Jump to content




Welcome to CreditBoards!


Sign In 

Create Account
Welcome to CreditBoards! Like most online communities, you must register to post in our community, but don't worry - this is a simple process requiring minimal information for you to sign up. Be a part of CreditBoards by signing in or creating an account.
  • Start new topics and reply to others
  • Subscribe to topics to get email updates
  • Get your own profile page and make new friends
  • Send personal messages to other members.
 
Guest Message by DevFuse

Read These Items!

  • If you're getting an Authentication mismatch error: Clear your cache. Log out of CB. Delete your cookie. Close your browser. Open your browser and log back in.

Photo

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


  • Please log in to reply
4 replies to this topic

#1 lynxcat

lynxcat
  • Members
  • 5 posts

Posted 20 February 2012 - 01:18 PM

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,



#2 MarvBear

MarvBear

    Velvet Hammer

  • Admin
  • 47,763 posts

Posted 20 February 2012 - 01:18 PM

Welcome to CreditBoards! We hope that you find what you're looking for here.

Some helpful tips:

  • Your post may not get a reply right away. Don't be discouraged, this is a very busy board. If it falls off of the first page, feel free
    to reply to your post yourself, with the word *bump* in the text. This will *bump* your post back up to the top of the board.
  • If you haven't yet, take a peek at out Newbies Section.
    Everything that you need to know is in that forum, for the most part! It's a lot of reading, we know, but this credit stuff can have a steep learning curve. In no time, you'll be posting like the pros!
  • If you find that someone is discourteous to you, use the REPORT button at the bottom of every post - that will ensure that a moderator or admin looks at the post and decides if it is against the TOS.
  • Off -topic posts should go in the General Forum.

Again, welcome to the CreditBoards family!

CB Admin: LKH, Pam, radi8, breeze
CB Mods: CargoJon, Chris in OK, cotterpin, CramItCCCAs, Fallon, MarvBear, CtSoxFan, pryan67, psp, Stryker, TrevorHere
Forum Leads: brazen, Brian B The Loan Professor, cedski, DallasLoanGuy, hoapres, ICANHASMUNY?, Lighthouse84, Linx04, Neen, TeeSharice


Come get your new keys!

HAPPY Posted Image MOTORING

#3 MarvBear

MarvBear

    Velvet Hammer

  • Admin
  • 47,763 posts

Posted 20 February 2012 - 07:56 PM

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

#4 lynxcat

lynxcat
  • Members
  • 5 posts

Posted 21 February 2012 - 06:33 PM

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,

#5 MarvBear

MarvBear

    Velvet Hammer

  • Admin
  • 47,763 posts

Posted 21 February 2012 - 07:45 PM

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....howtopic=125574




0 user(s) are browsing this forum

0 members, 0 guests, 0 anonymous users



© Copyright 2003 - 2013 Creditboards.com. All rights reserved. No portion of this site may be reproduced without explicit permission from the owners. The content of creditboards.com is subject solely to the personal whim of its admins. We reserve the right, at our sole discretion, to remove any and all posts or comments, at any time, for any reason which takes our entirely capricious fancy, or for no particular reason whatsoever, without restriction. Comments or questions regarding the site may be addressed to admin@creditboards.com.