Interest rate at Porsche Finacial
10-11-2022, 06:38 PM
#136
You guys can have PFS/Dealer match whatever rate you bring them in. That way you please the scum bags so they get their back end kicker cash and you don't get **** raped on their higher rate.
Play your cards right. Go in there with YOUR pre-approval in hand when you're ready to buy. Wait, and let them offer the rate match with PFS. If they don't, whatever. If they do, accept it and have them scratch your back in another way. You might just get a license plate frame that says PORSCHE on it.
10-12-2022, 12:07 PM
#137
Instructor
Check with local credit unions and I think their rates will be much lower than at Porsche. You can now get treasury articles that pay 4%. Check on tax implications and you may find you save money by taking out a loan.
10-12-2022, 12:29 PM
#138
Ibonds are at around 9% until the end of October. Although, it's a rather piddly amount you are allowed to purchase per year.
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McLaren997 (10-12-2022)
10-12-2022, 09:07 PM
#139
Racer
Some of the posters have been talking about not borrowing and saving throughout their life. Here is another story, when I was young I got several credit cards and bought real estate. I used cash advances to make down payments and make annual payments. I'm not a fool and realized the only hope I had to get anywhere was take some risk. I had a good job and a wife who didn't work, she looked after the kids. It worked.
10-12-2022, 09:25 PM
#140
Racer
I-Bonds are yielding 9.62% for the next 6 months if bought by 10/28. You buy them at Treasurydirect.Gov and can buy up to $10,000 per year per person. I year T-Notes are yielding 4.35% and you buy them from a stock broker and you can buy any amount. I did both of these. I fear a big decline in the stock market.
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tourenwagen (10-12-2022)
10-12-2022, 09:52 PM
#141
I-Bonds are yielding 9.62% for the next 6 months if bought by 10/28. You buy them at Treasurydirect.Gov and can buy up to $10,000 per year per person. I year T-Notes are yielding 4.35% and you buy them from a stock broker and you can buy any amount. I did both of these. I fear a big decline in the stock market.
10-12-2022, 09:53 PM
#142
Race Car
I-Bonds are yielding 9.62% for the next 6 months if bought by 10/28. You buy them at Treasurydirect.Gov and can buy up to $10,000 per year per person. I year T-Notes are yielding 4.35% and you buy them from a stock broker and you can buy any amount. I did both of these. I fear a big decline in the stock market.
But I feel you, it’s going to get worse. Aside from busted up retirements, we haven’t seen it really hit media yet. And when media goes hysterical about anything, it’s when public panics.
10-12-2022, 10:03 PM
#143
We got $30k at 9.62% earlier this year and learned of a strategy to lock in $20k more at 9.62% for 6 months.
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22992 (10-13-2022)
10-14-2022, 08:31 AM
#144
Three Wheelin'
I disagree with that. While I don't know this guy's particular case, the FICO system is absolutely designed to favor people in debt. If you want to try something "fun", try paying off all your debt, let those closed accounts age - e.g. no active installment loans on your credit report - and then see what happens to your credit score. I guarantee you it will drop.
I am not advocating a zero debt financial strategy for everyone. In fact, for the majority of people it is probably a bad idea. I have my personal reasons for having made that decision. FICO scores were not part of that decision process. FICO score increases can be meaningful, but far more so on the lower and mid range scores than in the 700-850 range. At the upper ends, it is more bragging rights than anything else. I would rather focus on my overall financial structure and how it fits my needs than what something might to do my score.
But all that said, in most cases reducing your debt will be better for your FICO score than increasing it - particularly increasing it with $600K of auto loans.
10-16-2022, 03:17 PM
#145
Where does one collect on that guarantee? I hold not debt other than a handful of credit cards with zero balance. The only card I use is my Amex. The only thing that might count as debt for FICO is the lease on my wife's car. My scores have not gone down since I went to a zero debt posture 6 years ago. Quite the opposite.
I am not advocating a zero debt financial strategy for everyone. In fact, for the majority of people it is probably a bad idea. I have my personal reasons for having made that decision. FICO scores were not part of that decision process. FICO score increases can be meaningful, but far more so on the lower and mid range scores than in the 700-850 range. At the upper ends, it is more bragging rights than anything else. I would rather focus on my overall financial structure and how it fits my needs than what something might to do my score.
But all that said, in most cases reducing your debt will be better for your FICO score than increasing it - particularly increasing it with $600K of auto loans.
I am not advocating a zero debt financial strategy for everyone. In fact, for the majority of people it is probably a bad idea. I have my personal reasons for having made that decision. FICO scores were not part of that decision process. FICO score increases can be meaningful, but far more so on the lower and mid range scores than in the 700-850 range. At the upper ends, it is more bragging rights than anything else. I would rather focus on my overall financial structure and how it fits my needs than what something might to do my score.
But all that said, in most cases reducing your debt will be better for your FICO score than increasing it - particularly increasing it with $600K of auto loans.
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detansinn (10-21-2022)
10-16-2022, 07:36 PM
#146
I’ve always been curious. With a credit union like Navy Federal, are the funds sent directly to the dealer?
10-16-2022, 07:44 PM
#147
That's not true at all. Amex (and most other cards/account) only report to credit bureaus once/month. If you pay off your Amex just prior to statement close - which a lot of people do - then FICO would never see a balance or use on that account, it would always be zero. On top of that, Amex is not really a credit card, it's a charge card so you're supposed to pay it off on time (I know that's changed for some of their lower cards, but I'm talking about the traditional Amexes like the Platinum and Gold card). Finally, with the charge cards, there is no maximum credit line reported to FICO so it also does not go into your credit utilization ratings because it's not possible to calculate this number.
Finally charge cards do still impact FICO because one of the most important aspects of FICO - payment history. https://www.cnbc.com/select/how-do-c...-credit-score/
So yes it impacts credit just not the utilization aspect of 30% on revolving credit. But there are 4 other factors also not just that 5th one.
Last edited by Mike03; 10-16-2022 at 07:45 PM.
10-16-2022, 08:40 PM
#148
reducing your credit card debt will help, but reducing your auto loans and mortgages will seriously hurt you. If you have $600K in auto loans that you pay on time every month, your fico scores will be much higher than folks without debt.
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FamousJamisFan (10-17-2022)
10-16-2022, 08:44 PM
#149
10-17-2022, 09:50 AM
#150
Thats not true at all, you got this wrong twice. If you have any sort of credit monitoring - even the free services - it's easy to see when each card reports. I have had a Platinum for years and I can guarantee you they report the night your statement closes. So whatever your statement closed with for the previous month is what they report to the bureaus. If you pay your balance that same day then the bureaus will never know if you used your card at all. Other people I know pay their credit cards on weekly basis so that a bureau - at maximum - would only see a week's worth of expenses, but most often a lot less, if not zero.
Again, it also does not count with utilization. If you read a credit report with a charge card, it literally says that. It's mathematically impossible to calculate that number if no maximum amount is not provided (Amex does not issue one on charge cards).
Again, it also does not count with utilization. If you read a credit report with a charge card, it literally says that. It's mathematically impossible to calculate that number if no maximum amount is not provided (Amex does not issue one on charge cards).
Separately given that it does have no revolving utilization number. I have no idea why you would set a reminder to pay it every single night (and then hope a charge doesn't process through the next day which btw happens all the time if you use it frequently enough) on the statement closing vs just just auto-paying every month. Whole lot of work for no real gain.
Regardless if you paid your card is reported by Amex which is why it shows up on the credit report....
Last edited by Mike03; 10-17-2022 at 11:01 AM.