Wells Fargo Dealer Services Reposessed my car but I paid to get the car back

[Anonymous]

First time poster here, and I have a few questions.  I opened a 60 month $12,000 loan on my car in April 2011.  In May 2013 I fell behind 90 days in payments and WFDS reposessed my car.  I paid the balance that I was behind when it was repod and was able to get my car back.  It reports on my CR that I have 1-30 1-60 and 1-90 day late on the account.  Its now Feb 2016, and I only have 3 more payments to make thank god, but I was wondering, when the account is paid in full will I get an increase on my score since it is paid in full? Or will the baddies still affect my score significantly even though its paid in full.  Or will my score drop significantly since that is by far my oldest TL by almost three years and it will now be reporting as closed?

Thank you so much for your help! I love reading these forums theyve helped me a ton

[Pway]

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@Anonymous wrote:

First time poster here, and I have a few questions.  I opened a 60 month $12,000 loan on my car in April 2011.  In May 2013 I fell behind 90 days in payments and WFDS reposessed my car.  I paid the balance that I was behind when it was repod and was able to get my car back.  It reports on my CR that I have 1-30 1-60 and 1-90 day late on the account.  Its now Feb 2016, and I only have 3 more payments to make thank god, but I was wondering, when the account is paid in full will I get an increase on my score since it is paid in full? Or will the baddies still affect my score significantly even though its paid in full.  Or will my score drop significantly since that is by far my oldest TL by almost three years and it will now be reporting as closed?

Thank you so much for your help! I love reading these forums theyve helped me a ton

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The lates that were reported are hurting you the most.  When a loan is a paid off normally one see a drop in scores because of the paid off loan.  Yes it hurts but that is they way fico scores are set up. 

[Skye12329]

Anytime a debt is paid or lowered your score should rise a little. The TL will remain on your credit report for 10 years pnce closed. However the baddies will still remain for 7 years and can still cause the hurt. As the baddies age it becomes less hurtful to your score.

[Pway]

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@Skye12329 wrote:
Anytime a debt is paid or lowered your score should rise a little. The TL will remain on your credit report for 10 years pnce closed. However the baddies will still remain for 7 years and can still cause the hurt. As the baddies age it becomes less hurtful to your score.

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I agree however, it has been reported and seen that when you pay off a loan and there is no other installment accounts that your scores will drop.

[Anonymous]

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@Pway wrote:

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I agree however, it has been reported and seen that when you pay off a loan and there is no other installment accounts that your scores will drop.

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ah i forgot about that part with the variety of credit.  Would it be recommended to open a small personal loan and pay on it to keep the variety of credit used?

My current scores are FICO EQ 611  FICO TU 606 FICO EX 652

[adavis425]

My score dropped 25 points on 2 bureaus and 16 points on the third when I paid off my auto loan. I wouldn't go the loan route unless you need the loan. That app will ding you for AAoA and the inq.

[Anonymous]

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@adavis425 wrote:

My score dropped 25 points on 2 bureaus and 16 points on the third when I paid off my auto loan. I wouldn't go the loan route unless you need the loan. That app will ding you for AAoA and the inq.

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ouch, definitely not looking forward to a drop like that.  Ive worked so hard to raise my score that much! lol

[Shogun]

The 30 and 60 day lates are minor derogs and don't factor in so much.  The 90 day is a major derog and will affect you greatly.  I would start the GW process once it is paid off.

[Anonymous]

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@Shogun wrote:

The 30 and 60 day lates are minor derogs and don't factor in so much.  The 90 day is a major derog and will affect you greatly.  I would start the GW process once it is paid off.

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has anyone actually seen WFDS give GW adjustments?

[undrtkr65]

I tried to goodwill some credit card lates with them but they wouldn't remove them. I had several reps tell me that the late payments would be removed 6 months after the account was paid off. I will try again at that time.