credit rating?

Question

I messed up my credit a few years ago, i thought about filing bankruptcy, but as soon as i was about to contact a lawyer, i went to a car dealership and to my surprise they approved me for a loan(interest rate very high), i was wondering if i pay my car notes on time will it improve my credit score?

Answer 1

YES, this is very true. My ex-bf was in the same situation. By accepting an auto loan and paying your car notes on time one can improve his or her credit score. But please take note that the dealership probably offered what is called a "Bad Credit Loan". A bad credit loan goes on your credit report. It can either help you or hurt you. If you default on a loan such as this one, it is reported to 3 major credit bureaus immediately i.e. if you take the loan and miss payments-- WATCH OUT! Furthermore, you then may have to file bankruptcy on the real. Also, if you happen to file bankruptcy it may hurt your chance of getting a loan in the future but you can get some "bad credit credit cards" out of the deal. Good luck, I hope I've helped you.

Answer 2

The bankruptcy will stay on your credit for 10 years from the date of last activity. No matter if you pay your car payments on time, it will still say bankruptcy when someone pulls a report. Now, don't get me wrong, it will help, but it might not be enough. Even if a company gives you credit, you might have 2 things that will happen. First, the interest rate is going to be 15-30% APR or they will ask for a deposit of the amount that you are requesting.

Answer 3

It depends on if the people you borrowed money from report to a credit bureau. If it is a buy here pay here from a small car lot they may not report.

Answer 4

Making payments on time will improve your credit, but don't count on it being the same as it was. Just don't spend money that you don't have. And don't go to freecreditreport.com, that can screw your credit up.

http://www.ripoffreport.com