Rebuilding Questions

[Chrisla2077]

Hi all, I'm in repairing hell, lol, just wondering if anyone can answer these questions for me. Any help is appreciated

1. In determining whether a CA is "old" or "recent" is the DOFD used or do the CRAs use the DOFD or Date Opened to determine ? This is for a collection that is as of yet unpaid.

2 Does anyone live in Maryland an know whether or not satisfied judgemets can be vacated?

3. My AAoA is 6 years, but when I lost my job in 09, everything was paid or charged off. I've started trying to rebuild by getting an secured loan, fingerhut freshstart loan and eventually fingerhut CC. Will my AAoA acounts drop my score and if so, how much approx (IK there is no set answer).

4. Perhaps this would be better answered in the Auto Loan section, but I'm trying to get an auto loan with my scores Anyone know of a lender? I've been turned down by even NFCU.

[guiness56]

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@Chrisla2077 wrote:

Hi all, I'm in repairing hell, lol, just wondering if anyone can answer these questions for me. Any help is appreciated

1. In determining whether a CA is "old" or "recent" is the DOFD used or do the CRAs use the DOFD or Date Opened to determine ? This is for a collection that is as of yet unpaid.  To determine if the CA is old or recent, look for the date reported. 

2 Does anyone live in Maryland an know whether or not satisfied judgemets can be vacated?  To the best of my knowledge, not in MD

3. My AAoA is 6 years, but when I lost my job in 09, everything was paid or charged off. I've started trying to rebuild by getting an secured loan, fingerhut freshstart loan and eventually fingerhut CC. Will my AAoA acounts drop my score and if so, how much approx (IK there is no set answer).  All accounts, open and closed count toward AAoA.

4. Perhaps this would be better answered in the Auto Loan section, but I'm trying to get an auto loan with my scores Anyone know of a lender? I've been turned down by even NFCU.  The only lenders I know that would finance you, you want to stay away from.

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[abarcla1]

I used Cap one Auto finance but the rate was crazy. I was able to refinance after 6 months so it served its purpose.

[Henchman21]

You could try getting added as an AU on someone's account, for an AAoA boost. Yours really isn't that bad. I think you could probably figure it out by using the median age of all your combined accounts.

I would put off the auto loan for as long as possible, you'll save a lot of money that way if you can improve your scores during that time.

[kitty9779]

If you really need to buy a car now, you may want to go to CarMax. They have been able to get financing for me, which was a nice surprise. My APR wasn't too bad - I think it was 10.9, so better than the 18% they could have charged! Still, I will be refinancing with my credit union soon.

[chevyman]

Carmax never heard of it

[Chrisla2077]

Thx for the answers so far you all. I need the auto loan now. I've been borrowing my dad's truck for a while, but it's on its last leg so I need to get something ASAP. I want to try financing with CAp 1 but I'm afraid i'll get denied as I did last August. I guess inquiries don't matter that much on my terrrible report right now.

[Henchman21]

Too many inquiries will matter. Auto loan inquiries that are done within two weeks should only count as one - but I would still be very cautious. Money down will probably be a huge factor for you, the more, the better your chances of approval.

[guiness56]

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@Henchman21 wrote:
Too many inquiries will matter. Auto loan inquiries that are done within two weeks should only count as one - but I would still be very cautious. Money down will probably be a huge factor for you, the more, the better your chances of approval.

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With the new scoring model it is now 45 days.

[Henchman21]

Oh nice!