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I checked my credit score yesterday and I saw the 5 collection accounts and I assumed that my credit was screwed. Most of these debts are several years old, in fact, the collections themselves are fron 2007 or earlier.
I decided to try the credit.com tool and I got the following:
Can this be right? Is my credit looked at better now to a lender than before because of the fact that in the past year I haven't had a late payment, since all that I have to pay on really is my car lease? Anyone shed any light on the accuracy of the Credit.com tool?
Most of that is just sales rhetoric.
List each of your montly derogs on each OC account, and charge offs, or collections.
Late derogs dont drop much in impact after one year, especially if they reach major derog status of 6/90+ late.
I knew it was too good to be true. Oh well. I guess I will have a choice then--either pay these or try to get a PFD as I originally planned. I just don't want my credit damaged further and I HAVE to have my credit clean enough to get financed for my car come October. I have applied for a BoA secured card to at least start to rebuild but these damaging things just keep popping up.
Here are the good things I have on my report:
3 auto loans all paid on time (2 paid off in full, current is a lease)
Student loans all paid on time (deferred because I am still in school)
No public records, liens, etc.
Here are the bad things I have on my report:
Continental Finance CO 5/13/07 CA 12/1/07
Credit One Bank CO 5/1/08 CA 5/14/08
First Premier CO 6/22/07 CA ??
CA LVNV Funding (I am DV this because I cannot find an associated CO on my report)
I know that most of these are within a few years, but my husband lost his job and I wasn't able to pay these on my income. It was pay for car, food, rent, etc to keep us afloat, my credit cards weren't on the front of my mind.
What do you think my chances are of getting a loan for this car with this bad stuff there? Any idea about the level to which Auto Enhanced FICO works?