@Anonymous wrote:
I have an installment loan on my trailer that I am selling today. Can I expect this to show as a negative on my report?
@I have had the account for three and a half years. Loan amount=13,000 @ 225 month and current balance is 4450.
The reason I ask is due to an auto loan I had in '03, the loan was paid off after four years and now it says that is effecting my credit
in a negative way. I did have one late payment, it was due to my first deployment and at the time I did not know about a GW letter.
Any insight would be helpful.
If all payments were made on time, this loan should report as Paid. It and you good payment history should stay on your CRs for up to 10 years. It will also contribute to your AAoA. Any lates will continue for 7 years then drop off.
You can still GW to lender on your auto loan. It never hurts to ask and the worst that can happen is they say "no". As far as GW letters go, I use the "If at first you don't succeed ..." method. I had some lates dropped on an auto loan but only after being a very polite, humble and respectful thorn in their side for a few months. Who is the company? Do a Google search and get the names of the higher ups in the organization. Send your letters to them. There are several good examples of GW letters on this site.
CB
