confused about CR details?

[classicgirl29]

my first post here, i am so glad i found these boards!   and i have a question about my fico credit report....

on the main page summary of my credit report it shows that i have a couple of lates or negatives.  when i actually look at the report the things that are flagged are one student loan and one auto loan payment.   closer looking into the actual accounts i see that the student loan details show i wasn't late ever and that there was never a delinquency, the account was closed when i consolidated.  i am confused about why it says in the summary that this account is flagged and is hurting my score.  what do i do about this?

the other negative is one late payment in september 09 on a joint auto loan that i do not have any more.

my score is 651 per FICO.

i also am in the market in the next month or so to get an auto loan, trade in the jeep i have.  i owe about 10K, it is worth about 18K. so i am hoping for 6K "equity" and to finance maybe 6K - 8K.    i receive child support and SSdisability--total is about 1600$ month with  no rent, just utilities.      will i be able to finance without a cosigner?      should i post this in the auto forum?

thank you for any help!

[llecs]

Welcome to the forums!

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.

What you want to do is pull your free CRs directly from the CRAs. You can get your free reports once a year via annualcreditreport.com.

For the SL, look for anything that is considered a negative. Make sure the "Worst Delinquency" box says "None", "not reported", or something like that. If it references any lates or mentions the account was charged off or was in collections, then that is the source of your flag. Look in the statuts, make sure it doesn't say anything but "pays as agreed". If it says anything else, then you'll have a red flag. Make sure the "Past Due" says "None". Check the 7-yr history and make sure it doesn't have any lates. Finally, check the "Descriptions" to see if there are any negative comments. Comments like "Was a charge-off", "charge-off", "paid for less than full", or "settled" can hurt your score and also cause the red flag.

For the car loan, check the "status date". If it says that it was updated this month, then the car loan updated. If it was ever charged-off, then it is common practice to update monthly. Unfortunately that's a score drain each time they do it.

I'm clueless on car loans...bumping for others.

[classicgirl29]

thank you for the advice.  i will definitely check my free CRs for more details.  it does say on my FICO report "pays as agreed", etc.  there is no neg info at all, so i am really confused.     but i will check it out.     i don't have any charge offs or anything like that, just 2 lates evidently.  the only other negative i have i guess is that i have a $300limit cc that is nearly maxed out.

any ideas about if these things will keep me from getting financing for a used car with trading in my jeep?   i should have about 6K left over after the loan is paid to put down on something.

[GregB]

You used the term "joint auto loan that I don't have any more". Does that mean you were divorced and your spouse received that car and the loan to go with it? If that is the case and your ex-spous was late, it will hit your credit since you are still on the loan.

[classicgirl29]

i don't have that auto loan anymore bc we traded in that car for what i have now after a year.    evidently we were late on the last payment, right before paying off the loan, in the midst of buying a new car and i didn't even realize it, bc they reported it and that is one of my negatives.  ugh.

i got this report from equifax and these are my two negatives.   any advice?  because i can't figure out why the student loan is even showing up, or what to do about it.  i want to trade in my car in the next couple of weeks, and my score is not bad, but i am scared that i won't get approved for financing bc of this info (coupled with my low(?) income and student loans):

please help?

CAPITAL ONE AUTO FINANCE Account Number: XXXX Current Status: PAYS AS AGREED  Account Owner: Joint Account  High Credit: $12,542   Type of Account : Installment Credit Limit:   Term Duration: 72 Months  Terms Frequency: Monthly (due every month)  Date Opened: 11/2008   Balance: $0   Date Reported: 10/2009  Amount Past Due:   Date of Last Payment: 10/2009  Actual Payment Amount: $12,192   Scheduled Payment Amount: $288   Date of Last Activity: 10/2009  Date Major Delinquency First Reported:   Months Reviewed: 10 Creditor Classification:   Activity Description: Paid and Closed Charge Off Amount:   Deferred Payment Start Date:   Balloon Payment Amount:   Balloon Payment Date:   Date Closed: 10/2009  Type of Loan: Auto  Date of First Delinquency: N/A Comments:   81-Month Payment History Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2009 * * * * * * * * 30       2008                     * * Payment History Key
NELNET LOAN SERVICES Hide Details	XXXX	10/1994	$0	01/2006		PAYS AS AGREED
NELNET LOAN SERVICES Account Number: XXXX Current Status: PAYS AS AGREED  Account Owner: Individual Account.  High Credit: $2,625   Type of Account : Installment Credit Limit:   Term Duration: 120 Months  Terms Frequency: Monthly (due every month)  Date Opened: 10/1994   Balance: $0   Date Reported: 01/2006  Amount Past Due:   Date of Last Payment: 08/2005  Actual Payment Amount: $50   Scheduled Payment Amount: $50   Date of Last Activity: 08/2005  Date Major Delinquency First Reported:   Months Reviewed: 82 Creditor Classification:   Activity Description: Paid and Closed Charge Off Amount:   Deferred Payment Start Date:   Balloon Payment Amount:   Balloon Payment Date:   Date Closed: 12/2005  Type of Loan: Education Loan  Date of First Delinquency: N/A Comments: Paid collection   81-Month Payment History No 81-Month Payment Data available for display.

[classicgirl29]

...and i just keep growing this thread, but i really am at a loss.   i just pulled a report from experian, and there is the late auto loan staring at me, the student loan is nowhere to be found, but has been replaced by this:

Address:  575 UNDERHILL BLVD STE 224   SYOSSET, NY 11791  (800) 650-8784	Account Number:	Original Creditor: CRAFTERS CHOICE BOOK CLUB
Status: Collection account. $42 past due as of Sep 2010.
Date Opened: 12/2009 Date of Status: 04/2010 Reported Since: 03/2010 Last Reported Date: 09/2010	Type: Installment Terms: 1 Months  Monthly Payment: $0 Responsibility: Individual	Credit Limit: $42 High Balance: N/A  Recent Balance: $42 Recent Payment: $0
Account History: Collection as of Sep 2010, Jul 2010, May 2010, Mar 2010
Balance History: 07/2010 $42 07/2010 $42 05/2010 $42 05/2010 $42 03/2010 $42
Limit High Balance History: The original amount of this account was $42

i don't understand this at all, bc while i *did* have an acct with this mail order company back in 2005 or 2006, i have had zero interaction with them at all since then.  this is being reported by a company called RJM ACQ LLC. 

what can i do about this in time to try to finance a car without a cosigner in the next couple of weeks?  is my only option to DV with them, etc?  and i've never done that...that probably takes weeks or more like, months right? 

thank you for your patience and kindness if you actually have made it through my thread     

[IOBA]

If this was my situation, I would GW the auto lender to remove the late.

If this was my situation, I would DV the CA.  Do you have any old records showing you where have a zero balance or a payment plan for the club?

[IOBA]

PS - Before DV the CA, I would contact the Club first and see what you can find out.  They may be able to pull it from collections...at the very least, you can get a letter from them saying you owe zero!