I got divorced a while back, and to make a long story short, I had a repo during 11/04.
I've been trying to get back on track, and I joined myFico in July. I ordered my credit report and began working to improve it. I decided to go for a car loan in the last couple weeks of the year, just to get a better deal.
I have one positively paid off auto loan, and then the reposession. I have no other auto-related lates. I know the auto scoring is a bit different, so I thought I'd be ok. Usually, you can get a car after a repo after about a year.
My credit union turned me down, and they said something to me about a repo in 2007. Huh? Then, Roadloans turned me down, their reason being "Reposession Date is Too Recent." I called to ask when it was, and they said "April, 2007". What???
I pulled my EQ report here on myFico again, and NOTHING has changed since my July report. Nada.
Here's what shows on my report for Accounts pertaining to auto loans: (good loan) creditco Acct#XXXX 9/2001 $0 OK Date opened [?] Sep, 2001 Date of last activity [?] Jul, 2003 Paid account / zero balance
(repo loan) creditco Acct#XXXX 7/2003 $0 Repossession Date opened [?] Jul, 2003 Date of last activity [?] Sep, 2004 Account transferred or sold
And here's what it shows for Collections for the repo in question:
The collection agency "410yc00420" was hired to collect a debt of $$$$$ originally owed to "xxxxxx" on account number "XXXXXXXX".
Collection agency [?] 410yc00420 Original balance [?] $$$$$$ Current balance (as of Apr 01,2007) [?] $$$$$$ Status (as of Apr 01, 2007) [?] Unpaid Date assigned [?] Mar 01, 2007 Date reported [?] Apr 01, 2007 Date last active [?] Dec 01, 2004
Maybe it's me, but it seems like it's being reported correctly in terms of collecting, and this collection is listed under "collections", not under "accounts". Only one thing is showing on my report marked as a "repossession" is the actual repo loan.
So why are lenders seeing this as a repossession for april 2007? I don't get it!
Next, what can I DO about it??? I'm stumped!
(if necessary, I have a friend at a dealership who can pull my auto report from the CRA's and I can see what they see. Good or bad idea??)
"I find your lack of tradelines disturbing..." - Darth FICO
The auto scoring is not different. They use Fico, however there standards are different and income is a big factor in addition to credit score. Sounds like your car loan account that was repossed has been turned over to a collection company note that the information in your credit report says transferred or sold . When you get a loan from a credit union. Your score has to be above 640 (the scores may vary and this is a guess on the score but I'm sure that I am not far off). all of your debts need to be settled at least or taken care of, otherwise they will just say "NO". Even if your repossession was within the two year window the only way I can see a credit union approving your loan was if your debt to income ratio was low and your income was substantial. On the bright side if you do have a very good income just go to the new car dealer to buy a car otherwise you will be hearing no at any credit union you chose to go to. If your income is not so good then you are sort of stuck with shopping around at buy here pay here or at a used car lot where they sell new cars.... bottom line you will be on a manhunt for a dealership that will get you what you want. Tell me if this helps......
Starting Score: EQ 730 TU 721 Current Score: EQ 730 TU 710 Goal Score: 800 to 850