Hi guys, I'm about 4-5 months out from my 07-08 997TT or 12-13 991 Carrera S purchase. I've had excellent credit history my entire adult life through multiple credit cards, car loans, two mortgages, my recently paid off student loan and maintained a 780-795 score consistently for years.

$hit happens sometimes, and I literally forgot to pay my Home Depot card that had a balance of $13, yes THIRTEEN dollars. Long story short it was over 30 days late and my credit took a hit from 779 to 735 (Experian).

Based on your experiences, how do you think this will affect my purchase. I think I can get it up to 750-760 based on a score calculator but 780-790 is at least a year out based on this minor but huge f*ck up on my part.

Your feedback is invaluable and I definitely appreciate it.

 

You'll be fine.

 

Much like Dennis C above stated, you'll be fine. You might fall into Tier 2 in terms of financing, but with some negotiations you can get Tier 1 rates (if using dealer fianacing). I've seen numbers in the 720 range get accepted into Tier 1.

 

Be careful about shopping around. too many inquiries will drop you a few more points. I found by far the best deal at my local credit union but ymmv. You may be able to call and complain and get that removed. Start with home depot. Sometimes you'd be surprised what you
can get by asking.

btw, sounds like you are talking about buying with spring around the corner. That's the worst time to buy and you will pay for it, vs a fall/winter purchase.

 

Actually it will be a February dead of the winter in the north east purchase. I know that's right about creeping up on the spring but my planning is very strategic and everything must balance out for me.

This is totally an emotional purchase and it isn't exactly practical but is buying s supercar ever practical?? It's about living a boyhood dream and making it a reality. At 32 I feel blessed to be in this position. Home and family life are all in order. Savings and retirement plans are budgeted and well accounted for consistently. Even my daughter's college fund and my custom whole life insurance policy are well budgeted for monthly.

I flirted with the idea of doing a European delivery on an F80 M3 sedan which would be a far easier acquisition but let's be real, there's no comparison to a Mezger 997TT.

I guess I'm just super **** about everything and now that the time is actually winding down and realistically near, I'm pretty pissed that this had to happen. I've been a part of the 6 speed community since 2008 and always wondered if I'd ever become a "real" member. I just hated that this might've had the potential to make my dream go down the tubes so quickly. That said, I'll take everyone's feedback into account and try my best to sort things out in the next few months. . . even if I have to roll up my sleeves and get a bit dirty with paperwork back and forth.

Any other feedback would be much appreciated. Thanks all!!

 

I'm hooked on mine. That boost is a drug in and of itself.

 

A drop in your credit score down to a 735-760 shouldn't have ANY impact on your purchase if you are even close to as financially established as you state.


I mean honestly an 07-08 TT is going to cost $60-75k depending on mileage, options and condition. Even if you have to finance the entire purchase price (something I would never recommend on that old of a car) the difference in monthly payment between 3.5% and 6.5% is $100. Hell the difference between 3.5% and 10.5% over a 60 month term is only $200 difference


If a worst case $200 difference is going to make your "dreams go down the tubes" then you probably shouldn't buy the car because you cant afford it.

 

I don't think you'll have a problem, but you may not get the best interest rate.

The same thing happened with me and Verizon who handed me over to collections over $8. do not pay to collections no matter what they say! Deal only with the reporter. It took me 2 months where I didn't stop complaining and calling until they recalled the report. Be persistent!

 

You could always contest the charge to your credit.


Lets slow down for a sec though.


I started to not care about my credit score over 6 years ago, why, I don't borrow money. I have year on you, i'm 33. This statement isn't a flaunt but, I realize today, If I cant pay for it, don't buy it.


I cant say I have many dreams today but, I don't have a monthly payment to remind me of what I do have.


By the way, you are a real member, you are posting about your future purchase and its details!

 

You're right, maybe that "dreams go down the tubes" part was kind of dramatic. I'm just set on what i feel my payment should be as I'd like to put down around 50%. My wife is currently in a 328i xDrive M Sport with JB4 and lots of M-Performance goodies on it. She loves the car, but the lease is over a year. To me, I'd rather put that $200 difference toward her next BMW and get her into an M3 sedan as opposed to another M Sport 3er.

So I guess the question then is: "Is that extra $200 or so worth the TT purchase?" Well, yes an no. Yes it'd totally be great to have the car and say I finally got it. No if it meant waiting another few months to clear the whole BS up with Home Depot and get my score back up into guaranteed top tier 1 category.

Lots of tangibles, but again, you're absolutely right.

 

That's my thing, I'm so used to getting the best rates on things I buy that anything outside of that norm (especially a high rate) is ludicrous and IMO a waste of money.

I noticed you said deal only with the reporter, I'll give that a try and see if I can get them to recall it. Thanks!!

 

Thank you! Lots of credit to you, I admire your philosophy. Sadly though in NYC/Westchester if you don't have great credit it more or less means you can't buy a home unless you've got at least $550-600K laying around for something "decent". I'm already in a home but would like to get into another place in the next 2-3 years with a great school district. So for me i HAVE to maintain great credit. That or I can get into your business and buy it all outright. . . which I'd love to do

Hook a brotha up Believe me I totally agree with how you buy things, I watched my parents follow that philosophy growing up, but times have certainly changed out here in the metro area.

 

I think you need to maintain a good credit score wherever you live. It's an important thing to manage and to monitor. I believe the average FICO score in the US is around 689. Generally speaking, you'll get the best rates available if your score is 720 or higher.

It's funny how some little things impact your credit score. I hate debt, especially revolving debt like credit cards. I typically use an American Express card and it is paid in full each month. Even when I use a Visa or MasterCard, I pay the full balance. This is great from a debt strategy perspective, but not from a score perspective. Your score will improve if you carry a small balance from one month to the next, while at least covering the minimum due. This demonstrates that you can use credit responsibly. It seems counterintuitive, but that's the way the scoring system works.

 

Go through Penfed.org and you will be fine. Like others has said I would contact Home Depot to see if the will remove the hit or contact the credit bureaus and contest it. If you contest it through the credit bureaus try to do it in writing and not via email/online. Sometimes that works better.

 

GREAT GREAT NEWS guys!! So I decided to contact Home Depot Credit - Citibank NA as soon as I got into work this morning and spoke to a representative. Based on my payment/account history he decided to lift the bad payment/late status and will immediately send a notification to Experian and the other credit bureaus. To top it off, they'll even refund the $35 late fee. I know that's literally chump change, but the gesture is worth 1000x more.

From there, it'll take approximately 30 days to get my score back up to where it used to be. I'm ecstatic to be honest. I guess I'll dibble-dabble on the forums for the next few months as I've been doing for the past 8 years. When I finally make my decision and pull the trigger, you guys will be the first to know. I may even resurrect this thread from the dead

This information and knowledge I've learned here over the years has been priceless and I'm glad I was able to use it to my advantage rather than jumping into the P-car game blind. Thanks again everyone!