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Hey all!
I need some advice and help. My credit score is low right now (according to scorewatch). 525
I am looking at getting a auto loan from Honda around July or August.
I have a public record on my account from a payday loan that i was brought to court for. I met with the attorney who was taking me to court in the lobby and we came to an agreement before going in front of the judge. But now this is on my credit report as a Public Record.
I also have 4 credit cards. Cap one, VS, Express, and Buckle. They are high balances right now but I will be paying them off by the end of May.
I also have 5-6 collection accounts all but 1 or 2 are old from about 2008 - 2009.
What do I need to do to be able to get my auto loan?
Is it even possible at this point?
@Rice1o5 wrote:Hey all!
I need some advice and help. My credit score is low right now (according to scorewatch). 525
I am looking at getting a auto loan from Honda around July or August.
I have a public record on my account from a payday loan that i was brought to court for. I met with the attorney who was taking me to court in the lobby and we came to an agreement before going in front of the judge. But now this is on my credit report as a Public Record.
I also have 4 credit cards. Cap one, VS, Express, and Buckle. They are high balances right now but I will be paying them off by the end of May.
I also have 5-6 collection accounts all but 1 or 2 are old from about 2008 - 2009.
What do I need to do to be able to get my auto loan?
Is it even possible at this point?
With all of tht you are definitely in subprime land... any offer you get will be a bad deal. It would be wise to look into getting that PR vacated and sort out some of your other issues before going for an auto app.
If you never went into the courtroom there is no judgment, dispute it as inaccurate with the CRAs and if it comes back verified file a CFPB complaint. I would work on getting your collections taken care of, paying off your cards as you say you will will raise your score as well. Just let 1 card report to the CRA with a 1-9% balance of its CL for the best FICO score..
Well thats why im asking haha. Because Im trying to see would it be better for mem to pay the debts that are from 2008 or leave them?
and How do i get a PR vacated?
I have read that paying old debts will lower your credit score. So im wondering if im better off letting them fall of my report and then paying them.
Any dispute of public record information must be done by way of a dispute sent to the CRA.
The direct dispute process exempts disputes related to public record information.
Thus, the sole party investigating your dispute will be the CRA, who will rely only on the current public record information.
If you settled pre-trial, then there was no trial, and thus no judgment.
First, go to the courthouse and review the record of the trial.
If it does not show a judgment, include a copy of the dismissal of the proceeding with your dispute to the CRA.
I'm in the same situations as you were, I currently have 4 unpaid collections that are old from 2008, with collections so old it shouldn't be affecting your score, I would just let them fall off my credit report and not pay CA, what's really hurting your score is that all your cards are reporting high utilization, work on getting your utilization to less then 20% and you can expect to see about 100 points increase, I did this and my score is 670 fico with 4 collections on my CRs
Advice not to pay debt based on credit report exclusion, aside from being contrary to the terms of service of the site, is a head in the sand approach
.
It assumes that credit report exclusion makes the debt obligation disappear. It still exists until the debt is discharged, and can become known by various means other than a simple pull or your credit report, and not seeing reporting of a debt collector.
Debt collectors may accept a settlement for substantailly less than the full debt on old debts.
You might consider still addressing the unpaid collections......
@gdale6 wrote:If you never went into the courtroom there is no judgment, dispute it as inaccurate with the CRAs and if it comes back verified file a CFPB complaint. I would work on getting your collections taken care of, paying off your cards as you say you will will raise your score as well. Just let 1 card report to the CRA with a 1-9% balance of its CL for the best FICO score..
The public record could be showing the agreement as the creditor's attorney may have simply recorded it in the public records. Not being a udgement does not change the negative impact of that item on the public record. I have recorded leases on the public record. That happens more than you may think. The CRAs will not change anything on the report and they are not breaking any laws per your statement.
@Rice1o5 wrote:Hey all!
I need some advice and help. My credit score is low right now (according to scorewatch). 525
I am looking at getting a auto loan from Honda around July or August.
I have a public record on my account from a payday loan that i was brought to court for. I met with the attorney who was taking me to court in the lobby and we came to an agreement before going in front of the judge. But now this is on my credit report as a Public Record.
I also have 4 credit cards. Cap one, VS, Express, and Buckle. They are high balances right now but I will be paying them off by the end of May.
I also have 5-6 collection accounts all but 1 or 2 are old from about 2008 - 2009.
What do I need to do to be able to get my auto loan?
Is it even possible at this point?
Forget about buying a car for which you cannot pay cash. Rent or buy a beater. Work on cleaning up those baddies and improving your overall credit profile before seeking new financing. That's my 2 cents ....