Auto Credit Express

[dznen1]

I am a newbie.

Has anyone used Auto Credit Express?  Their website say they help those with bad credit.  My fico score with Exp is 495.  I have one  baddie that was removed this month, one that will fall off in July, a few days from now and I have a Citi auto loan due to drop off in Sept of this year.  There is also a check that was due to fraud about 6 years ago that for some reason the CRA's will not remove even though I have sent documentation form the bank and the police dept.  There is another item that shows "paid as agreed" that I was told by an Exp rep that would remain on for 10 years even though it is  and has been in collections for 9 years.  

I want deeply to improve my credit and buy a much need car. 

Any help and advice is much appreciated.

[Tazman81]

I have not heard of them.  You may want to check out bbb.org to see if they have any information.  I would stick with a reputable company.  Have you tried just going down to the car dealership and letting them run your information?  I would recommend checking out companies such as Capital One and Drive Financial.  Though they charge very high interest rates, they have been known to specialize in those with problems on their credit.  Unfortunately with that bad loan through Citi Auto, that is considered a bad sign because Citi Auto also specializes in providing auto loans to those that have had trouble in the past.

It seems that your credit score is extremely low with those items being so old.  Do you have anything recent that is causing your credit score to be so low?  Any lates?  Also, do you have any currently opened major credit cards that show you are being responsible with your credit.  The first step may be for you to try to obtain a secured credit card for 6-8 months to help build your score.  Do you have a downpayment that you can use?  It may be easier to get financed if you have a substantial downpayment.

[dznen1]

Thanks Tazman81

I am going to try and wait until Citi falls of in Oct. of this year.  Originally when I purchased the car it was financed through Auto One, then I guess Citi purchased the loan.

It says on my cr's that it will be off in Oct.  My credit scores are low because I was in arears with my mortgage because of job loss.  I do have some good on them, AAOA about 6-7 years.  One car, that I did pay for prior to the voluntary repo, has already fallen off my report..  I did not not that the good credit did not remain on my reports. I was also late on about 3 others at one time, all after I lost my job.

I plan to put down 20% on whatever car I am blessed to buy.  .I also plan to try some of the cards I read about on this forum, like Cap One, Public Savings.  

I am learning so much here from all of you who are more than willing to help others. 

[Tazman81]

Yeah, it can kinda sneak up on you.  Unfortunately the good items do fall off of your credit report along with the bad based on the time frame.  From my experience (and from a few other's I've spoken with), I think capital one likes for you to have a mortgage in order to get a auto loan with them.  I don't know if this is true in every case, but is just what I have experienced.  Yes, you should probably try to go ahead and get a credit card that you can get into good standing.  You don't even have to use it.  I use mine for gas and then send a payment the same day I make the gas purchase.  I don't even carry it with me unless I am going to get gas.

Well, back to the auto loans, it may be best to wait until the baddies fall off and then see what you are able to come up with.  Do you have a CarMax in your area?  They work with a number of different lenders, and all of my experiences with them have been very positive.  They also work through drive financial, which is one of the ones I was speaking about above.  20% is a pretty good amount to be able to put down.

[dznen1]

I do have a CarMax in my area.  I will look into them as well.  But, don't you or do you think that waiting, if at all possible, until the car is off and the other two badies are off as well, that I should wait?.  I don't want to add any inquiries, if at all possible until I know what my scores will look like.    

Oh yes, about Cap One, I do have a mortgage but, I was speaking of their credit card for rebuilding my credit. Your idea about using it only for gas is great.  I really don't ever want to repeat my present credit condition.  

[Tazman81]

Yes, I agree.  I would wait until the baddies are off of your credit report because that should really help things out including with getting you a better interest rate.  You may want to see about getting your credit card with capital one and then hopefully when you go for your car loan, they will pick you up with a decent interest rate.

[dznen1]

I will apply for the Capital One card and what about another card, Public Savings Bank, or do you think that is one too many?  I thank you sooo much for your help.