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Had several 30 day lates on a car loan over a year ago. How to recover

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Anonymous
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Had several 30 day lates on a car loan over a year ago. How to recover

During 2013-14 we were living a full cash lifestye with the exception of a car loan.  Given the ebb and flow of chase availablity I ended up making payments late 30 days never more serveral times a year.  I had given up on credit (stupid) so I didnt consider what the long term impact would be.  Anyway mid 2014 we started to get our act toghether and build credit although we did end up with one more 30 day late december 2014.  Since then that loan has been paid off and we started a new one with perfect payment history for the past 19 months.  I am going to buy or lease a new BMW M2 in the summer/fall (cars are just starting to get buiit).  Anyway my experience car score is currently 604 as of early december I need 640 or so to get decent terms.  I will continue to pay on time for the wifes Honda.  Any thoughts of any techniques that could stimulate the car score.  My regular Experien is 669, it has been as high as 679 at times during my rebuild.  Any suggesions

Message 1 of 5
4 REPLIES 4
takeshi74
Senior Contributor

Re: Had several 30 day lates on a car loan over a year ago. How to recover

Don't overlook the Rebuilding subforum.  The data is accurate so your only recourse that I'm aware of is requesting goodwill removal of the lates.

 

Going forward, do whatever it takes to avoid derogs.  Make sure you're budgeting and sticking to your budget.  Don't spend what you don't have.  Given the weight of Payment History all payments must be on time.

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

 

If using auto pay would be of benefit to you then make use of it.  Derogs will kill your Payment History, tend to have a significant impact and will hold you down as long as they are on your reports.

Message 2 of 5
Anonymous
Not applicable

Re: Had several 30 day lates on a car loan over a year ago. How to recover


@takeshi74 wrote:

Don't overlook the Rebuilding subforum.  The data is accurate so your only recourse that I'm aware of is requesting goodwill removal of the lates.

 

Going forward, do whatever it takes to avoid derogs.  Make sure you're budgeting and sticking to your budget.  Don't spend what you don't have.  Given the weight of Payment History all payments must be on time.

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

 

If using auto pay would be of benefit to you then make use of it.  Derogs will kill your Payment History, tend to have a significant impact and will hold you down as long as they are on your reports.


Thanks,  I have things in place to make sure I don't have any lates again.  I guess it will just be time to improve the scores.  I just checked again and I have about a 30 point bump so I am most of the way to the minimum score I need. The lender declined my GM requests so that isnt an option.

Message 3 of 5
RobertEG
Legendary Contributor

Re: Had several 30 day lates on a car loan over a year ago. How to recover

With a few appropriate crocodile tears along with a good sob-story, call someone at their management level and make a plea for a good-will deletion of the reported lates.

Thirty-lates are, in and of themselves, only minor derogs, but multiple occurences can become significant in scoring.

Message 4 of 5
Anonymous
Not applicable

Re: Had several 30 day lates on a car loan over a year ago. How to recover

Thanks, I will give it a shot again, can't hurt to try.

Message 5 of 5
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