Please help...really need to know.......

[Anonymous]

As i sit here looking at my roller coaster of credit scores..I would like someone to explain to me if i wait till lets say........March or April to come around would I have a better chance of gettin a better rate for a car loan. Right now I have 4 collections (3 child support arrears and an old pager..metrocall). The child support  im paying on through my ongoing support but even if u pay every month they still put it on your credit report.  Metrocall is schld to fall off March next year so im going to let sleeping dogs lay. All together on my report its comes to about $14,800 but in reality its only $ 4,200 due to the fact that one of the child supports is on my report twice for two different amonts(Indiana and Illinois) I pay through Indiana which i reside and they send it to Illinois. Other then that..my debt to ratio is $0. I have no morgt. no rent...paid for my 98 Tahoe and 94 GS 300 in cash (wish I didnt now).

I also have a CC with a $300 limit and about $133 aval credit on it, and 2 pos accts that are paid in full.

I just looked up my credit scores and they are as followed:

Freecreditreport.com as of 10/6/2007

EX: 571 (didnt feel like paying for the other two right now)

Privacyguard.com as of 9/15/2007

EX: 555

EQ: 534

TU: 533

Myfico.com

EX: 675 as of 10/11/2007

TU: 621 as of 10/11/2007

EQ: 637 as of 10/4/2007

I was thinking of something about $20,000 to 25,000. (I want a nice clean MB S500..2000-2003)

I hope I explained my credit situation ok.

Any and all advise will be greatly appreciated!

Message Edited by cjones46402 on 10-11-2007 11:17 PM

Message Edited by cjones46402 on 10-11-2007 11:32 PM

[Anonymous]

wow..40 ppl looked and no reply...was my post too long? I just want to know with whats on my credit what would be my best option to boosting it up by March or April.

Message Edited by cjones46402 on 10-12-2007 01:04 PM

[Anonymous]

Have you read this thread yet?

http://ficoforums.myfico.com/fico/board/message?board.id=ficoscoring&thread.id=2654

[Anonymous]

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cjones46402 wrote:

As i sit here looking at my roller coaster of credit scores..I would like someone to explain to me if i wait till lets say........March or April to come around would I have a better chance of gettin a better rate for a car loan. Right now I have 4 collections (3 child support arrears and an old pager..metrocall). The child support  im paying on through my ongoing support but even if u pay every month they still put it on your credit report.  Metrocall is schld to fall off March next year so im going to let sleeping dogs lay. All together on my report its comes to about $14,800 but in reality its only $ 4,200 due to the fact that one of the child supports is on my report twice for two different amonts(Indiana and Illinois) I pay through Indiana which i reside and they send it to Illinois. Other then that..my debt to ratio is $0. I have no morgt. no rent...paid for my 98 Tahoe and 94 GS 300 in cash (wish I didnt now).

I also have a CC with a $300 limit and about $133 aval credit on it, and 2 pos accts that are paid in full.

I just looked up my credit scores and they are as followed:

Freecreditreport.com as of 10/6/2007

EX: 571 (didnt feel like paying for the other two right now)

Privacyguard.com as of 9/15/2007

EX: 555

EQ: 534

TU: 533

Myfico.com

EX: 675 as of 10/11/2007

TU: 621 as of 10/11/2007

EQ: 637 as of 10/4/2007

I was thinking of something about $20,000 to 25,000. (I want a nice clean MB S500..2000-2003)

I hope I explained my credit situation ok.

Any and all advise will be greatly appreciated!

Message Edited by cjones46402 on 10-11-2007 11:17 PM

Message Edited by cjones46402 on 10-11-2007 11:32 PM

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The scores that count are myfico!!

Debt/ratio mean nothing to scores....they only go by CC & loan payments!  BUT  when buying a car or getting a mortg. They do go by debt to ratio.

The pager thingy....was that a signed contract? if it was  form what state (trying to figure your SOL)

I can't help with the support....Im not sure why it is there...I thought it was on CR only when you were behind in payments.

Before buying a new car  ask the dealer who they pull...if its EX   you should have no problem. Where I am they pulled TU  which is my lowest score.

[Anonymous]

First of all get that one revolving credit card down to less than a 100.00 balance.  Secondly, they FICO scores you get on the web are more than likely not going to be the ones an auto lender uses.  Are your current vehicles listed on your credit report?  If so how is your payment history.  The auto lender will more likely use something called an Auto Enhanced FICO score.  It weighs your past Auto loans with greater weight.

[Anonymous]

Hey..thanks for replying. I didnt know which score to use. All of this is so new to me and with all the different scores i didnt know if i should be worried or not. Guess its time to get the girlfriends credit m make-over!

Brammy, I am in Indiana...both my cars were paid for in cash.now that i look at it, I should atleast paid the last $2000 on credit with both of them  to establish some ato credit. I had one car with a note..back in '93 when i was in the navy..i dont see it on my report unless its the one that has $0 all across the board.

Funny you said that Brammy, the CC has been paid down to $100 too as of the 9th...lol I forgot I did a payment online.

So should I expect a high % rate because i have no auto loan credit on my report...or should I go apply for a little loan at my bank or credit union (i have both) for a secure $1000 loan? As I stated B4, I dont have any real bills (Gas/electric..home/cell phone...cable bill..car ins) and my income b4 taxes is        $ 48,000 take home every two weeks is $1047.00

Message Edited by cjones46402 on 10-12-2007 05:23 PM

[Anonymous]

Work on all your credit riht now and then try for the auto.

[Anonymous]

The pager bill falls off early next yr...If i pay that off now, wont that "open" it for last activity again and my 7 yrs start over? And the child support is not going anywhere anytime soon. Even with them comming right out og my check..I still have enough to get a car i hope.

[Anonymous]

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cjones46402 wrote:

The pager bill falls off early next yr...If i pay that off now, wont that "open" it for last activity again and my 7 yrs start over? And the child support is not going anywhere anytime soon. Even with them comming right out og my check..I still have enough to get a car i hope.

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No paying it will not start CRTP over....just leave it alone. look at your CR from TU or EX...it will say something like  remains on CR until  month/2008    this will give you the exact time that it will drop....if it doesn't you can dispute it & get it dropped!

DOLA only works for SOL not CRTP

[Anonymous]

Re the child support debt: a person who repairs credit for a living told me that if the same debt is reported twice that both have to be removed. (He was specifically talking about a bankruptcy and the debts that were discharged under it). I expect you would need a lawyer to accomplish this.