car loan question please help!

[rmc0522]

I will have everything except the personal loan and the student loans paid off in the next few months. Once I pay a bill off completely, if I contact the creditor, can they change the way it appears on my credit report? I'm definitely not trying to 'play' the system, I have all intentions of paying everything. I'm wondering though if creditors have the ability to make something look better than it is if I pay them everything I owe. Does that make sense? I've just been lurking on the boards a couple days now, but I am really knew to all this and unsure what steps (in addition to paying all my old bills) I need to be taking. All my debt has piled up in the last year or so, so waiting for it to 'fall off' my report isn't really an option.

And about how high would my score need to be to be approved for a car loan (used, not new) WITH a co-signer?

Thanks! =)

[fishbjc]

According to most people here, creditors are sometimes willing to accept a gw after a couple of years of good payments.  I don't think there is a 'quick fix'.  My sisters scores were in the low 500's and she needed a co-signer.  Her interest rate was about 13% WITH a co-signer.  She was told that she could refi the car after a year of good payments. 

Message Edited by fishbjc on 12-17-2007 04:22 PM

[Minnie]

I was in a similar situation. The car dealership said I would be at around 13 percent. I went to my bank (where I've been a customer for probably 10 years) and sat down with the loan officer and said, look, my credit is bad, but I've recently made the decision to clean it up, got everything on auto pay, am determined, etc....he said let me see what I can do....he came back and said he couldn't give me the lowest rate, but could give me the next tier up...so I ended up with around 8.9 for a used car, which really isn't bad....especially for someone with my crappy credit...he even reduced it by .25 percent if I agreed to have payments taken directly out of my checking account...which I did, and I've never been late on that loan as a result. Try face-to-face...it just  might work. It did for me. Good luck!!!!!

[CreditDrama85]

i say go for it , but you need your scores to be in the low 500s first.

SO, work hard and do GWs for any collections and try keeping everything current

hopefully your score will get in the low 500s and when it does, BUY THE CAR THAT DAY!

having a score of 505 vs. 490 believe it or not is a huge deal. i think that is what timothy was trying to tell you earlier

[rmc0522]

So when I first started this thread, I had only seen my Equifax score. I just bought the other two and, alas, its not quite so bad. The average of the three is 483 with Experian being about 90 points higher than Equifax. Sooo I feel a tiny bit better...

Thanks for all yall's advice. I'm determined to get myself outta this mess!

[SmartCookie]

GW is not guaranteed.  Make sure you take any PFD option while you still have negotiating power... which is before they get paid off.  Aim for a settlement where it is possible.

G'luck! 

[gNaRKiLL]

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SmartCookie wrote:

GW is not guaranteed.  Make sure you take any PFD option while you still have negotiating power... which is before they get paid off.  Aim for a settlement where it is possible.

G'luck! 

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Yeah try the pfd. My mom is trying to clean up her mess and most of the companies are flat out refusing pfd's saying its completely illegal which is pretty rediculous. They are however agreeing to settle on most of them.