Old Auto Loan charged off, Turned good???

[Kris1228]

I have an auto loan i opened 1/2003, never late until 3/2007 when i wasnt able to continue to make payments. Charged of 6/2006.... I paid off 2/2008 and rep i was dealing with said it would updated within a few months to report pays as agreed, but settlement accepted... She was correct and the CO status and all lates have been removed, Will the settlement accepted on account hurt me when i want to buy a new card 6/2009?

[Kris1228]

WOW!!!! no replies......My feelings are hurt.

[Schoolbuskid]

Is it showing as a Positive Account now? If so then its no longer hurting you only helping you! This will look good when you go to purchase your vehicle!

[Kris1228]

Yes it was recently updated and the CO status was removed and its currently listed as Paid or paying as agreed, Closed.... But it does say settlement accepted on this account under remarks, So i was wondering if the "settlement" part will hurt when i shop around for new car loan next year? Im just glad its listed as a good account now, and not charged off!!!!!

[Schoolbuskid]

If that "settlement" comment comes in to question...you dont have to tell them that it was a chargeoff you could say that you and the OC made an agreement on that account or something to that effect!

[Kris1228]

Oh okay!!!! The original term says 60, but it was actually 40 so didnt know if those 2 things would raise a red flag or not.. But it definitely is a good account on my TU and EQ, waiting for EX to update... I will cross that bridge when i get to it around 6/2009.. LOL, Thanks!!!!

[fused]

Any account showing settled, settlement for less or etc. does hurt your FICO score. Now how a lender might look at this I can't say for sure.

[Kris1228]

Maybe they will overlook the settlement part.. I got an updated EQ report and it doesnt say settled, just paid as agreed status and thats it.. But fico.com report does...