Old Repossesion

[Anonymous]

Hey everyone. Been working on restoring my Fico..doing the fico fitness challenge....MY score was 459 now im at 515. Most of the collections are medical. I been wondering if i can get a auto loan with my fico at 515. Also i had a repossession like 13 or 14 years ago when i 22 or 23. Will that possibly still show up on my auto fico? Also i know i will have to get a sub prime auto loan if i could even get that. Anyone know of any decent sub prime auto financers?

[Jazzzy]

Are you working on your medical collections? You're doing the right thing by trying to repair your credit before apping for a loan. Your old repo shouldn't show on the reports if you first went delinquent over 7 1/2 years ago. It's not on your reports now, is it? Your "auto FICO" shouldn't show anything that your regular reports don't.

Try to hold off as long as you can and get your score as high as you can before getting a car loan. You know the interest will be high with your 515 score, and that makes it so tough to dig yourself out. If you go ahead with a loan, spend as little as possible so that it doesn't haunt you for years.

[Anonymous]

i have payed off 5 or 6 medical collections and got 1 of them as a pfd. But doing that I only payed minimums on my credit cards, so i am holding off on any collections til i get my 3 CC's paid off in full again.

[Jazzzy]

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@Anonymous wrote:

i have payed off 5 or 6 medical collections and got 1 of them as a pfd. But doing that I only payed minimums on my credit cards, so i am holding off on any collections til i get my 3 CC's paid off in full again.

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I think tackling the credit card utilization first is wise. That will help your score...whereas paid and unpaid collections will score the same.

Step by step...you'll get there.

[Glenn_S]

You should also join a credit union. They not only will work WITH you, but if you establish a good relationship with them, they can advise you on working toward a more sound financial future.

[Anonymous]

There are places out there that will finance you even with a low score.  But I too suggest paying your cc's to <9% so you get the best rate you can.  When I got my first car loan 3 years ago I had no credit score (no open TL'S or positive credit) and 12 -15 collections showing on my CR.  I went to one dealership, was shot down, went to another and was approved, albeit for a very high interest rate of 24%.  Six months later I bought another vehicle and was able to get a better rate of 17%.  Because you do have a credit score and cc's hopefully your rate won't be so bad