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[Judd80]

I finally got my title in the mail last night for my Auto that I was behind on for awhile. It was even noted with all 3 CRA's that it was Charged Off (remarks section), but still showed over a $7k balance. I paid a settlement for $3,547.00...... Now that I got the title about how long until its reported that I have a $0 balance? Also since the balance showed over $7k and I just paid it off will my FICO go up any? I followed a credit teaser on experian and if you pay 3k worth of debt it can raise +20-40points, so I'm hoping since I paid this outstanding balance off that it raises it by like 40pts. Since I been on this site I raised my score 11pts and I'm looking at continuing to do the right thing. I have no bills now. No utilities, CC's or loans. I am hoping to go to my credit union and get a personal loan or a CC or two (2 max) to start establishing my credit and raising my score higher. I know tho that if my score doesn't go up much into the low-mi 600's that I most likely won't get aprroved for a CC or personal loan. IF I do get a PErsonal Loan I am sure the interest rate will be HIGH and I'm trying to avoid that if I can.

 

How much do you think my score would go up and about how long will it take for them to report?

 

 

Thank you

[MarvBear]

On behalf of CreditBoards Admin, MarvBear would like to extend a sincere and warm welcome to the Automotive Forum. We have an Automotive FAQ (Frequently Asked Questions) section that should prove to be very helpful in your automotive knowledge quest.In the Reading and Resource Section of this forum, which is a read only forum, you can look up information regarding Sales Tax by State, Lemon Laws by State, along with a number of industry specific topics very relevant from the dealership's perspective.In the main section of this forum, there are two pinned topics both of which are read only topics. The first concerns Bank and Credit Union rates and tiers. You might find this useful in predicting an interest rate on your next vehicle purchase. The second is a general purpose credit application that you can use to get an idea if you might qualify for an automotive product loan based on an insider's perspective of the information you provide.You, as a consumer, have a unique advantage to "pick my brain"as I have been in the Automotive Industry since 1972. I will endeavor my utmost to give you up to the minute information and explain any insider workings you may question.Due to time constraints on my part, I may not always be available to answer your question right away. Don't be discouraged, this is a very busy board. If some extended time goes by without a reply, feel free to reply to your own post by typing the word *bump*. This will *bump* your post back up to the top of the forum where it is more easily seen.We make every effort to maintain a warm and friendly, and particularly non-judgmental attitude here on CreditBoards. If you find someone is discourteous to you, use the REPORT button located at the bottom of every post-that will ensure that either I or another moderator or Admin looks at the post and decides if it is against our TOS.Off-topic posts should go in the General Forum. And if you are a credit newbie, take a glance at our Newbies Section.Come get your new keys!HAPPY MOTORINGCB Admin: LKH, Pam, radi8, breezeCB Mods: cotterpin, CargoJon, CramitCCCA's, fla-tan, MarvBear, psp, pryan67Forum Leads: TeeSharice, orangecrush and Four20Nik

[mk_378]

Gosh, I hate to burst your bubble but did you negotiate for favorable reporting as part of your settlement? It is quite possible they will report "settled for less than full amount," which along with the "charged off" remaining and multiple late payments will mean the TL is still a serious derog. It is even (very remotely) possible they could attempt to collect the remaining amount or sell it to a junk CA.

[MarvBear]

One of the key factors, would be how the data furnisher updates the particular tradeline with its extraneous notations.

 

If it updates as a paid chargeoff, with a more recent date of last activity, I'd bet the scores go down, and it will probably stay on your file longer or at least the cra's will TRY and keep the negative information on your file longer.

 

Credit reporting related questions are more suitable over in the main credit forum.

[Judd80]

ugh that stinks. When they called and offered me a settlement she said they will make it a $0 balance, send me the title and make it go from a I-9 to a I-5. I wasn't sure what that was so I asked. She said it will show that you were only 60 or 90 days late and its paid versus over 120 days. Si said cool I will pay. But then last Monday I called her and asked her where my title was since it was almost 3 wks. She said it hasn't been released yet and that's when she put it for the release and I got it in a few days. Then I said ok will you report to the CRA's now so my score can start to go up. She was like thats on the CRA's to report. I was like ah???? Then I said ok what about the I-9 going to a I-5? She said it will but I have to call all 3 CRA's to get it put like that. So o god, I think I got F'd didn't I? I hope they dont' try to get the rest of the money and I hope my score goes down b/c then all the effort to get it back on track these past 2 months would have been for nothing pretty much. I know I won't get Credit in the 500's. If it lowers I'm worse off.

 

 

 

Sorry I posted here, but over there ppl weren't responding. Any words for what I just wrote above?

[MarvBear]

Once you have the title in your hands then send via certified mail a dispute to only ONE of the CRA's.

 

Do not call in the dispute, do not do an online dispute.

 

Let us know what the results of the reinvestigation is when you get it.

 

in this thread please.

[Judd80]

I have the title in hand now. Question tho. About a week ago right before I called the Loan company, I called all 3 CRA's and disputed it saying I paid and the balance should be a $0. Do you think if I send that paper your talking about that will interfear with that dispute already open with all 3 CRA's?

 

Thank you

[MarvBear]

IMO you need to wait till you have the current reinvestigation results in hand.

 

and I wouldn't call anymore.

 

Write.........Yes

Phone..........NOOOOOOOOOOOOOOOOO

[Judd80]

Ok thank you. Once I get the results I will update this post and see what is best after that. Also I do remember reading on here weather it was in the newbie section or what, that you want to leave paper trails, so I guess that pertains to things like this. Thanks for the reply. I should have something to update about soon.

[Judd80]

Experian updated my Auto information today. I am still waiting on the other two. I'm a little confused by what is written. Is this good or bad? It seems like its more so bad. But either way I guess its good to show a $0 balance right???

 

Status:

Paid,Closed/Account charged off. $7,883 written off.

 

Last Reported Date:

03/2007

 

Credit Limit:

$11,000

 

High Balance:

NA

 

Monthly Payment:

$0

 

Recent Balance:

NA

 

Recent Payment:

NA

[MarvBear]

That's a negative tradeline.

[Judd80]

Yea I know that since I was behind, but now that's its closed out isn't that a good thing? I would think that it would look good to creditors? I would hope that paying it off like that didn't hurt me in the long run. I want to buy my friends Motorcycle. He is going to sell it to me for $2,500. I was thinking about putting down $500 and financing the rest to build up credit. Would this be smart? I'm just looking for anything to build up my credit. Thank you!

[MarvBear]

Installment loans don't do much to build credit, surely not so much as revolving credit lines.

[Judd80]

ok i think i got what your saying. CC's are better at building up your credit versus loans. Now I guess I'm going to have to see what CC company will give a card to someone who has a FICO score under 600. I don't really want to get a card that I have to put most or the whole line of credit down, that stinks. My girlfriends has 2 CC's that she had for over 3 yrs. There Department store CC's. Basically she never paid the minum balance. She paid it off everything month. I hear sometimes that's not that good to do, but she has a FICO score of over 700. By here signing a CC app with me will that get me easily approved do you think???

[MarvBear]

you are basically asking credit related questions more suited to the main credit related forum as my view are entiredly industry skewed towards automotive loans. My viewpoints are extremely distorted due to my affiliations, and you may be best served to address your concerns regarding credit rebuilding in the main credit forum.

[Judd80]

ok thank you