10-02-2012 09:15 AM
Anyone know how long till late payment history wont effect my ability to get an auto loan? I currently am underwater on my mortgage and walking away. Stopped paying it. Indluded it in my husbands bankruptcy filing. We are a community property state so we can file just under him and include the mortgage. Should be discharged in less than 10 days! Yeah! I wont show a bankruptcy on my credit and dont.
I have been trying to get an auto loan with difficulties. All i seem to be getting approved for are 24% rates with thousands down. Besides the mortgage, my history isnt too bad. Only have one open secured credit card which i opened in august to start rebuilding. My mortgage is still showing open, and past due. I do have some old closed collections as well. There havent been any late payments actually reported since May. The lenders though are telling me its my mortgage thats killing me.
I was told my score is 543 by dealer. I use USAA credit monitoring, which i know isnt completely inaccurate. My scores are 596, 585, and 596 on that.
I am hoping in six monthes, my score will have improved enough to get a better rate. I can then refinance down the road. Is six monthes enough time to get me over 600? I am thinking of getting another secured card to help rebuild as well.
Just wanting some input from those that have been there.