Please tell me if I can get an auto loan and where

[Anonymous]

Hello all, new to the forum, here is my story I am a 29yrs old who once upon a time about 9 yrs ago I had excellent credit, not sure what my score was back then but I had 3 major credit cards including an AMEX as well as a gas card and 4 store cards. I was working in sales while in college and commissions were good for a while so naturally being young I ASSUMED things were always going to be that way, boy was I wrong. I soon stopped making nearly as much money and soon started missing payments and eventually let them all go (hey I was young and stupid!) Anyway it is now 9yrs later and I'm ready to make a change, not just cos I need a car but because I'm tired of being treated like a second class citizen (I can't even rent a car!!!!) I pulled my CR and to my delight most of those Collections have fallen off save for a few which I have already sent PFDs this morning (I only discovered this forum last night and learnt a BUNCH already!!) My scores are EQ 576, EX 552, TU 521 I have already been turned down by Roadloans twice, first was a solo app and the second was with a Co-signer (they declined it because my Co-signer currently has 3 auto loans open, one for him and the other 2 he co-signed for his kids, which really raised his DTI%) I forgot to mention, my income is 65K, currently have a student loan which I'm current on but was 120 days late in 06 (sent them a GW as well), I also have a HSBC Visa with a $300 limit (balance is $171) and an installment loan with a store, other than that I have no debt I'm planning to pay off the collections as soon as the PFDs are sent back, but I know it will probably take a month or so before all this is reflected on my report, problem is I need a CAR right now! Is there any hope for me? Will taking these things off my report impact my score enough to get me in a car? looking for a 20k loan. Thanks in advance Message Edited by worth_more_than_myfico on 01-18-2008 04:39 PM

Message Edited by worth_more_than_myfico on 01-25-2008 11:54 PM

[CreditDrama85]

you could try HSBC Auto; Wells Fargo Financial (not Wells Fargo); or Citi Auto Finance..... if that doesnt work, i would just finance through a dealer....if you dont have a previous repo or something you should at least be able to get something with a high interest rate.

btw, you shouldnt dispute items while you are trying to get a loan or pay old charge-offs/debts....it will most likely make your score go down. leave your CR alone until after you get the loan.....

Message Edited by CreditDrama85 on 01-18-2008 04:56 PM

[CreditBob]

Becaue of the recent credit & mortgage problems all the lenders ahve tightened their restrictions on lending. So the cold facts are, you are going to need soem time to do soemthing with your credit.

Your income has nothing to do with the fico score. On your loan with the store are they reporting the account to all three credit bureaus? Pay your visa credit card off. Stop being late.

The bottom line is that once anyone's had problem they msot likely have to start all over again. But by how much depends on your individual situation.

[CreditDrama85]

and maybe everyone messes up their credit at some point in their life.....maybe not.

i like you started out with perfect credit : 4 amex cards, a discover, etc....now i rely on the several cap1 cards i have as rebuilders because somewhere along the way...i screwed up...

i am now 22 and getting back on track. i wonder if the handful of friends of mine who waited until they were 23 or 25 to get their first CC will eventually screw up like i did. does waiting until you are older make a difference? or does good credit come by unavoidable mistakes and going through what you and i have been through?

maybe this is why fico attributes a certain % of scoring to the length of time a person has had credit!

i disagree with the last writer, your credit needs work but your fico is over 500 and you have a decent income....so you WILL be able to get a loan (just might be at 17% interest).....if you need a car now...worry about your credit later

Message Edited by CreditDrama85 on 01-18-2008 05:07 PM

[Anonymous]

Thank you all for the responses Drama, please explain more on why I shouldn't be trying to remove these Collection accounts right now? I've sent them PFDs, and assuming they accept, I will be completely be removing them from my report..........how does it lower my score? Creditbob, the store is reporting to all three bureaus.........when you say pay the visa off you mean carry a 0 balance on it? I thought it was always good to have some sort of activity on the card as long as you weren't maxing it out?

[CreditDrama85]

well, it seems like you sent Pay for deletes to the collection agencies individually......there probably is no harm in that. the worst possible outcome would be them placing a hard inquiry on your CR as a refresher to remind them what the account is all about and what your fincl picture looks like....

i was more so saying you shouldnt dispute items with the Credit bureaus directly while seeking credit and i think thats why someone else told you to wait and that these things take time....if u were to dispute items the negatives could be: the tradeline being totally deleted and decreasing your overall account age, another lender seeing that there is a dispute in progress if they did a manual review, etc.

it sounds like you are on the right track and dont have much to worry about. it might be bad to say, but i have had so many negative items deleted or updated as unknown because the lender didnt respond within the time allowed....sometimes you gotta do what you gotta do.

i dont know if i mentioned it but you could also try roadloans.com for your loan. that is where capital one sends all their rejected applications for the most part.

Message Edited by CreditDrama85 on 01-19-2008 12:22 AM

[Anonymous]

Thanks for you help I will keep plugging at it!