Sep 02
Question by MissJessica: How will paying for a car loan on a repo car affect my credit score?
My husband and I signed a ,000 loan on a truck. The payments were behind and the car was in a wreck. The truck was repossessed and the loan company says we still owe 00. The loan company offered a settlement of 00 if we pay by the end of the month. Does this sound right to anyone?
How would it really affect my credit if I pay off the loan now?
Best answer:
Answer by Digger
Sounds like a great deal, and is not that uncommon. Paying off the outstanding balance on a repo can only help your credit.
HOWEVER, GET IT IN WRITING! Before you send that ,800 payment, make them put it in writing that ,800 will settle the debt and they will report it as PAID IN FULL. If they don’t put it in writing for you, then after you pay ,800 they’ll say your balance is ,200! (5000-2800) Collection companies are snakes!
Good luck!
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Aug 26
Question by JH: What credit bureau do loan officers or underwriters look at to calculate a 620 credit score for a FHA loan?
There is Experian, Equifax and Transunion I have different scores for each, but which one do loan officers and underwriters look at to approve you for an FHA insured loan? Do they look at the highest, lowest or average?
Best answer:
Answer by SPIFIMAN1
They will look at all 3 and use the middle score.
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Aug 19
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Jul 23
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Our cars will represent some of the most costly purchases we’ll ever make. Whether you want a new car or a used one; you’re a cash buyer or need to finance and regardless of your past or present credit situation, you’ll find the info here and learn the tricks and techniques that’ll save you thousands of dollars every time you buy a car.
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If bad credit has happened to you, there is something you can do about it Feeling broke and battered? We know the feeling—heck, everyone knows it. According to the Wall Street Journal, 110 million Americans have bad credit—almost 50% of the adult population. But we don’t have to be depressed or discouraged about it. There is life after bad credit. In fact, there’s even life during bad credit.
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