Re: Is this a stupid idea?
It was only an idea to try to figure something out. A bad one obviously. Here is more info on my situation...
1. My commute to work and back is 90 miles per day. I also am a musician on the weekends, so the traveling varies. At least 200 on a weekend I would say. So that is about 650 miles per week on average. I get about 300 miles from my 19 gallon tank. So I use roughly 2 tanks a week at 45 per fill up. That equals out to about 360 per month, plus another 50 or so for tolls.
My insurance is 1100 per year. That is inexpensive for a 27 year old male in New Jersey. I will be seeking prices for when I move officially to DE. My payment is 370, so per month I am spending almost 900 to drive. The reason I can't refinance (which I have tried several times) is that fact that my jeep is a 99 and I have too much inequity.(because I was a moron and bought the extended warranty on the jeep and the truck before it)
You may ask why I am commuting so far? I am moving with my fiance next month. The mortgage on her Condo is only what pay for rent at my apartment, plus she has a roomate. I will be rent free for about 6 months or so, so that will give me an opportunity to build a savings account, and pay off a good chunk of my credit cards. I will eventually be putting my name on the mortgage, so refinancing the condo to pay off my 22000 loan may be an option in the future. I haven't done that before, so I'm not really sure how it would work out to refinance like that.
My credit score ranges between 650 and 660, as of last week. I have never been late on a payment, but my income to debt ratio is too high. I had consolidated all my credit and loans into one loan, which it's rate is 14.9. I have never been late on payment and am determined to get a grasp on my situation.
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