topic Re: Old car loans in Rebuilding Your Credit

Old car loans

Anonymous — Wed, 30 Sep 2015 03:56:03 GMT

I have two old car loans that are 5 years old since closed. One of the car notes has several lates. Should I ask the CRA to remove early before 7 years to help with my credit scores?

Re: Old car loans

Anonymous — Wed, 30 Sep 2015 07:04:59 GMT

Probably not. If they are 30 day lates, they are likely npt havong much effect.

Re: Old car loans

Anonymous — Thu, 01 Oct 2015 01:02:46 GMT

I really want to hit 700 by April. Current averaging 630.

Re: Old car loans

Anonymous — Thu, 01 Oct 2015 02:26:07 GMT

i thought that they would become a positive past record at some point.

Re: Old car loans

RobertEG — Thu, 01 Oct 2015 05:49:46 GMT

You would not want the entire account deleted, only the reported lates.

Thus, a GW would only request deletion of the reported lates.

I would let it be.

They are old, and not hurting much, and once excluded, the account will appear postiive.

If you send a GW, it could result in a decision on their part to simply delete the entire account, thus getting rid of any more such requests on your part, and also removing any other responsibilities to maintain a dead account. Deletin of the entire account, if its age is longer than your current AAoA, would cause a reduction of AAoA.

I would not take that chance......