Roffles at this thread.

 

To the OP, try reading some of the other threads in this forum as well. You will notice a trend that a lot of the guys who know their stuff here will actually say that when they bought their S, it was a mistake. If you really want a S, sell the miata and buy a mid-late 90's civic and save up until you can afford to buy the S with straight up cash, AND have enough in the bank that you can pay 2-3 full years of insurance and maintenance (figure 1-2k per year for maint.). Then if you still want to spend all that hard earned money on the S, then by all means go for it.

 

Another minor comment: every time you apply for credit, you put an inquiry on your report. These inquiries hurt your score. If you're running around town from Old Navy to Target to the local bank and begging everyone for credit, it's going to look bad on the report.

Get your parents to co-sign for a credit card in your name, with your bank, then use it the way we suggested. You should really give up on the S2000 right now. I'm not trying to be a "rich snobby cocky dicks who think everybody younger than them and anybody that makes less money than them is just like every other person and is pretty much a failure and a dumbass," but really, truthfully, you're not in a place to be buying a second car, much less an expensive second car.

You might be able to suffer through five or seven more years of crushing debt, and you might enjoy owning an S2000, but -- from a purely financial perspective -- it would be a very unwise decision.

Best of luck to you.

- Warren

 

If you want something earn the money required to buy it and do so. Despite what most americans think, you have no right to debt even though you may have access to it.

99% of people in this forum at 18 or 19 years old say they are full time college students, make 40-60k a year [boss lots of older people than you around?, where do you work again, red robbin?] pay all their own bills, have their own place.. yea right. You might be an exception, but odds are you are not. Good for you if you are.

Stop making banks rich and yourself poor. If you had the capacity to calculate the money you are wasting you'd be blown away at the figure. I made roughly 2k net working internships, warehouse jobs, etc., but to live on your own with a new car and 2k net a month is a joke. With a 5k used car and very disciplined savings habits you might make it. There is also no way you can go to any decent college full time and work 40+ hours a week and make good grades.

We aren't saying you are lying, we are saying that 1+13 doesn't equal 55.

 

Actually that's not true I don't think. I read up on the FICA/Beacon site FAQ that inquiries are not considered part of your credit score. You can read it yourself and point out the part I missed or glossed over but I'm pretty sure they have no impact.

 

Actually, buying may car wasn't a mistake at all. I paid more than I should have and paid to much interest for too long but overall I think I did ok. What can I say? Good things happen to good people

You can never tell what lies behind door #1. The worst thing you can do is not open it.

Who's to say that this dude doesn't buy an S2000 and finds a million dollars under the seat in small non sequential bills when he gets home? It could happen...

 

Hmm... well, my credit monitoring site gives me a little "guesstimate" tool that attempts to predict changes in FICO score. One of the knobs you can turn is the number of inquiries. Whether or not the site is simply lying to me, I don't know. I try to minimize the number of inquiries anyway.

- Warren

 

Here's the link http://www.myfico.com/CreditEducatio...Inquiries.aspx

I was wrong. This is what I was thinking:

Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though youre only looking for one loan. To compensate for this, the score ignores all mortgage and auto inquiries made in the 30 days prior to scoring.

 

Yeah... I'm 99% sure that running all over town asking various department stores for credit cards ends up depressing your score. I don't think it's a huge penalty -- 20 points or so? -- but if the score is low already even 20 points can cause some headaches.

- Warren

 

According to MyFico.com, they actually do. My score dropped 3 points when I did something involving credit. I don't remember what it was, but MyFico tells you why your score dropped. I had a bulletin that stated "You have recently applied or looked for credit" or something of that nature. It went back up in about 10 days, but it did actually drop. Let me see if I can dig up the info from them.

*Edit* Just noticed that you corrected yourself, so my post is redundant.

*Edit 2*

Found it on Myfico account....

[I] Your FICO