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Credit building help

Credit building help

First time using the forum. I am in the process of taking care of debt from about five years ago. One is a repo amount of 3350 and last reported in 09. I have a recent judgement for 800. This is on a $200 credit card from 6 years ago. From the same repo loan is the checking account with an overdraft of $307 which was last reported in 08. I gross 2k a month and have 1k saved. The goal is to have 1700 saved here real soon and see if I could use 50% to get that taken care of and off my report. I really want to get an auto loan this upcoming summer and my two credit scores are 590 & 614, of which are increasing somewhat quickly. Should I wait until i get the funds and take care of this repo or should I use the 1k to take care of the other 2 first?

 
3 REPLIES
Moderator Emeritus

Re: Credit building help

Recent judgement from 6 years ago?  What's your state's SOL?  Did you try to fight the judgement?    Anyway, pay that judgement now, then contact the court about getting it vacated.  Sometimes it works much better if you do it quickly.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.

Re: Credit building help

I believe the SOL is 7 years, lol. I did not fight it, had the immature thought of leaving it alone since it's time was almost up. They won the case and it does show up as a judgement on my CR. If I take care of that can I haggle with the company? It was a 200 CC and the judgement is for 776.

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Moderator Emeritus

Re: Credit building help


BlackMamba24 wrote:

I believe the SOL is 7 years, lol. I did not fight it, had the immature thought of leaving it alone since it's time was almost up. They won the case and it does show up as a judgement on my CR. If I take care of that can I haggle with the company? It was a 200 CC and the judgement is for 776.


It wouldn't hurt to negotiate.

 

IMO, I'd take care of the repo too. Your SOL probably isn't 7 yrs. 7 years is the credit reporting time period. Your SOL could be less, depends on your state's laws. But that repo would be a big obstacle for a car loan.