2 Repos accounts closed and charged off as bad debt

[TayQ]

I had 2 brand new vehicle auto loans. Both were repossessed when I was laid off after Covid. They closed the accounts in March 31, 2020 and July 31, 2020. One was through Santander Consumer USA and the other through Capital One Auto Finance. The Santander one was charged off as bad debt  profit and loss  write off. The Capital One was payment after charge off/collection paid profit and loss. So my question is I guess is there a way to get them off the bad side of my credit score to be able to get another auto loan? These were the first repossessions I have ever had so I have never had to deal with anything like this. Should I leave them alone or can I correct them?  My TransUnion and EquiFax scores are at 639. My credit factors Payment History is Excellent at 100%, My Credit Card Usage is Excellent at 0%, My Derogatory Remarks are excellent at 0, My Credit Age is Excellent at 12 years & 2 months, My Hard Enquiries is Excellent at 0 but My total accounts is 4 and says needs work. I have 2 open accounts and the 2 closed Auto Loan Accounts. The 2 open accounts are Capital One Credit Card opened in December of 2010 with a balance of $0 and a $2,000 credit limit and the other says CitiCards CBNA opened August 8, 2013 and $0 open balance with a credit limit of $6,500. So I am using 0% on both accounts limit. I make around $45,000 a year and have a DTI Ratio of (0 / 3750) *100 = 0%. I have $0 on Credit Cards, $0 on Collections, $0 on Student Loans, $0 On Personal Loans and $0 on Auto Loans. I sound confusing but I want to increase my credit score to be able to get another auto loan. Please help 

[hegemony]

On 6/10/2024 at 5:13 AM, TayQ said:

I had 2 brand new vehicle auto loans. Both were repossessed when I was laid off after Covid. They closed the accounts in March 31, 2020 and July 31, 2020. One was through Santander Consumer USA and the other through Capital One Auto Finance. The Santander one was charged off as bad debt  profit and loss  write off. The Capital One was payment after charge off/collection paid profit and loss. So my question is I guess is there a way to get them off the bad side of my credit score to be able to get another auto loan? These were the first repossessions I have ever had so I have never had to deal with anything like this. Should I leave them alone or can I correct them?  My TransUnion and EquiFax scores are at 639. My credit factors Payment History is Excellent at 100%, My Credit Card Usage is Excellent at 0%, My Derogatory Remarks are excellent at 0, My Credit Age is Excellent at 12 years & 2 months, My Hard Enquiries is Excellent at 0 but My total accounts is 4 and says needs work. I have 2 open accounts and the 2 closed Auto Loan Accounts. The 2 open accounts are Capital One Credit Card opened in December of 2010 with a balance of $0 and a $2,000 credit limit and the other says CitiCards CBNA opened August 8, 2013 and $0 open balance with a credit limit of $6,500. So I am using 0% on both accounts limit. I make around $45,000 a year and have a DTI Ratio of (0 / 3750) *100 = 0%. I have $0 on Credit Cards, $0 on Collections, $0 on Student Loans, $0 On Personal Loans and $0 on Auto Loans. I sound confusing but I want to increase my credit score to be able to get another auto loan. Please help 

 

So the santander is unpaid? I'd be more worried about being sued. what is the SOL in your state for the CO?

 

and if the scores you're referencing are not FICO you're looking at the wrong metric (in fact you would need your auto-enhanced FICO scores).

[MarvBear]

Why Chat's website has some excellent information on how to deal with repossessions.

 

Why Chat's Credit Confusion

[Cookie4253]

On 6/25/2024 at 2:45 PM, MarvBear said:

Why Chat's website has some excellent information on how to deal with repossessions.

 

Why Chat's Credit Confusion

I completely forgot about whychat. 

He helped me remove myself as a co signor on a repo and for the life of I can't remember how. I looked at his site and didn't see it. 

 

Marv do you know where it would be and or what it was called? 

[MarvBear]

Why Chat will see this and I am sure will try and respond to you.