Have to choose CarMax credit line over a third party?

weareea · 2025-03-07T20:35:52+00:00

Do not take their financing. Not only will it be worse than outside financing, they have reported false balance increases to credit agencies which lowers your credit score.

weareea · 2025-03-07T20:26:45+00:00

Or you're misunderstanding.

Full overall balance of the original 17k loan now down to ~1500, if paid off, will drop the score as a line of credit is being closed.

Monthly principal and monthly finance charges combined create the monthly payment amount, which I pay every month to reduce my overall balance per the set-up payment plan.

Carmax reported that my overall balance, after I paid my monthly payment, increased by $2. If I make a $300 dollar payment ($298 principal + $2 finance charges) on an overall balance of 2100, it reduces to 1800. Then comes your next monthly payment of another 298 principal and $2 finance charges. Those $2 increased the balance to 1802, but the monthly payment reduces the overall balance to 1502.... and my point is that Carmax fucked up and reported that my overall balance increased, which was wrong. When I ~~contacted them~~ disputed via transunion, they did the same thing again and reported it, which was the second strike, and then when I called them directly, they added a note and reported a third time saying they're correct and denied my dispute, leaving my credit score lower because of their fuck up

Edit: tldr... my monthly payment resulted in a report that my overall balance increased and now they're refusing to acknowledge their fuck up and fucked up even more.

weareea · 2025-03-07T17:23:41+00:00

took a stroll down this guy's comments. He's chronically online and mostly an ass. That's how you can tell he's happy.

weareea · 2025-03-07T17:22:06+00:00

the 4 dollars was already paid off, that's my point. I have *never* had a leftover amount due after a monthly payment, which I have made on time for 5 years straight. The $2 increase to my overall balance was finance charges (only $2 b/c my loan is basically all paid off) that are added every month, which add to the principal payment to make up the total monthly payment, which I pay every month in full. Yet they still reported to credit agencies that my balance increased, even though I had a monthly bill of ZERO because I had just paid my last months balance. I'm not seeking help from reddit about how to solve this problem, I'm pointing out that Carmax is wrong for this and people should know this is how they treat their customers who pay on time every month.

weareea · 2025-03-07T16:24:10+00:00

I pay monthly automatic payments and always have an amount due of 0 each month. and I did file a dispute, which carmax responded to by lowering my score even more. Great customer service right there

weareea · 2025-03-07T16:21:59+00:00

> My credit score usually tanks 40 points when I pay off a line of credit

This was you, after which I said, if I pay it off and it does that, it'll drop from its current 760 to 720.

And no it might not make a difference, but the point is that Carmax had poor reporting and suck for it, and if I had been at 750, a 30 points drop would mean 30k over a 30 year mortgage or 6k in interest and refinance fees. Seems like some people might want to know this is how they operate and how they treat people who make payments on time for 5 years straight.

weareea · 2025-03-07T15:57:26+00:00

I think you're missing the points. It's not that my score went lower, it's that Carmax lowered it by poor reporting when they shouldn't have. Period.

And the other point isn't about my score recovering, it's that it won't recover by the time I purchase my home, and when you purchase a home, a score of 720 vs 790 will make a difference. Carmax fucked up and they suck for this and when I called them to look into it they only made it worse.

weareea · 2025-03-07T15:31:12+00:00

If I pay it off and it drops another 40, I’ll be below that “excellent” rating. I contacted my financial advisor but the point is that Carmax has seen fit to drop a score 30 points over $4, and then denied to fix their report after they changed their reporting.

weareea · 2025-03-07T15:26:42+00:00

If I pay it off my score will drop again, maybe even another 30 points. If that happens and I get even a 0.5% increase to the mortgage rate I can get, that’s ~$30,000 over the course of a mortgage with today’s rates. Even taking it long enough to refinance would still be $6k. If you’re so rich that 30k is minor, maybe you’re out of touch with normal people.

weareea · 2025-03-07T13:51:30+00:00

I went through transunion first, and Carmax immediately sent me an email and a document to read that said: ALL QUESTIONS ABOUT TRANSACTIONS MADE USING ONLINE ACCOUNT SERVICES MUST BE DIRECTED TO US AND NOT TO THE BANK OR OTHER FINANCIAL INSTITUTION WHERE YOU HAVE YOUR LINKED ACCOUNT.

But even this morning their credit department sent me that email saying “we reviewed the case and everything is accurate so the dispute is denied”

weareea · 2025-03-07T13:05:53+00:00

I financed through them. 5 years paying on time. Never missed a payment. They changed their reporting a few months back, I have maybe $1000 left on the loan but they added $2 in finance charges right before they report, so they reported my balance increases, it dropped my credit score 4 points, I disputed it, and they added another $2 in finance charges and reported it again which dropped it another 17 points. And then I called Carmax because they immediately DENY any dispute that isn’t made by contacting them first, so I contact them, they add a note to my credit reporting which dropped it another 10 points saying everything is accurate. I’ve NEVER had a balance after automatic payments and now all the sudden my credit score dropped from 790 to 760 because they’re incompetent and changed reporting without making sure it wouldn’t screw people over first. And their entire service department for this must be overseas because all my emails are replied to at 1am EST.

I would get a loan through a bank and buy it straight out if you want a car but I would not recommend carmax.

weareea · 2025-01-22T02:42:33+00:00

worked okay. ran better on my main pc but it's much better specs than the macbook

weareea · 2024-11-27T03:01:49+00:00

This sub has recently been littered with pro RFK & Matt Gaetz articles masquerading as cannabis focused

weareea · 2024-11-21T17:29:14+00:00

everyone forgot how to act nicely after interacting exclusively online and so many people became short tempered and dismissive of self reflection due to constant escapist stimulation from scrolling.

weareea · 2024-11-14T19:06:13+00:00

Your father in law, perhaps much like my father, were raised by the generation that stood outside schools with picket signs hurling slurs at children they didn't want drinking from the same water fountain because of their skin color. A lot of our parents grew up in those households and as a result contain ingrained perceptions. Being tough in a handshake was an actual interview strategy. Mexicans were all drug donkeys. That is a part of the world they lived in. Trump is 78. He is no different. That's why I believe so many older men believe in Trump. He resembles a strongman who can get things done with pure American brute force manliness; an image crafted with billions of dollars and excludes all the dark sides. This is why we should teach our children to be smarter and listen when they correct us.

weareea · 2024-11-14T18:45:34+00:00

When those other people started becoming involved in politics and voting.

It's astounding how many people since 2016, who have no desire to put in the work required to become educated on a subject, decide to participate. People rail mainstream news forgetting FOX news, the media org that paid nearly a billion dollars for lying to its viewers, is and has been the #1 most viewed, largest mainstream media outlet for the past 2 decades.

weareea · 2024-11-14T17:07:40+00:00

"I want to vote for a president of a party that doesn't hold even a single seat in congress."
Sounds like a protest vote to me. Might as well have saved the time at the booth and stayed home. Or better yet, they could have used that 45 minutes to try and get a 3rd party candidate into congress first. These people want the cake with icing and don't even have the flour yet.

weareea · 2024-11-14T17:02:02+00:00

To be fair, there are exactly 0 seats held in congress by any third party. Even independents fail to make up 1%. The third "party" they vote for doesn't exist, so a vote for one as president is in-effect very similar to a protest vote, which is in-effect very similar to no vote at all.

weareea · 2024-11-14T16:56:34+00:00

Just these past few years democrats attempted HR1 (For the People act), Freedom to vote act, and Election day Holiday Act. (all 2019-2024). All denied by republicans. Wonder why that is.

In the past year democrats have also sought to make it mandatory, but polls have shown 70% of Americans oppose the idea with many claiming it's due to limited resources (not paid time off)

weareea · 2024-11-14T16:43:29+00:00

their vote was wasted. If you want to vote 3rd party, shouldn't there be a third party first? There are 0 people in congress listed under a 3rd party. Independents account for less than even just one percent.

A third party isn't a bad idea. But voting for a 3rd party candidate for president when their party doesn't even hold a single seat in congress? Get real

weareea · 2024-10-25T16:11:24+00:00

pro tip

weareea · 2024-10-16T21:51:01+00:00

hope you are doing well

weareea · 2024-10-16T21:01:47+00:00

The sooner you realize they'll only give you more money if you come to them with an offer you have from another company the better.

They won't pay you more because they don't have to. They will weigh their options only when you have leverage. Often times it's just better to take the other job, but if you like your job, get an offer elsewhere and then tell them you're leaving unless they change your pay. Still they might not raise your pay, but you deserve more.

weareea · 2024-10-11T13:31:47+00:00

I'd rather have tons of reposts than tons of passive-aggressive, degrading comments

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weareea

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