Repossession discharge from credit report

[Anonymous]

I had a car that was repossessed in April/May 2007.  It is obviously still showing up on my credit report.  I am trying to buy a car.  Should I contact the back about a settlement or just bide my time until the 7 years has run.  We really need to get a home loan ASAP.  I don't think waiting until it comes off is going to be an option for us at this point.

HELP!

[Anonymous]

Not that I am suggesting you not pay back your obligations, but paying it off won't help your score or make it go away.  It would just get updated as settled for less than owed (or something like that) and still sit there stinking up your credit report for the next 7 years.

Most likely you can buy a home with this outstanding debt...it would be better to mess with this after you buy a home instead of before.

Message Edited by 1111mel on 11-19-2008 02:02 PM

[Anonymous]

I have been told by the lender that I am working with that it needs to be paid off because it is over $500.00.

[Anonymous]

Post your question on the mortgage forum..........Most likely the experts on there will tell you to find a different lender.