No credit card required
Browse credit cards from a variety of issuers to see if there's a better card for you.
I'm cleaning up my husbands credit to move towards buying a new home. We had an auto loan from crescent bank in 2011-2012 long story short the car needed a new motor in less than a year because it was a piece of junk that a salesman tricked us into buying. Lesson learned. The loan amount is on his report, not listed as a collection because it's still with crescent I plan to settle it next month for around $4k. But how is it being listed on his credit report? I'm basically asking how is it classified since it's not a collection? Just a charge off?
@Muff wrote:I'm cleaning up my husbands credit to move towards buying a new home. We had an auto loan from crescent bank in 2011-2012 long story short the car needed a new motor in less than a year because it was a piece of junk that a salesman tricked us into buying. Lesson learned. The loan amount is on his report, not listed as a collection because it's still with crescent I plan to settle it next month for around $4k. But how is it being listed on his credit report? I'm basically asking how is it classified since it's not a collection? Just a charge off?
Have you pulled his reports to see how its being reported? Go to annualcreditreport.com to pull his full, free reports once a year.
Ok
@Muff wrote:Ok
In terms of FICO scoring, both Charge Offs, and Collections are considered "major derogatories". If a charge off is not settled, it will eventially get reported as a separate collection, and then possibly a judgement as well, making three major derogs from one bad account. Good idea to get it settled ASAP.