What will help me out more??

[jwillvin]

I've been rebuilding my credit for about 4 months and I've had some success with removing multiple baddies from my reports thanks to the posts here in this forum. Thank you.

 Currently I have 6 baddies on on my TU report, 5 on EQ, and 4 on EX. All of them are very old and by April of 09 all but 1 will have fallen off the reports. This 1 baddie isn't scheduled to fall off until Sep 09, and it's an unpaid collection account with Asset acceptance for $273. I already Dv'd and PFD'd to no avail.

I want to finance a motorcycle in May of 09 when my reports will be almost in the clear. 

Will this one collection hinder me from being approved?

Is it better to pay it and have it reporting as a Paid collection?

By paying it will it reset the 7 year clock?

My current Fico scores are TU 657, EQ 644, and EX 633. I have 3 CC that I pay on time every month and current Util is at about 43%. I also just applied for CJ to help bring my overall Util down. I think I'm headed towards my goal of reaching 700 by april of 09

Thanks

[Anonymous]

Auto Loans are not like mortgage loans...it really doesn't matter whats on your reports...but what your scores are...with your scores...you should be good....

[Anonymous]

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jwillvin wrote:

I've been rebuilding my credit for about 4 months and I've had some success with removing multiple baddies from my reports thanks to the posts here in this forum. Thank you.

 Currently I have 6 baddies on on my TU report, 5 on EQ, and 4 on EX. All of them are very old and by April of 09 all but 1 will have fallen off the reports. This 1 baddie isn't scheduled to fall off until Sep 09, and it's an unpaid collection account with Asset acceptance for $273. I already Dv'd and PFD'd to no avail.

I want to finance a motorcycle in May of 09 when my reports will be almost in the clear. 

Will this one collection hinder me from being approved?

That would depend on the lender.

Is it better to pay it and have it reporting as a Paid collection?

Score wise, no difference. During a manual review, paying it will look better. If you decide to pay, I'd pay it soon and then GW them to death until time to apply. Once it gets closer to falling off, they may go for it. Is the account past SOL? If so, you might mention that the account is past SOL and will be removed in just over a year, paid or unpaid. This helped me to negotiate a PFD.

By paying it will it reset the 7 year clock?

No.

My current Fico scores are TU 657, EQ 644, and EX 633. I have 3 CC that I pay on time every month and current Util is at about 43%. I also just applied for CJ to help bring my overall Util down. I think I'm headed towards my goal of reaching 700 by april of 09

Thanks

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[jwillvin]

Thanks for the info!

All 3 CR say that it will fall off in Sep 09 and SOL in ohio is 6 years. I'm not sure what the DOFD or the DOLA is, I'll have to check on that. I want to approach the CA with a PFD using that same leverage although I've done a lot of research on Asset Acceptance and I haven't seen very many success stories involving them.