Oh the joys of the CS game!

[JayTea7]

Hello everyone! I apologize in advance for the long post.

Here's a little of my story. I had a couple credit cards in 2015 and got behind and they went into collections. 3 years ago I started  to rebuild my CS. I went from a 531 to a 740 over the last 3 years. I have student loan debt that is 6 years old in default. I just applied for the fresh start program to start paying on them and get them off of my CR. The student loans are the only thing negative on my credit report. 

Here's the question... Why are companies treating me worse than someone that had a recent bankruptcy?

So, I have 700+ CS in all 3 bureau's. I have never missed a payment in the last 3 years on any of my bills. I have a personal loan through my bank that I can use and repay, similar to a credit card. I finally got approved for a secured discover credit card in February. I have a 10% utilization. I cannot get a car loan. I make enough money to qualify but banks won't lend to me. My current vehicle is starting to fall apart and I'm going to need to buy a vehicle in the next couple of months. Supposedly, the student loan debt will come off sometime in June or July. I will have a completely clean slate when the student loans are off of my report.

Can loan companies see past stuff on my credit report that is now off my report from years ago? 

Will I then be able to qualify for a decent rate on a car loan?

[Gmood1]

Once that stuff drops off, you'll be fine.

I know how it feels, it sucks for sure! 

Going through denials and being at the mercy of finance managers in dealerships will turn you into a pitbull, when it comes to protecting your credit. 

Brighter days are ahead! 

[FireMedic1]

The bad outweighs the good in credit. You can be a perfect angel squeaky clean for yrs. But until the past is gone. It'll haunt you until the baddies fall off. The SL's are the ones that are the crutch.  It can only get better as time goes on.

[JayTea7]

Awesome, thank you!

[Blender]

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@JayTea7 wrote:

Hello everyone! I apologize in advance for the long post.

Here's a little of my story. I had a couple credit cards in 2015 and got behind and they went into collections. 3 years ago I started  to rebuild my CS. I went from a 531 to a 740 over the last 3 years. I have student loan debt that is 6 years old in default. I just applied for the fresh start program to start paying on them and get them off of my CR. The student loans are the only thing negative on my credit report. 

Here's the question... Why are companies treating me worse than someone that had a recent bankruptcy?

So, I have 700+ CS in all 3 bureau's. I have never missed a payment in the last 3 years on any of my bills. I have a personal loan through my bank that I can use and repay, similar to a credit card. I finally got approved for a secured discover credit card in February. I have a 10% utilization. I cannot get a car loan. I make enough money to qualify but banks won't lend to me. My current vehicle is starting to fall apart and I'm going to need to buy a vehicle in the next couple of months. Supposedly, the student loan debt will come off sometime in June or July. I will have a completely clean slate when the student loans are off of my report.

Can loan companies see past stuff on my credit report that is now off my report from years ago? 

Will I then be able to qualify for a decent rate on a car loan?

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I've been wondering the same thing and I've just never asked. I'm currently waiting for my fresh start paper work and the update to my scores

[JayTea7]

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@Blender wrote:

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@JayTea7 wrote:

Hello everyone! I apologize in advance for the long post.

Here's a little of my story. I had a couple credit cards in 2015 and got behind and they went into collections. 3 years ago I started  to rebuild my CS. I went from a 531 to a 740 over the last 3 years. I have student loan debt that is 6 years old in default. I just applied for the fresh start program to start paying on them and get them off of my CR. The student loans are the only thing negative on my credit report. 

Here's the question... Why are companies treating me worse than someone that had a recent bankruptcy?

So, I have 700+ CS in all 3 bureau's. I have never missed a payment in the last 3 years on any of my bills. I have a personal loan through my bank that I can use and repay, similar to a credit card. I finally got approved for a secured discover credit card in February. I have a 10% utilization. I cannot get a car loan. I make enough money to qualify but banks won't lend to me. My current vehicle is starting to fall apart and I'm going to need to buy a vehicle in the next couple of months. Supposedly, the student loan debt will come off sometime in June or July. I will have a completely clean slate when the student loans are off of my report.

Can loan companies see past stuff on my credit report that is now off my report from years ago? 

Will I then be able to qualify for a decent rate on a car loan?

---

I've been wondering the same thing and I've just never asked. I'm currently waiting for my fresh start paper work and the update to my scores

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I got the letter stating My loans are being transferred to a new servicer. They said it takes 30 to 45 days to get the letter that The loans are being transferred. After you get that letter it'll tell you who's the new servicer. Then it takes 30 to 45 days to have it removed from your credit. So basically two to three months. It's definitely a huge thing. Make sure you get on an income driven replacement plan. They'll base it off your income. If you're married they will also require your spouse's income. 

[SUPERSQUID]

Firstly I wish you good luck and certainly some good advice has been given on this thread.

All i have to add is 2 fold,

1 - Lenders are fickle and sometimes their decisions seem nonsensical, dont fret about that we all go thru it.

2 - As far as an auto loan I believe capital one auto finance has a low bar, I dont know if their int rate is competitive. Penfed and NFCU are constantly nagging me about car loans, perhaps a credit union is a good bet. At least you set up the financing before you get the vehicle, I have read horror stories about letting dealers find financing.

[JayTea7]

Here's something communication. I got denied for a car loan. It was a soft pull. My Equifax CS is 783. I have no debt other my student loans. I literally have a slate otherwise. Can companies doing a pull see old stuff that fell off or were paid off? When I pulled my CR the only negative thing was my student loans. Ugh.....

[FireMedic1]

The CRA's can only see whats on your report. From your OP:

"Supposedly, the student loan debt will come off sometime in June or July. I will have a completely clean slate when the student loans are off of my report."

Wait it out a month or 2 and the door will be wide open and the interest rate will be so much lower. Thats a saving in itself.

[JayTea7]

Will do. Thank you!