GETTING DISCOURAGED

Anonymous · ‎01-06-2010

For awhile, I couldn't afford to pay attention let alone anything else. My credit score bottomed out at 507. Since then, I've been paying my bills ontime and early, raising my score 80pts. I'm three months ahead on my car loan, but my cr score has stayed the same (just recently dropped 6pts) for the last year. In 2006, I co-signed a car loan that went bad and I owe $17,738. This account was sold and has a new open date of Aug '07. I haven't recieved a bill! Do I need to contact these people and set up a payment arrangement? Even so, this is a lot of money and I'm already paying 18% on my current auto loan. Everything is getting paid and has been for quite sometime, yet I can't seem to get ahead. Could this one thing hold me back this much? I don't know what to do - any suggestions?

msmee · ‎01-06-2010

It sounds like they may have sold the account to another creditor. If you can get in touch with the original creditor and make payment arrangements with them it would be better. However, it has already impacted your credit so if you can stick it out for the 7 year duration you'll be fine. I know that's not the greatest advice but there's no telling where they have bounced the account around to. It's probably not worth the hassle. Good luck.

Jazzzy · ‎01-06-2010

@Anonymous wrote:
For awhile, I couldn't afford to pay attention let alone anything else. My credit score bottomed out at 507. Since then, I've been paying my bills ontime and early, raising my score 80pts. I'm three months ahead on my car loan, but my cr score has stayed the same (just recently dropped 6pts) for the last year. In 2006, I co-signed a car loan that went bad and I owe $17,738. This account was sold and has a new open date of Aug '07. I haven't recieved a bill! Do I need to contact these people and set up a payment arrangement? Even so, this is a lot of money and I'm already paying 18% on my current auto loan. Everything is getting paid and has been for quite sometime, yet I can't seem to get ahead. Could this one thing hold me back this much? I don't know what to do - any suggestions?

Can the car underlying this loan be sold? Is your name on it?