Any Chance Here?

[Anonymous]

Hi everyone, 

First thanks for responding. Just pulled my scores  here in April, TU (657) and EQ (635) both are up from 584 in Jan. Anyway, had some old debts and collections that I paid off except  the largest one that is currently at $6,100. (That will be done by end of year).  All are shown as paid except that last showing as paying. Also have two credit cards, USAA and Credit One, low limits $500 and $400 for rebuilding credit.  I have had two auto loans in the past both paid off. Only one I had a couple of missed payments back in 2005 when I lost my job. It has been a long and hard road for me learning about credit and the pitfalls. But I am back on track and if things go well and at this rate I could actually be above 700 in a few months on my TU anyway from the looks of it. I applied and was denied an auto loan from USAA about two months ago. But with these slightly improved scores and only one collection showing is it even smart for me to attempt again or just continue to pay off the collection hold ground and wait it out more? Of cousre i would try through different banks and maybe even CU. Any ideas? Thanks in advance. 

[webhopper]

I would wait for your lates from 2005 to age off, and then I would apply. With your good payment history on autos, you'll likely be approved.  I would apply at the dealership if I were you. I was able to be approved for both Volvo Financial in 2009 and Ford Motor Credit in 2011 with a repo and paid judgement from the repo showing. If I can be approved, I'm sure that you can as well. I ended up going with a CU in 2011, but I went with Volvo in 2009

[Anonymous]

Thanks,

I think I will wait. I have no rush so I can hold out. My biggest priority will be to keep getting my scores up. 

[dodgeball]

There is always somebody willing to finance you, it is estimated as much as 20% of the former A plus crowd has had there credit downgraded due to the state of economics in this country. Basically lenders need to make money and how they do it is making loans. I would just go through with the dealer financing. The only problem I see is not that you have a collection, but you have a unpaid collection. It may not matter with your fico score if its paid off or not but when a loan officer looks at it, it makes a huge diffrence.

[Anonymous]

Ok, so even if I am paying on it if it is not paid off that could matter more. Hmm, seems reasonable. Ok, yea I was thinking the dealer financing route also. I think they have more options available also that are willing to finance. 

[Creditaddict]

What do you want to buy?

Used or New?

Money down?

[webhopper]

---

@Anonymous wrote:

Ok, so even if I am paying on it if it is not paid off that could matter more. Hmm, seems reasonable. Ok, yea I was thinking the dealer financing route also. I think they have more options available also that are willing to finance. 

---

You might be able to negotiate a PFD (Pay for Deletion) on the collection... If so that would be great for your situation.  I will update in just a second with the links for getting info on doing PFD

I'd suggest reading the following:
Common Abbreviations
Credit Scoring 101 - great for knowing what is in your credit score and to see how your score is impacted.
What Steps Do I Take - great for learning the repair process.
and Example letters - PFDs, GWs, DVs, etc.

[Anonymous]

Thanks for the info. Im looking into it.

[webhopper]

Good Luck on that PFD and please post again if I can assist in any way