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,

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,

It is hard to believe any real EXP report would have this misinformation within it. Where, exactly, did you recieve this report? From EXP through the US Mail, or some other source? After I was turned down for a loan with Wells Fargo, I was sent the letter letting me know that I could get a free credit report with Experian. So I called the number on the letter from Wells Fargo and requested the report. I had a hard copy sent through the mail. It looks legitimate. It has my info and accounts listed. It's 20 pages in length. BTW, all of the negative accounts listed in the "Good Standing" section are with the same bank. They were for different accounts though.

What's reporting negative about them? Can you copy and paste it minus personal information (acct #'s, etc)? The difference between a personal loan and an auto loan is collateral. It is much tougher to obtain a personal loan than an auto loan for this. A personal loan would have a higher interest rate which could be outweighed by the cost of insurance coverage. Also, an auto loan on a used car could cost a lot more money in interest. I would try to pursue better options if you could. Do you have a CU? Most provide members with pretty good rates on used vehicles (even the same as a new vehicle). These are very negative items. They are accounts that were charged off after I missed a lot of payments. It goes up to 150 days past due and then comes the charge off. It also shows status as closed and $ written off. There are three accounts like this in the "Accounts in Good Standing" section. I feel like they are certainly in the wrong section, but would this help or hurt my credit score? The credit union turned me down. They could not get past the negatives even though my credit score wasn't all that bad and that was for an auto loan. They did a thorough look at it all. I do better with the applications that are done by computer and you get an answer in 60 seconds. I was turned down at Wells Fargo for the personal loan, but am going to try for an auto loan next with them.

These items in the Good Standing section are definitely negative items. What I am wondering is: Does it matter that they are in the wrong place? I am asking because I have actually been getting good offers of credit with 0% interest on credit cards. And I am wondering if the items in the wrong place might be helping give me a better credit score. Or, would it be better for my credit score to get that fixed? I am needing to get a loan to buy a used car and have already been turned down when I applied for a "personal Loan" with the bank. But yet my credit card offers are good. My credit score is somewhere between 690 and 730. Thanks for any help,

Hello all who read my post, I received my credit report from Experian today and was looking over it. I was expecting more items in the "Negative Accounts" section, but instead there were 3 negative accounts in the "Accounts in Good Standing" section. My question is: Should I dispute this? Or let it go? Is it a mistake? And should I try to get it fixed? Would this cause my credit score to be lower or higher? Or might the accounts in the "Good Standing" section not even be looked at in a decision to give me credit? I have a lot of negative accounts in my CR due to some problems a few years ago, but am now getting some good credit offers and my credit score is not bad. However, I was recently turned down for a loan, and would like to keep improving my credit. There are about two and a half more years till the negative info is removed. thanks for any help or advice,