Moderator Emeritus
Posts: 10,932
Registered: ‎12-30-2011
Re: Need help!!!!

The repossesion is a major derogatory and that's going to be a problem for a while.

 

You'll probably get another bump in four or so months; my own record was steady increases for the first 7-8 months, then I flatlined till some of my accounts had a year's worth of positive history on them.  

 

Honestly I'd look at this a different way if I were you: your car is on it's last legs potentially, I'd see about getting the 2K to qualify for that loan which is sounds pretty reasonable.  I know it sucks having to do this, but credit is an endeavour which really takes the rest of your life walking in that straight line unfortunately.  If you get sloppy, you fall waaaay down the chutes before being able to climb back up the ladders.  I'm stuck in a similar situation with stupid sins of my youth and using cash for everything until now... I'm one year into a process which is likely going to take five to six, and then I have to maintain that forever (at least in my own little universe).

 

Most likely you're not going to be able to get to where you want to go in one shot, but a positive auto loan will help your recovery, so I wouldn't run screaming from the CU's offer.  Depending on your income, it might be a very, very good choice indeed, you just have to be willing to suck up driving a 10K car for a bit which may be a year or two.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 693, EQ 8 685, TU 705, EX 709 (02/27/15)
Goal Score: 700 on EQ 04 (01/01/16)


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