Starting over.......

[Anonymous]

Hello all!  I am trying to get an auto loan.  Here is a little bit about my credit history. This past summer I paid off all of my charge off accounts (3). I have a total of 7 charged off accounts now with a zero balance.  It took up until this past December to reflect and my overall scores raised around 40 points.  I have an auto loan that will be paid off this year in October, and I have been 30 days late three times over a year and a half ago.  I recently opened a secured Orchard bank cc with limit of 250.  My current scores are TU-618 EX-589 EQ-591, which is the highest that I have seen them.  My questions are, what is the max. I should charge on my cc, and about how long should it take for me to be qualified for an auto loan (under 15000, with a trade in, and 2000 down)?  Any help would be appreciated!

[daisy245]

To get the maximum points for your score, it is best to pay all your cards down to a $0 balance, and have one that reports a balance between 1-9%.  It doesn't mean you can't use them, just pay them before  your statement comes out.  On the lates and paid COs, have you tried goodwill letters.  They do work and this can help your score as well.

I am not sure about the auto loan, someone with more exp. will be along shortly. 

There is an auto loan section on this forum.

Message Edited by daisy245 on 01-13-2009 09:15 AM

[Anonymous]

I would GW the auto loan lates.

As for the CO accounts, are they being reported by the OC or CA? If by the OC how old are the accounts(from date opened) and how does the age of them compare to your other accounts?

Are your scores you listed prior to the new CC?

Do you have any inquiries that will be turning a year old soon? Any accounts having a birthday soon?

You can charge as much as you want on your CC, but have it paid down below 9% util before they report. So, don't let no more than $20 report.  HSBC reports what your balance is on the last business day of the month, doesn't matter when your statement reports.

So, for Jan, whatever your balance is on Jan 30th, that is what is reported to the CRA.

How soon are you needing to get a car loan? If you can wait until all your accounts are at least one and you have at least a year(2 years is better) of solid payment history, you'll have a better chance.

Message Edited by sidewinder on 01-13-2009 12:33 PM