scoring issues

[Anonymous]

i have an old car loan that was paid off in aug of 04, but the lending institution never reported it as paid off, and reflects a $1400.00 balance, but it also shows it as current in jan 04.  i was late numermous times on this account, and am wondering how it will affect my score if any, if i contact the lender and ask them to update the account with the credit bureaus. it is paid in full. any help would be appreciated.

[Anonymous]

I hope it wasn't WFS/Wachovia! Depends also on the circumstances of the payoff. Was it a chargeoff? Repo? Or did you just pay the loan off with lates, but in full with the original lender? I don't think the 3-year-old lates will affect your score much now. At least it shows current which is better than the alternative.

[Anonymous]

it wasn't a charge off, i was 30 days behind, should have paid it off in july 04 and paid it off in aug 04. no repo. no updates since early 04.

[smallfry]

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@Anonymous wrote:
I hope it wasn't WFS/Wachovia! Depends also on the circumstances of the payoff. Was it a chargeoff? Repo? Or did you just pay the loan off with lates, but in full with the original lender? I don't think the 3-year-old lates will affect your score much now. At least it shows current which is better than the alternative.

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Wachovia bought First Fidelity. I had my repo'd car loan with FF. I was late and going down the tubes quickly at that point. I had a checking account with FF. Can you guess what happened next? LOL.

[Tuscani]

Try the GW letter.

[Anonymous]

what is a GW letter?

[Tuscani]

http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=2661