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Repo on your credit from several years back you were recently told you would have to pay this off to get a new loan Is this true?
Wiki User
∙ 18y ago
I would think most lenders would be hesitant to loan you more money when you have a delinquent outstanding balance on an old debt. You would be considered a poor risk. Usually when your vehicle is repossessed it is auctioned off and the proceeds are applied to the balance of the loan after any commissions, fees or other charges are deducted. You are then responsible for the remaining balance.
Wiki User
∙ 18y ago
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Can you request that a credit agency remove several items off your report after seven years or can you only request one at a time?
I would think several items as the important point is the seven year limit on debt.
What happens if one does not pay credit cards?
The credit card company will pursue you for the unpaid debt, usually they will get a court order which will give you a very poor credit rating for several years
How to find where a loan was obtained several years ago online and had bad credit to get another loan?
Get a copy of your credit report, it will have the company listed that you had the loan through.
How do you build up credit history?
Your credit history is simply the period of time you have had open lines of credit. Say you had five credit cards and you kept them each for exactly one year and then closed each of them. You would have five credit years of history but most scoring systems would see that as one year of credit history. If you had one credit card account for one year and another for the subsequent year and so on for five years, you would also have five years of credit history, but, again, scoring systems would still see that as (more or less) one year of credit history. Now, if you had one credit card for five years, then the scoring systems would definitely see that as five yeas of credit history. So, creditors and scoring systems look at how long you have maintained each line of credit and the longer the better.
If you had a bankruptcy six years ago but have rebuilt your credit and now your scores are over 700 why would you still be turned down by the same bank for credit?
While 700 is a decent credit score, extending credit is still a risk and a discretionary judgment call. The BK will be on your credit for several more years and you are almost eligible to file for Chapter 7 again if you needed to. The creditor might not want to take the risk, especially if a debt to this bank was included in your old bankruptcy.
How would your credit be affected if you have a car that has gotten repossed?
Negative credit rating. Stays on your credit report for 7 years. Don't let it happen.
Was John Edwards caught visiting girlfriend secretly?
has john Edwards become a dad in the last several years as recently publisized
How many years is several years?
Several means more than two and usually less than 10 -- when used to describe years, which one would note as a decade. Several also means not many.
How do you remove a unpaid phone bill off credit report after nine years?
Write a letter to the credit agency. I will warn you that getting things changed on the credit report is hard. They often don't do it even after several attempts.
What is meant by spending patterns in credit card?
This refers to patterns of used in your credit card spending. For example, a lender would look differently at an applicant who has 2 credit cards with zero balances who recently used one that had a zero balance to buy a plasma TV for $5000 because of a zero interest promotion than they would someone with 3 cards with high balances and one card that had the same $5000 balance for two years.
Can you collect earn income credit from past years?
Yes. I believe it is up to the past 3 years. And you even get interest if you were getting a refund for those unfiled years. At least that is how it was several years back,
Does foreclosure show on credit report after bankruptcy?
It does yes, but only for seven years after it happened. This is because the FCRA (Fair Credit Reporting Act) specifies that anything on your credit report can only be on it for seven years after inactivity. Inactivity means that you have not had anything to do with it. For example, lets say you had a delinquent credit debt and did nothing with it for seven years, it would fall off your credit report. But even if you paid 1 dollar to this debt 6 years and 364 days after it's date, it would be on for another seven years.
