Trying to Rebuild My Credit

[Anonymous]

OK I thought so people said lates will kill ur score big time I don't know why some told me to pay the collections first if the lates are hurting me more

[Dj4Money]

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@Anonymous wrote:
OK I thought so people saidlates will killur score big time I don't know why some told me to pay the collections first if thelates are hurting me more

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  I think it depends. 

 I was recently told that late payments, charge off accounts and one active collection harpooned my possibility of getting an auto loan from one of my Credit Unions.

  Here's the thing. Late Payments don't just disappear, you have to have them removed or aged out of existence. My last reported late was 2010 on my Student Loan; Experian also list one car payment being late but that was a result of a not-quite a repo as I am going to start calling it.

 I was told by my CU to re-apply for a auto loan in six months. All they are concerned with really from my estimation is that all things are paid and no DQ'ed accounts. 

  
 This is the same as CU's refusing recent BK's and recent (less than two years ) repos for refusal. Late Payments while damaging are not so easy to solve; if I re-apply in six months the late payments will STILL be there!

 So what I am considering is other finacing options; I believe I can still get a decent rate based on my EX score.

[Anonymous]

Well the OC on my charge off agreed to delete it from my Credit reports once I pay in full will removing the charge off along with the 26 90day lates help my score alot as u see I'm in the low 500s

[Anonymous]

I would have just 1 medical collection left I just pfd on my small collection

[Dj4Money]

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@Anonymous wrote:
Well the OC on my charge off agreed to delete it from my Credit reports once I pay in full will removing the charge off along with the 26 90day lates help my score alot as u see I'm in the low 500s

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  Good News, if you can afford to PIF for them to remove it then that's the best outcome.

  Like I said my car loan was never late, so there's nothing to remove per se. The problem is my lates are with my student loan which again will still be there if I re-apply in six  months. 

  Both charges off accounts for me total $2501; I could use that for downpayment if I had too and not accounting for anything else happening it will takes me four-five months to come up with that, especially without a car.

 Good Luck and keep us posted.

[Anonymous]

Certainly won't hurt. Removing derogs is ALWAYS a positive.

[Anonymous]

just an update on my rebuilding journey my scores are finaly moving up. i have only 2 neg left one chargoff wich i will PFD this month and a medical its a slow process but dont give up i thought about quiting but i didnt im looking to add one more bankk card does anyone know what i could get with my scores im trying for a unsecured