Established Member
bmartinta
Posts: 16
Registered: ‎09-15-2012
Auto Loan after 2 Charge Offs that are 3 years old. 607 FICO

Pretty simple. I have two CC Charge Offs - Chase and Cap 1. Chase sold the account and is reporting $0 ballance, but CAP 1 is still reporting monthly with a ballance of $1500. My original debt at the time I stopped paying was $750. My Chase account was $1,055. CAP 1 reporting is killing my score because it shows 130% credit util. Both accounts are unpaid and will hit the SOL in the next few months. 

 

Here is the deal. I am trying to get myself into a different car. I have a score of 607 and have been in good standing since Feb 2011. I have roughly $50k in Student Loan debt which I pay $600 monthly. My anual salary is $65k. I can afford up to $7,000 downpayment and am looking for a vehicle >25k. My question is will any lender approve me at a reasonable interest rate with those two unpaid charge offs showing on my report? The only reason I havnt paid them is because it does me no good as far as my score goes, but I am beging to think it might be worth to PIF and start building with a secured card. 

 

Thoughts?