Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
Re: Auto Credit and Scoring

breakingthecode wrote:

Tuscani wrote:

breakingthecode wrote:

breakingthecode wrote:
What, if anything, can I do to lesson this? Do I need to wait so many years or just take on loans at these higher APR's (the dealership said they would do it for a jaw dropping 18%) for smaller loan amounts?

Aside from trying to dispute any inaccuracies, you just have to wait it out. When did the account first go delinquent?

I can't recall exactly, but it was around November of '01, right after 9-11 and I was finances to a quick and huge dive. I think the charge off was done by about April of '02, but I'd need to pull my files for exact dates. Is there a certain period of time that I'll need to wait or is that as mysterous as the "Auto Fico" scores?

There is not magical time to wait. I would shop around for the best rate.

Won't 'shopping around' put dings against my score or raise flags? Do/would lenders understand that I'm shopping around? Also, would it be advisable for me to recheck my fico scores before shopping around or would they change drastically in a 3~4 month period (I don't have any outstanding, current credit debt)?

No. Auto and Home Inqs count as one against your score. This is because FICO and lenders understand the need to shop around.