Judgment Question...

[MissMovingForward]

Question for you all....will the appearance of a judgment on your credit file (or 6 in my case, 3 paid, 3 unpaid) generate an auto decline when applying for credit?  I'm curious.  I know other factors contribute to approval decisions, however, in general I am curious about this topic.  Thanks in advance!

[mauve]

It's likely, IMO - especially when people have been declined for having too many inquiries, I can't imagine that judgments wouldn't be a flag when applying for new credit, too!

[guiness56]

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@MissMovingForward wrote:

Question for you all....will the appearance of a judgment on your credit file (or 6 in my case, 3 paid, 3 unpaid) generate an auto decline when applying for credit?  I'm curious.  I know other factors contribute to approval decisions, however, in general I am curious about this topic.  Thanks in advance!

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I think it would depend on where you are applying for the credit for one.  If you do not go with a major auto company they tend to work with you more.  Meaning use one that deals with bad credit.  Your rates may be higher.  I have a recent repo on my report and got financed for a car.

Most auto dealers use the Enhanced Auto Score and not just a FICO score.  So if you have ever defaulted on a car loan it will weigh more heavily than when receiving a normal FICO score.

As for the judgments, it might depend on how old they are and the amounts of each.

You will never know until you try.

[MissMovingForward]

Interesting....the 3 unpaid judgements are about 5 years old.  The other 3 are more recent, but paid.  I have no collections and lots of late payments (all except 1 are more than 2 years old - I have 1 30-day late from August 09).  Scores are 665 - TU and 660 EX. 

Not the best story, but still a decent score I think considering the above.  Still think I would get an auto decline?

[happy0510]

Just ask the bank.  Call your local credit union and be upfront.

BTW...i'm really impressed with your scores!!

Do you have low utilization?

[guiness56]

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@MissMovingForward wrote:

Interesting....the 3 unpaid judgements are about 5 years old.  The other 3 are more recent, but paid.  I have no collections and lots of late payments (all except 1 are more than 2 years old - I have 1 30-day late from August 09).  Scores are 665 - TU and 660 EX. 

Not the best story, but still a decent score I think considering the above.  Still think I would get an auto decline?

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I misread your original post.  I thought you were trying to get an auto loan.

Where did you get your scores from?

It is hard to say what would happen.  You can go to whogavemecredit.com and look around there.

[MissMovingForward]

My scores are real FICO from this site check 2 days ago.  My utilization is not the best (45%) so my next goal towards credit repair is to get Util under 10%.  I was able to improve my scores over the past year from 589 TU and 593 Eq. to 665 and 660 respectively using DV, PFD, GW, and paying off charge-offs.  I also have a good mix of credit, 2 intstallments, 2 cc's, 1 mtg. account, and a paid of auto loan as of 8/09. 

[guiness56]

You should see an increase just getting your utilization down.  But to answer your question, it is as hard to guess whether you will be turned down for credit as it is to figure how many points you would gain in FICO.

[happy0510]

Awwwe...ok.

Well I have a judgment and I was approved for Macy's, Kay J's, and a mortgage!!

I have a secured CC that went unsecured.  Haven't applied for anything else since I haven't

closed on my house yet.

[guiness56]

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@MissMovingForward wrote:

My scores are real FICO from this site check 2 days ago.  My utilization is not the best (45%) so my next goal towards credit repair is to get Util under 10%.  I was able to improve my scores over the past year from 589 TU and 593 Eq. to 665 and 660 respectively using DV, PFD, GW, and paying off charge-offs.  I also have a good mix of credit, 2 intstallments, 2 cc's, 1 mtg. account, and a paid of auto loan as of 8/09. 

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You won't know till you try.  Your scores are not bad and a good mix of credit.  If you absolutely have to apply, do one application and see how that goes.  I would not go app crazy and they all get denied.