I need to know when my credit score will improve after aying off 3 bad items on my credit?
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Mark wants to know:
I curently have a Transunion score of 596 experian score of 530 and a equifax score of 579. i’m looking o get a loan for 24,000. and i’m trading my 2005 dodge stratus in and i’m 3500.00 upside down in it. my bank has told me my score needs to be a 670 in order to pull this loan off. how long will it take my credit scores to update if i just recently paid off a charged off credit card for 452.00 one medical bill for 225.00 and a collections account for 121.00. i have never been late on my dodge stratus payment and i have a 2 revolving accounts one with less than 50% used and ine that is 75% used. when can i expect for my score to go up if on june first i paid all of the above mentioned negative debt? would it be possible for my score to be fixed by august for me to get the car for 24,000? serious answer’s only. i’m only looking for advise and answer’s not crtiszm
I curently have a Transunion score of 596 experian score of 530 and a equifax score of 579. i’m looking o get a loan for 24,000. and i’m trading my 2005 dodge stratus in and i’m 3500.00 upside down in it. my bank has told me my score needs to be a 670 in order to pull this loan off. how long will it take my credit scores to update if i just recently paid off a charged off credit card for 452.00 one medical bill for 225.00 and a collections account for 121.00. i have never been late on my dodge stratus payment and i have a 2 revolving accounts one with less than 50% used and ine that is 75% used. when can i expect for my score to go up if on june first i paid all of the above mentioned negative debt? would it be possible for my score to be fixed by august for me to get the car for 24,000? serious answer’s only. i’m only looking for advise and answer’s not crtiszm
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Tagged with: Credit Card • Dodge
Filed under: Credit Reports
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report it to all 3 unions asap cause it’ll take at least 6 weeks to show on your report.
If you have a bad credit history it used to stop you from obtaining a loan, but these days you have an option. Enter the bad credit loan. The companies offering bad credit secured loans are now numerous and are able to offer the client varying amounts of loans for any use and over lots of different terms.
Another point to note is that the loan company may insist on a greater down payment and charge you a higher interest rate for the increased risk they are taking in lending money to an individual with less than perfect credit.
There is no exact number or time frame for determining when your score will rise and by how much.
There are way too many factors to consider.
1) how long it will take for the creditors to report that the debt has been paid (some only report every quarter)
2) how old are the debts and how long have they been reported?
3) Even a charged off debt once paid will still show as a charge off only it will show a $0 balance, so this does not improve ones score.
4) your past history is what has caused the real damage and it will take a long time to repair.
I realize this may not be what you want to hear, but it is the way credit works.
Paying off derogatory items will not improve your score — unless you negotiate a pay for delete. The damage is done and it will remain for the balance of the reporting period. Let the charged off credit card age off.
Work on a pay for delete agreement with the medical bill and the collection account (if that’s a single entry item). Get it in writing and do not give the collector direct access to your bank account. It will take at least 60 days for it to show on your credit file, depending on when the collectors update to the credit bureau.
Paying off the current credit cards will help will your score a boost. It may take up to 60 days for it to show up. It depends on when the creditor next updates to the credit bureau. However, it still won’t increase your score to 670.
Basically, you it will take longer and won’t improve enough for your loan. You would be better off to hold off on the new vehicle Trading in a car with $3500 negative equity just adds the negative equity to the new car.
Find some ways to get extra cash to throw at the deal (garage sale, collect alum cans, mow lawns, second job …). The more negative equity you get rid of now, the better.
Ask lenders for agreement to delete this items from your credit report when paying them. I recommend to get such agreement thru credit repair agency, for example this one – creditreport.fateback.com
Mark, Try getting an online car loan quote. The automated form will let you know if you can be approved. It will only take a few minutes.