Well I have been going over alot of options in my head with it being winter here and all, I love the car but I think I am destined for bigger and better things. I have a 2005 SRT-4 in black, with 33,800 miles on it and the mods in my sig that I am probobly going to be selling as a stepping stone to get what I always wanted, probobly an EVO. Now I cannot afford NEW but I will be able to afford used soon I am sure. Currently I owe $11,800 on my car and I have $2,500 in credit card debt which is something I would like to work on. Now don't get me wrong I love my SRT and who knows I may just end up getting another SRT-4 if my EVO plans don't pan out (definately NOT black though) but ultimately my goal is Evolution, I will shoot for a used 03-04 EVO VIII with lower miles 20-30k or maybe an RS, they can be had for $20-22,000.

My current FICA is 598 which isn't great but that is probobly thanks to the credit card debt, most of it is maxed or close to maxed credit cards and a Dell account I owe on for my computer, now with that gone and from now til summer I should be in a good position to make a move on an EVO with the credit card junk gone.

Here are my options, which should I go with?

Option 1:

I owe $11,800 and I can get $14,500-15,000 with my mods so I could use the difference between what I owe and what I can get to pay for a $2500-$3,000 "for now" car and I will own it, no car payment and I can work to pay off the credit card debt between now and summer and still have a car, then when it is time to get the new car I can get something for the one I had been driving

Option 2:

I can use the difference between what I owe and what I can get for it to pay off the credit card debt NOW and take out a small loan for a $3,000 car. I will have a car payment but the credit card debt will be gone.

I don't know if there is a difference in the scenarios, but I know that the SRT-4 is no fun for me right now, so maybe it is time to take advantage of the ****ty weather and use that time to catch up on my situation, so even if I didn't end up with an EVO I could get another SRT-4 in a color I wanted or something. Just a thought I would like to know what you think.

 

option 2 sound more sensible....

i dont think that $2500 CC debt will lower FICO score that much, get a credit report and see what is going on with it...

 

i Think The Best Bet Would To Keep Paying On Your Current Loan. In Order For Your Credit To Improve You Gotta Continue To Pay On Your Existing Loan. It Will Not Get Any Better Paying Off A Credit Card Debt At Once Nor Trading In Your Car And Getting A New Loan. Second, I Have Been In The Exact Situation And I Feel I Made The Best Choice By Just Being Faithful To My First Choice. That Was To Stick With The Horrible Evolution Until I Could Afford To Buy A New One. Which At Times Was Horrible. Imo Keep Your Car Now Until You Have Majority Of The Loan Payed Off, Then Trade It In So Your Equity If Even Higher Than Now. Then Buy!! P.s Sorry For All Caps.

 

^^ he got the point too! i remember last year i was in 45K CC debt and my FICO score were 610. To date i paid it down to $14K and my score slowly increase from 610 to 715 now.

monthly faithful installment will help tell the creditor how trustworthy u are in a long run...

 

what do u have for mods on the SRT?? i had a white srt but had some tranny issues lol so i found myself an evo... probly the way to go and way more practical. SRT is an amazing car though.. with only AGP WGA and CCA fmic i ran a 13.7 at 110 mph on stock tires with just those 2 mods.... but i still say the evo is an all around better car.

 

I have Bwoody motor mounts, agp wga, trunk badge, 20% window tint, progress springs, maddog 72% STS, mopar bov anddd I think that's it. I am not JUST trying to improve my score I just want the debt gone so I can stop paying on it, it's annoying and gets in the way of everything I try to accomplish, I can't just go in and buy a new car because of it and I have been told that. I want it gone so even if I just buy another SRT-4 I am now in a nice position with noting but a car payment, plus it's winter... I can't use an ounce of it's power so wtf. I want an EVO ultimately so this is what I have to do I'm sure. I need to get this random credit card crap from hanging over my head, and set myself up RIGHT this time to make a move on the car I always wanted FTW?

 

im in the same situation...sorta. im selling my srt which i owe about 11.8 on. i have a S2+ suspension mods and such. My FICO score is between 670 and 680 i havent checked it for a few months. But i plan to sell my car and pull another loan for another car around the same price, but with a lower interest rate. My CC debt prob totals out to 600 tho.

 

where are you located? i have a buddy looking for an SRT-4 in the 14k range...

 

I can get you my employee discount if you want. I work for Mitsubishi Motors R&D of North America in Ann Arbor, MI. E-mail me if you want to me to send you the prices. The prices are close to the price range you listed, for a brand new 2006 Evo IX jeffrey.cermak@na.mitsubishi-motors.com

 

590's is very low when you already have dept. paying it off isnt going to raise it much either, since you need to show consistancy to build credit. If you can afford to pay them off when you sell your car I would do that but dont close the accounts. continue to use them but dont go crazy. What I did that helped me a lot was to pay all my bill with a cc but at the same time send a check for that exact amount to the cc company that way you dont ever really carry a balance on your cards, and NEVER be late. The higher you can get your score the more mony it will save you in the long run. I have a hard time believing that with a 598 you could get approved for anything less then about 11-15% in which case you would have to be pretty desprate to do that considering how much money you are essentually just throwing away on a already highly depreciating vehicle. have you considered maybe getting something like a wrx? It would keep you from digging a deeper hole and its a far better car then a srt4

 

nvm