Hi
...First off, I'm new to the boards and have found alot of useful advice already! I was just curious about some things....I filed bankruptcy(ch 7-discharged in 5/2005) I got a car loan in 9/2006-albeit at an ungodly interest rate. I made 7 payments on it and then traded it in on a better vehicle with a better interest rate. I know the on-time pmts will help my credit score, but will the payoff of the loan help my score at all too even though I was only 7 payments into it?
...First off, I'm new to the boards and have found alot of useful advice already! I was just curious about some things....I filed bankruptcy(ch 7-discharged in 5/2005) I got a car loan in 9/2006-albeit at an ungodly interest rate. I made 7 payments on it and then traded it in on a better vehicle with a better interest rate. I know the on-time pmts will help my credit score, but will the payoff of the loan help my score at all too even though I was only 7 payments into it?question 2...How is capital one respond to goodwill requests? I had an account with them that was delinquent before my bankruptcy and I ended up settling it as a chargeoff-"paid in full for less than full balance" I now have a new account with them in good standing for 3 months. Is it worth it to try for a goodwill letter?
question 3...Down the road if I wanted to refinance my vehicle(my interest is still rather high) when my credit improves more, is this looked at upon unfavorably credit-wise and will it affect my score at all? If it wont hurt to refinance, how long should I wait before I attempt to refinance it?
Thanks again for any advice you can give!! MIKE
gramps1968 wrote:Hiquestion 2...How is capital one respond to goodwill requests? I had an account with them that was delinquent before my bankruptcy and I ended up settling it as a chargeoff-"paid in full for less than full balance" I now have a new account with them in good standing for 3 months. Is it worth it to try for a goodwill letter?question 3...Down the road if I wanted to refinance my vehicle(my interest is still rather high) when my credit improves more, is this looked at upon unfavorably credit-wise and will it affect my score at all? If it wont hurt to refinance, how long should I wait before I attempt to refinance it?Thanks again for any advice you can give!! MIKE
1. What are your scores?
2. Hit and miss.. never hurts to ask!
3. Refinancing won't have much of an affect on your score.
Thanks Tuscani, I will get all 3 scores here soon. As far as the payoff of the loan on the car I traded in, do you think that would affect my score? I only made 7 on-time payments and then it was paid off. Will a "never late/account paid in full" help my score at all given the rather short time that I had the loan for?
PS my current rate is 15%
Message Edited by gramps1968 on 06-08-2007 07:52 PM
gramps1968 wrote:Thanks Tuscani, I will get all 3 scores here soon. As far as the payoff of the loan on the car I traded in, do you think that would affect my score? I only made 7 on-time payments and then it was paid off. Will a "never late/account paid in full" help my score at all given the rather short time that I had the loan for?PS my current rate is 15%
Message Edited by gramps1968 on 06-08-2007 07:52 PM
Yep!