How much impact on credit score?

[ajenks]

Okay, I'm a total newbie and I've learned a great amount from all of you. My score has gone up up and UP since I found creditboards! I had an salamander moment a year ago, and my score dropped briefly into the 560s after a charge-off (that was paid within a day of it being charged off).

 

Anyway, just by paying bills on time (shocking it's so easy huh?) my score has gone up to the 620s. Not too bad. I haven't even tried to get the CO off, but I think I'm finally ready to give it a try with a series of GW letters.

 

So my real question is this - in February, it will have been a full year since I've had any 30-day lates. Do you think that will impact my score much? It's the only late I have showing in the last 12 months. I'm in the market for a new car, and wondering if I should wait another 2 months to buy in hopes I can get my credit up another 20 points or so. I'm not sure if that's even realistic, but hey - I have had a few good months recently.

 

In the meantime, thanks to ALL of you who put time and effort into making this site possible. I still have a LOT to learn, but it has opened my eyes so much to the value of credit... and what I should be doing to make it better!

 

THANKS!

[Bill Lumbergh]

Okay, I'm a total newbie and I've learned a great amount from all of you. My score has gone up up and UP since I found creditboards! I had an salamander moment a year ago, and my score dropped briefly into the 560s after a charge-off (that was paid within a day of it being charged off).

 

Anyway, just by paying bills on time (shocking it's so easy huh?) my score has gone up to the 620s. Not too bad. I haven't even tried to get the CO off, but I think I'm finally ready to give it a try with a series of GW letters.

 

So my real question is this - in February, it will have been a full year since I've had any 30-day lates. Do you think that will impact my score much? It's the only late I have showing in the last 12 months. I'm in the market for a new car, and wondering if I should wait another 2 months to buy in hopes I can get my credit up another 20 points or so. I'm not sure if that's even realistic, but hey - I have had a few good months recently.

 

In the meantime, thanks to ALL of you who put time and effort into making this site possible. I still have a LOT to learn, but it has opened my eyes so much to the value of credit... and what I should be doing to make it better!

 

THANKS!

Well, generally speaking, the older the negative debt is, the less bearing it has on your scores.

 

Have you tried a good faith letter with the lates?

 

Also, as a former car salesman, I can tell you this... A large down payment can overcome credit issues 99% of the time. It's called an "equity buy". It means that the lender has a significantly lower loan-to-value ratio in the car and they can keep their losses to a minimum should you default.

 

Hope this helps.

[breeze]

I'm going to move this to the auto finance forum, since that's your main question.

[Perform]

I'm confused about this thread.

 

You mention a charge off but never a late payment.

[ajenks]

Haha - Thank you! I'm familiar with that forum and hopefully I won't wear out my welcome before I get that car.

 

Bill, we've been saving... so maybe it won't be as bad as I think. Thank you!

[ajenks]

Perform - I had a few slow pays here and there, but my credit was generally "ok" until that charge-off happened. In one sense though, it was good for me sense it opened my eyes to my own stupidity.

 

I always learn lessons the hard way.

[MarvBear]

I believe I've already posted my thoughts on your credit app, you've already posted in this forum earlier. I still wouldn't change my opinion.

[ajenks]

Thanks Marv - you did indeed. I just overthink things - it's what I do. I searched your bankrates and wasn't exactly sure how to intrepret.

 

BUT, it seemed like if I could get my score up another 20 points - to the 650 range - I would have better luck on a good interest rate.

[Fern278]

Okay, I'm a total newbie and I've learned a great amount from all of you. My score has gone up up and UP since I found creditboards! I had an salamander moment a year ago, and my score dropped briefly into the 560s after a charge-off (that was paid within a day of it being charged off).

 

Anyway, just by paying bills on time (shocking it's so easy huh?) my score has gone up to the 620s. Not too bad. I haven't even tried to get the CO off, but I think I'm finally ready to give it a try with a series of GW letters.

 

So my real question is this - in February, it will have been a full year since I've had any 30-day lates. Do you think that will impact my score much? It's the only late I have showing in the last 12 months. I'm in the market for a new car, and wondering if I should wait another 2 months to buy in hopes I can get my credit up another 20 points or so. I'm not sure if that's even realistic, but hey - I have had a few good months recently.

 

In the meantime, thanks to ALL of you who put time and effort into making this site possible. I still have a LOT to learn, but it has opened my eyes so much to the value of credit... and what I should be doing to make it better!

 

THANKS!

Well, generally speaking, the older the negative debt is, the less bearing it has on your scores.

 

Have you tried a good faith letter with the lates?

 

Also, as a former car salesman, I can tell you this... A large down payment can overcome credit issues 99% of the time. It's called an "equity buy". It means that the lender has a significantly lower loan-to-value ratio in the car and they can keep their losses to a minimum should you default.

 

Hope this helps.

 

Bill

 

How large of a down payment would you suggest?

 

thanks!