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@Anonymous wrote:
Looking for concrete advice. I've had two CO auto loans--one in 2015 and February 2018. However, both were paid and are now reflected as such on my credit reports--all three.
Questions:
1.How will this affect new auto loan application in about 4-6 months from now? I haven't been late since 2015 with my auto payments.
2.Does it really matter whether it's a "paid charge-off"? Or, the fact that the CO exist is what really matters?
3. Would any captive lender even look at me with those Cos? Or would they be more concern with my current auto loan?
As always, love this community. I'm looking for constructive responses.
1. Believe it or not it will affect you. A Charge-Off according to financial holder is practically removing the debt from their books. It does not remove you're financial responsibility. HOWEVER, having the balance at zero shows that you made a mistake, and rebounded from this mistake.
2. Charge Off still means you missed payments with the financial holder ( creditor). It could impact you're interest rate on a newer loan.
3. Typically a bank will not mess with stuff thats older than 3-4 years as that does not give a clear picture of whom you are. Lifes change all the time, and so will you're credit report.
Now, I would like to state that every bank is different on how they write a loan. I would consult a credit union before getting a loan as they work with individuals that have had issues with credit, and or just needing a more personal touch. IMO I only work with credit unions on loans. They are member owned, and its very friendly to sit face to face, and explain the issues.
Best of luck!