will the rejection hurt?! is there hope?!

[Learning_Tee0225]

Hello all,

Ive got a question..I was a co signer on a car purchased in 2003 through ford motor credit. i was 18 and it was a rocky road to say the least the account has several 30 day and 60 day lates and was charged off in Aug of Sept with a balance off 955$

When i made the decision to clean up my credit this was the first place I knew I had to start i've paid the loan off as of Jan 2012 and my CR shows : Payment after charge off/collection Paid profit and loss

My question is How bad is this going to effect me when i attempt to get a new car?...i plan to start lookin in AUG 012 for a new loan

I have 3 Open CC all showing positive with utlity under 10% - 2 $500CL and 1 $300CL all opened between Feb and April of 2012 and 2 accounts still in collections total of 786$

Current TU 639 EQ 597

[guydiver]

Well, no good news.  The auto charge off will kill your auto enhanced Fico score, and your current scores already put you in the high interest bracket at best.  You might only qualify for the "Buy here Pay here" places.  Your credit cards are low limit, new accounts with no history to speak of, even by August.  Best advice is to save up and buy a beater until you can clear up your reports some.  That charge-off will  be on there for approx. 7.5 years from the DOFD.  You will need some solid upper 600 Fico's to help counter that major derog.  A year or two of clean reports and you might have a chance.  Good luck.

[m29]

I was in a car accident Feb 2009 and the car was totaled i only had it less than a year, after auction the balance was $868 and I couldn't afford to pay it!  It was charged off a few months later.  I was able to pay it off in Feb 2011 so it is marked as a paid charge off!

August 2011 I applied for a new car loan CS were EQ 526 EX 536 TU 600, the only open account I had was a Cap 1 $200 CL secured card and it was only open a few months! I also had several recent Collection accounts and 2 late payments in 2010.. I was able to get financed through Chase @ 12.33%. A little high but for my scores I was expecting the high teen low 20 range! Refinancing in a few months after my mortgage closes!

Good Luck everyone has different experiences!!

[Anonymous]

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@Learning_Tee0225 wrote:

Hello all,

Ive got a question..I was a co signer on a car purchased in 2003 through ford motor credit. i was 18 and it was a rocky road to say the least the account has several 30 day and 60 day lates and was charged off in Aug of Sept with a balance off 955$

When i made the decision to clean up my credit this was the first place I knew I had to start i've paid the loan off as of Jan 2012 and my CR shows : Payment after charge off/collection Paid profit and loss

My question is How bad is this going to effect me when i attempt to get a new car?...i plan to start lookin in AUG 012 for a new loan

I have 3 Open CC all showing positive with utlity under 10% - 2 $500CL and 1 $300CL all opened between Feb and April of 2012 and 2 accounts still in collections total of 786$

Current TU 639 EQ 597

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Try to speak with lender and get it deleted (PFD - all the baddies) if possible there is no harm in trying and

[Learning_Tee0225]

Thats what i like to hear!! there is hope lol I know im not going to get a 2% apr but to hear urs was at least below 15 ill take that haha! if u dont mind me asking how much was your loan?

[m29]

The loan was for 16K for 2009 G6 GT, $500 down and a beater car as a trade in!