To C6 or not to C6?

"Boosted2k - I Make Videos and Put Them on YouTube" (boosted-2k)
11/03/2016 at 17:08 • Filed to: None

So apparently I need to build some credit. Since I have always been an advocate of not having any debt or loans; I don’t have any current payments. However no payments doesn’t build much credit history unfortunately.

I already have the Viper ACR paid off and right now as well as my daily Jetta TDI . As the saying goes “it costs money to build credit” I was thinking of getting a new daily within the $20k-$30 range and finance it this time.

Part of me says to get another Ram 1500 (I had a 2009 and for my uses it was a practical vehicle). I can use the vehicle when moving as I frequently do as well as other purposes that usually require me to have a truck. The other part of me wants to go totally unpractical and grab a C6 corvette so that I can go smash a bunch of track days.

No disrespect to corvette owners but C6 parts at this point are fairly inexpensive and common so I would not be as worried tracking this car as the ACR. I also know the C6 is a highly capable car and would be a ton of fun.

A Hellcat would also be a fun daily but are still pretty high in price.

What are your thoughts?

DISCUSSION (19)

Party-vi > Boosted2k - I Make Videos and Put Them on YouTube
11/03/2016 at 17:14

You don’t have a credit card that sees regular use? Even to pay your bills and then pay the credit debt down at the end of each month? Huh.

V12 Jake- Hittin' Switches > Boosted2k - I Make Videos and Put Them on YouTube
11/03/2016 at 17:16

I was the same way. I used my S600 as means of building credit

Decay buys too many beaters > Boosted2k - I Make Videos and Put Them on YouTube
11/03/2016 at 17:20

Yes.

Been toying with the same thing with how cheap they are getting (I’d probably do a C5 Z over a base C6 though) but then logic sets in and I realize that I already have 1.5 track cars.

66671 - 200 [METRIC] my dash > Boosted2k - I Make Videos and Put Them on YouTube
11/03/2016 at 17:25

ACR for the track, C6 for the strip. You already have a DD, I’d do it.

Boosted2k - I Make Videos and Put Them on YouTube > Party-vi
11/03/2016 at 17:28

I do and use them for all my transactions and pay them off right away (gas, groceries, shopping, etc). This will only get you so far though. Large monetary loans (business, house, etc.) require more history than just cards and want to see regular payments being made on time for larger loans (example: car).

marshknute > Boosted2k - I Make Videos and Put Them on YouTube
11/03/2016 at 17:30

Yes.

I got a used 08' base model last year to use as a track toy. It pretty comfortably keeps pace with Carrera S’s.

Kinja'd!!!

Boosted2k - I Make Videos and Put Them on YouTube > Decay buys too many beaters
11/03/2016 at 17:30

Yeah I definitely would prefer the Z06 but the C5 Z06 is starting to look pretty dated. Not to mention C5 Z06 prices are out to lunch.

Boosted2k - I Make Videos and Put Them on YouTube > V12 Jake- Hittin' Switches
11/03/2016 at 17:30

Jake gets it!

Boosted2k - I Make Videos and Put Them on YouTube > marshknute
11/03/2016 at 17:32

Hell yeah! You beat me to it!

Decay buys too many beaters > Boosted2k - I Make Videos and Put Them on YouTube
11/03/2016 at 17:34

Different tastes I guess, I prefer the C5 styling to the C6. Pricing must be a local thing, here I’ve seen high mile C5zs got for around $14K

haveacarortwoorthree2 > Party-vi
11/03/2016 at 17:46

Heck, that’s not even good enough. I had one credit card with a significant limit (I put business travel on it as well as personal stuff). I pay it off in full every month. Despite that, I was getting dinged for using too much of my available credit. I now have an Amazon-branded card ($70 off an order for getting it) and also got a third card with as high a limit as my initial card. Despite me now having almost tripled my available credit card debt (which a rational person may think would cause me to be a worse credit risk for a new home or car loan), my credit score actually increased. smh

Party-vi > Boosted2k - I Make Videos and Put Them on YouTube
11/03/2016 at 17:48

Got it. I was under the impression that credit history was just based on the length of time you have held accounts, and not what the accounts had been used for.

Party-vi > haveacarortwoorthree2
11/03/2016 at 17:52

Well, yeah. If you triple your available credit but keep carrying the same average of debt on the cards each month you just cut your utilization by two thirds, which would look better on a credit report. I would give you a higher score if you had $75,000 of credit available but only carried $10,000 monthly in debt.

haveacarortwoorthree2 > Party-vi
11/03/2016 at 18:12

The point is that the actual monthly carry is zero because the card was paid in full every month. So it doesn’t matter in practice whether my total credit limit is $25k or $75k because actual utilization is the same.

Say I go to buy a house at $250k. Seems to me that the lender really would rather have the person with only $25k in max credit card debt possible than the person who could potentially run up $75k in credit card debt after getting the house and thus be a higher risk to default on the mortgage.

Or say that I now have three cards but still use only the one (or just charge something small like petrol on the other two every once in awhile). The other two will report no late payments, etc., but really have no meaningful information to provide. Yet my credit score goes up because I now have three cards. To me, that makes little sense.

Boosted2k - I Make Videos and Put Them on YouTube > Decay buys too many beaters
11/03/2016 at 18:36

Yeah definitely don’t see those prices here in Socal. Most c5 Z06 are listed at $22-$30k

Boosted2k - I Make Videos and Put Them on YouTube > 66671 - 200 [METRIC] my dash
11/03/2016 at 18:39

C6 is still great for the track. I can just let the C6 hang loose a little more without going code brown as I would given an ACR repair bill would be more lol

Decay buys too many beaters > Boosted2k - I Make Videos and Put Them on YouTube
11/03/2016 at 18:40

Ugghh CP all day at that price. Here that would be an absolutely pristine one.

66671 - 200 [METRIC] my dash > Boosted2k - I Make Videos and Put Them on YouTube
11/03/2016 at 18:54

Very true, I had the latest gen ACR in mind, so that was my reasoning. But still, I know you can get some pretty high horsepower numbers with those C6s. Make sure to keep oppo updated, I’m curious as to what’s next ;)

Speed > Boosted2k - I Make Videos and Put Them on YouTube
11/03/2016 at 22:07

WTF!?!? I’ve seen C5Z’s with under 100k for under $20,000 and ones with high miles around $15,000. I’ll buy them and hand fucking deliver them to Socal for that extra 10-15k!!!!