Negative Accounts being listed in my CR's "Accounts in Good Standing" Section

[lynxcat]

Hello,

 

I am needing to apply for a used car loan with a bank, and I have already been turned down by my local credit union because of a lot of negative items on my credit report from 5 years ago, when I was having a difficult time. They told me my credit score was 690 and couldn't understand why it was even this high with all of the negatives. They were most concerned however with three accounts (by the same bank) that were negative with 150 days past due and Charge-Offs being listed under the "Accounts in Good Standing" section. I was asked what happened with this bank. But I didn't know and honestly answered that as far as I knew, it wasn't any different than the other negative accounts being listed in the negative section. There were quite a few of them from this time period of 5 years ago. I only wanted to borrow $3700.

 

So, then I applied on line with Wells Fargo, for a personal loan and was turned down in 30 seconds. The letter that they sent me said that my credit score was 732.

 

I am wondering about a few things: Would it make a difference to have applied for an auto loan vs. the personal loan. I am thinking about applying again for the auto loan in hopes that with something as collateral, my chances will improve. I only want to apply for a $5000 loan for a used car.

 

And the other: Is there any experience here with anyone on this forum with the issue I wrote about above concerning the negative items in the good standing section of my Experian CR. BTW, my credit report from the previous year with Experian listed these same accounts in the negative section where they belong. What I am wondering here is whether this mistake helps or hurts my credit score or a decision to give me the loan. I do plan to inquire about it with Experian and get it fixed, but am thinking that it might possibly be helping me.

 

My credit can't be too bad because I have opened several credit card accounts in the last year with 0% intro APR but the credit limit is not enough to buy very much of a car with.

 

Thanks for any help or advice,

[MarvBear]

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[MarvBear]

And the other: Is there any experience here with anyone on this forum with the issue I wrote about above concerning the negative items in the good standing section of my Experian CR. BTW, my credit report from the previous year with Experian listed these same accounts in the negative section where they belong. What I am wondering here is whether this mistake helps or hurts my credit score or a decision to give me the loan. I do plan to inquire about it with Experian and get it fixed, but am thinking that it might possibly be helping me.

 

You have to be looking at a consumer version of your credit file. A data furnisher version is different. Each account has it's own "I" (installment) rating or "R" (revolving) rating.

 

Most automotive lender prefer a minimum loan amount of $7500.00

[lynxcat]

I don't understand this difference in CR's. I received this one after I was turned down for a loan from Experian.

 

Wells Fargo gives auto loans for a minimum of $5000 which is really more than I can afford right now. But the used car dealer's financing deals are not an option either.

 

thanks,

[MarvBear]

In the reading and resource section of this forum, I have data furnisher version of credit reports posted online in the Auto Enhanced thread.

 

http://creditboards.com/forums/index.php?showtopic=125574