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

See the thing is that I have tried to pay Cap 1 directly, but they wont take payment. They wisk me away and always transfer me to the CA that handles the account. I have told the CA that I will not deal with them and will only deal with the OC. Id like to resolve these debts in the way that best fits my situation. If I were not trying to shop around for a new vehicle I would simply leave these accounts alone as I have no need for credit at this point in time. I have no other open CC as of right now. The only loans I have are my student loans. 

 

And as for paying the debt off with a new CC I meant a secured card in which I would pay the balance off in full with my savings. That wouldnt up my util. Right now I have roughly $10k sitting in the bank so I might as well put some of it to use for building credit.

 

It is just frustrating knowing that I could easily afford a new car, but in the eyes of a lender they might think otherwise. I was denied a motorcycle loan back in March 2012. I offered 50% downpayment and only wanted a $3k loan. This was with my CU who I financed my current car with. When that happened I started thinking about how much damage these charge offs are doing to my credit potential.