Comments on: Installment Loans and Credit Scores – Episode #58

By: Kenneth Bevineau

Kenneth Bevineau — Fri, 18 Sep 2009 05:03:08 +0000

Thanks a lot for sharing your knowledge about how things work with your credit. I have great news,the auto loan charge off was deleted. To those who are frequent readers of this site, disputing inaccurate items on your credit report is worth it. I know some are thinking what if they just update it through the 3 major credit bureaus, Good news section 611 (B) (iii) Requirement Relating To Deleted Materials states that the credit reporting agency have to notify you within five days of reinserting a deleted item; which 9 times out of 10 they do not. So this violation will instantly reward you with a fine of $1000. So once its deleted its gone, I will like to truly give a special thanks to the true genius, the guy who own this page. His knowledge has helped me and plenty others. Thanks for this page

By: VideoCreditScore-Andy

VideoCreditScore-Andy — Sat, 27 Jun 2009 14:03:55 +0000

It’s hard to tell the severity without seeing the entire picture of your report. The older the item, the less impact if will have on your credit score. You might be able to get the car loan, but your rates will be higher than if you waited for it to fall off your report – 7 years from when it posted as a charge off. I’m putting together a post on when items fall off your credit report. Stay tuned. Personally, for a car, I’d wait until your score is up above 620. Of course, if your dispute succeeds, you should see a large point increase – especially being in the low 500s – if that’s really the biggest item. Review my post on the credit score factors. Kenneth, thanks for posting this to help others too.

By: Kenneth Bevineau

Kenneth Bevineau — Sat, 27 Jun 2009 09:57:18 +0000

I have a charge off from a lending company(Midwest Acceptance) I’m currently disputing this item with the company and the credit bureaus. My credit score is 514 but I’m currently paying off items and adding a great mixture of credit. My question is how severe is this charge off and will be able to acquire another auto loan with this on my credit report. Thanks a ton you can also post this question for others who may need the same advice. Once again Thanks