and Portfolios
The use of credit scoring–the quantitative and statistical techniques to assess the credit risks involved in lending to consumers–has been one of the most successful if unsung applications of mathematics in business for the last fifty years. Now with lenders changing their objectives from minimising defaults to maximising profits, the saturation of the consumer credit market allowing borrowers to be more discriminating in their choice of which loans, mortgages and credit cards to use, and the Basel Accord banking regulations raising the profile of credit scoring within banks there are a number of challenges that require new models that use credit scores as inputs and extensions of the ideas in credit scoring. This book reviews the current methodology and measures used in credit scoring and then looks at the models that can be used to address these new challenges.
The first chapter describes what a credit score is and how a scorecard is built which gives credit scores and models how the score is used in the lending decision. The second chapter describes the different ways the quality of a scorecard can be measured and points out how some of these measure the discrimination of the score, some the probability prediction of the score, and some the categorical predictions that are made using the score.
The remaining three chapters address how to use risk and response scoring to model the new problems in consumer lending. Chapter three looks at models that assist in deciding how to vary the loan terms made to different potential borrowers depending on their individual characteristics. Risk based pricing is the most common approach being introduced. Chapter four describes how one can use Markov chains and survival analysis to model the dynamics of a borrower’s repayment and ordering behavior. These models allow one to make decisions that maximize the profitability of the borrower to the lender and can be considered as part of a customer relationship management strategy. The last chapter looks at how the new banking regulations in the Basel Accord apply to consumer lending. It develops models that show how they will change the operating decisions used in consumer lending and how their need for stress testing requires the development of new models to assess the credit risk of portfolios of consumer loans rather than a models of the credit risks of individual loans.
List Price: $ 85.00
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Categories: Loan Products Tags: Consumer, Credit, Models, Portfolios, pricing, Profit
If I pay my car loan repayment in advance, will my credit score increase?
Question by Katsutoshi: If I pay my car loan repayment in advance, will my credit score increase?
I’m thinking of buying another car.
1) Should I pay current loan in advance, then get another car after loan is completed.
2) Should I keep to pay current loan on schedule, then get another car before loan is completed.
I guess I can increase my credit score if I pay it in advance. However I also hear that paying in advance can decrease the score. Which is the true?
Best answer:
Answer by tudorjason
No, your score won’t increase if you pay off the car loan early. It isn’t about paying off debt (for secured installment debt anyway), it’s about payment history and not spending too much credit.
You should really only obtain debt if you need it. Do you want to replace the one you just paid in full or do want a second car? If it’s the former and you have money to pay off the loan entirely, I would suggest using the money for other things. Pay off some other debt, improve your education, invest it in an ROTH IRA, or save it because you can never have too much savings.
Because of all this, I think you should just stay on schedule.
And it’s sort of, maybe, true about paying off in advance will decrease your score. All things being equal as they are now on your credit report, if you paid off your car loan in advance, the payment history will fall off your report sooner than it has to and your score will drop because it will lose that history. But by the time your car loan does fall off, your accounts will have aged more replacing that lost history, so your score probably wouldn’t drop.
Know better? Leave your own answer in the comments!
Poor Credit Car Refinancing
It is a basic knowledge that once you have reached a point of having a huge amount or rather a bad credit only goes to show that you are having problems with money. That is basically it. Having credits in the first place is due to not having money to spend at all. If this credit involves the car you are currently taking for a spin, you might as well refinance it in the hope of lower payments, lower interest rates and if luck is on your side of the street, even have the best of both. You get to keep your car and pay your credits all at the same time. It is like hitting two birds with one stone. Only this time, you are viewing it from the comforts of your car’s very own driver’s seat.
Refinancing is the key to that dilemma. You apply for an auto loan to a company which you think offers the best rates for you. After they accept your application, they will start processing it. They will then forward a check to the company or the bank that is in possession of the title to your car. The payments you have to do will now be directed to that new company where you applied which will then be the current and latest title holder to your vehicle. When everything is in order and in their proper places, then your payments are lessened and your time to pay for it will be extended. You can now start breathing and feel relieved from having to fear the arrival of bills in your front door by the end of each month.
It may sound as doing the credit all over again. Yes it is but in an easier and more productive way. You would rather get you credit car refinanced than get stuck with an already bad credit car loan. At least you can assure yourself that you did something about it and not just let your credit go enormous. And since you are dealing with a new company, you can make the most out of it by perhaps requesting for a lower payment due. If this is possible, then you will have no trouble in raising the money and meeting the deadlines of payment. This will show your eagerness to pay and your responsibility as a credit holder.
If you are interested, you can go online and hunt the companies that will best suit your needs. Be open for options and negotiations so as to come up with a deal that will save you and your car from separation. Let the search begin.
Categories: Loan Articles Tags: auto loan, Credit, Refinancing