Posts: 5
Registered: ‎07-31-2009
Re: Pay off majority of auto loan?..

Thanks for the replies. 


Unfortunately I was denied by every online auto loan place.  Smiley Sad


My FICO scores are 593 577 594, but I have 3 CCs that went to collecitons all of which are paid off and have been for a year, as well as one other collection that is was just recently paid off.  My last late payment was in July of 08, and my two open accounts (CC and student loan) are in good standing.  Unfortunately I guess not enough time has passed since I messed up my credit to get a loan of any sort. 


I figure I will try the credit unions and maybe even the dealership but it looks like I may be out of luck until more time has passed? 


If I were to get financing through a dealership with an outragous interest rate, and pay off the loan within 6 months to avoid paying too much interest would it still improve my situation?  I am trying to get a morgage at the end of all this, and I have learned that its not only the FICO score that plays into a lenders decision, but also what is on your credit report that matter.