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I've never missed a car or house payment in many years can I still get a low interest car loan now with wrecked credit from credit cards?
Wiki User
∙ 13y ago
Unlikely. Your FICO score will be lower because of late payments on your credit cards. Your credit report will show that so anyone considering giving you credit for a car loan will likely see you as a risk. What you can do is fix the bad marks on your credit first and there is a way to do that with a small monthly fee over a period of 3-12 months. Once your credit is "restored" then you can apply for a low interest car loan.
Wiki User
∙ 13y ago
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Does it hurt your credit if you turn a car back in to the dealer you have not missed and amnot late on your payment?
Yes.
How much is the APR on an Old Navy Card?
As with most store credit cards, interest rates are ridiculous. The starting rate on this one is 21% but if a payment is missed it jumps to 23.9%. Way too high!
If you have debt on a credit card and you have never missed making a payment on time can a credit card company change the interest rate on the debt accumulated on that card?
Yes, it can. But you have to be given notice of the change in rate beforehand, and you may have additional rights under the laws of your state.
By how much will a credit score drop if a mortgage payment is 30 days late?
When most credit scores are computed, there is no difference in type of late payment at the 30 day point. Whether it be a mortgage payment, auto loan payment, personal loan payment or credit card payment, the impact is going to be generally the same (unless one has a record of late payments). The credit score will drop from 25 to 50 points for the missed payment and it will take about a year to get MOST of those points back (two years is generally the "missed payment" cutoff for most scoring systems).
If a mortgage payment is 20 days late will that be reported to the credit bureaus?
Generally, late payments over 30 days late are reported to a credit reporting agency. After that, late mortgage payments can become "missed" mortgage payments. And missed payments can affect your credit score in a negative way. However, your exact late payment will depend on how your specific mortgage lender reports payments to the credit bureaus.
What happens to your credit once vehicle is repossessed?
Depending on the circumstances, your credit worthiness could be reduced drastically to the point where you may be denied any kind of loan at any percentage rate. Your credit rating will remain affected by this repossession anywhere for the next 7 to 15 years. It only takes one single missed payment to totally screw up one's credit rating, even if you have faithfully paid everything on time for the last 45 years and never missed a payment ... that one late or missed payment messed that entire long history.
Whose credit score is used when you cosign for a loan?
The cosigner's credit score is used. They are the one responsible if the primary signer defaults on payment. Both credits are ruined if the car payment is missed. Be very careful of who you sign for!
Would my remortgage interest rates goes up if I missed a payment?
Failure to make your mortgage payment will result in your lender reporting the mortgage lates to the credit reporting bureaus. Your initial late payment may result in a 30 day late which can bring your FICO scores down. For More Information go to http://www.mkemortgage.net/content/what_happens_if_i_cannot_make_my_mortgage_payment_456.htm
How long after a missed car payment does the finance company repossess the vehicle?
The question is, "Why would you worry about a missed payment when you have interest in the vehicle?" The money that you used as your down payment and any payments you have made total your interest in the vehicle. Why are people running from the repo man when in fact you can place the finance company on notice that, if your interest is repossessed, you will file criminal charges in federal court against the finance company and get triple what the car is worth. I guarantee you they won't take it. You can also put a mechanics lien on the vehicle to protect your interest in it.
How can you get back on track with missed car loan payments?
Just make a payment. The missed payments will show on your credit report but that's not really bad if you don't miss any future payments.
What is meaning by clean credit?
Clean credit - means you've never missed a payment on a credit card or loan agreement - that you've always paid on time - and that you have repaid the sums in the agreements within the allotted time period.
Can you return an auto without a repossession on your credit report?
Your credit report will state that the vehicle was returned. It will still show a balance remaining once this vehicle is auctioned off. This is your best option, but it already has done it's damage to your credit report with missed payment. Also, this will affect your credit score monthly for the next two years from the date of last payment.
