Need HELP Quick!!!!!!!!!!!!

[Anonymous]

What to do? Is my loan dead in the water?  Yesterday, 12/8, I called my credit union First Financial Federal, to initiate an  auto loan.  Prior to doing so, I pulled my Experian report from Myfico on 11/24/08.  Everything was fine, 697fico score.  Last night, I get a call from the cu asking me about a COLLECTION acct.  Long story short, this acct appeared within the last week, out of NOWHERE.  It's from Southwest Collection.  I have spoken with them, the matter has been resolved they've agreed to DELETE the acct & fax me a letter today stating so, as well as putting a hard copy in the mail to me.  They've also agreed to speaking with my cu.  However, the collection agency explained that they only get to report to the credit bureaus ONCE each month, so the next time will be late Dec. and hit my credit report in Jan 09.  Sooooooooooo, what does that do for my auto loan RIGHT NOW??  I'm to buy a car by the end of this week!! Can I still get qualified? Same rate as with my 697 score would get?  I can't wait till January to get this car.  I've already sold my other car.  

My previous history with this cu.  I've been with them for over 10 yrs, financed 1 vehicle, have a visa from them with 0 balance, never late on payments.

[Anonymous]

You should be fine....If the collection agency is willing to send a letter and talk to the CU advising it is deleted then you are fine.

Either way it shouldn't be a big issue....especially if your score is 697 with the collection on it.

[Anonymous]

The c.u. didn't tell me my score was 697 with the collection.  Myfico was 697 on 11/24, the last time I pulled my report.  There was no collection on my report at that time.  This somehow just showed up, between 11/24-12/8.  I don't know what myfico was once the cu pulled on 12/8. 

[Anonymous]

Fax that letter to the CRAs...ASAP...

[Anonymous]

I'm screwed!!! The credit union called me this afternoon with approval at 8.49% interest, based on a Experian fico of 662!  Despite me faxing them the letter from the collection agency stating that I owe them nothing and that they've advised all 3 credit bureaus to remove the "bogus" collection.  I told them I was in NO way interested in that % rate.  Prior to that, based on my credit score, I was looking at a 6.15% interest rate. 

[laz98]

so what are you going to do?

[Anonymous]

I'm not sure.  I was thinking:

1. Go directly into main branch of cu & speak to someone in the underwriting dept.

2. Try & get financed with another cu that does not pull Experian

3. Ask my cu to remove the experian inquiry from my credit report

I know that I won't be taking the loan terms i got approved for from my current cu of 8.49% when come January my score bounces back up.  I asked my cu if they could refinance the loan next month, they said NO that I'd have to show 12 months of good pymt history @ the higher int. rate. 

If anyone else has a suggestion I'll take it. 

[cabarkeep]

is there a reason that you have to have the car so soon?  just figured you could get in touch with the CRA's asap and then purchase after your credit bureau is clear?  That would make the most sense ...but depending on how much you are financing then the 2 percent might not be that big of a deal

Sounds lame though that with your tenure with the bank and your credit scores that the CU will not make an exception in this case with proof that the collection is bogus ...

good luck .. im curious to see which route you take

[Anonymous]

What type of car are you looking to buyg? Maybe the dealer has a better financing option. If I were you I would go ahead and get the car and simply refinance later on when your score goes back up.

[Anonymous]

Well, I wrote a dispute letter to all 3 cb's.  Thursday night, I was so bummed, I was on this site and something told me to put in an online dispute with Experian, which I did.  Saturday morning I got an email from Experian which said that the collection acct had been deleted.  I pulled my experian report on Sunday just to make sure & it was indeed gone.  I called the credit union again on Monday morning & in the afternoon they called and said CONGRATULATIONS, you're approved for 35k @ 6.49%, which was what I was going for in the 1st place.  That online dispute option is GREAT!