my credit score dropped last month because of a late (but paid) mortgage payment..i paid off my credit cards except for one with a small balance now i know it hasnt been even 30 days but should i wait to go trade in my car for a different one (im trying to downsize everything) because of my score? i screwed up one month and now im paying for it but i learned my lesson and im tryign to trade all my big possesions into smaller more affordable ones. so is it too soon or will they see that ive paid off a large portion of my debt?
2006-09-09 01:00:49 · 5 answers · asked by toolate 3 in Business & Finance ➔ Credit
Late payments do hurt your credit.
If that was the first and only time you have been late on that loan, I would suggest writing them a good will letter. Explain your situation, tell them that you enjoy doing business with them (yeah schmooze em) and ask if there is anyway that they can forgive that late and change your report to never late.
Just be sure that your reasons are valid and not simply things like: I didn't have the money at the time or I forgot to send it.
Generally, if you have a good reason such as illness, death in the family etc., they may work with you on it.
As for the paying off a large portion of debt, that will look good to any creditor.
2006-09-09 08:37:07 · answer #1 · answered by echo 7 · 0⤊ 0⤋
I don't THINK that 1 late payment will wreck havoc in your life. We are living in a time where you never know what's next. Also with gas prices, overloaded inventory, auto dealers are making such great deals..., even to those with blemished credit..i.e. Ford has 0% financing for 60 mths, so I don't think you are in such deep trouble. What I would suggest if possible that you have a copy of a current credit report, your pay stubs, bank statements, etc.. and get a deal negotiated without them doing a credit report. Explain your situation(truly) them let them do the work. Good Luck!!
2006-09-09 01:15:17 · answer #2 · answered by Anonymous · 0⤊ 0⤋
if you think that waiting a month or two will bring up your credit score than I would wait. The reason being is that your interest rate on the car you want to purchase will be based on your credit score.
By the way, congrats on your downsizing and gaining control of your finances!
2006-09-09 01:10:15 · answer #3 · answered by daisymae 2 · 0⤊ 0⤋
Trading a car isn't difficult...you may lose a little on the interest rate but you'll still reach your goal. I'd also dispute any outstanding credit bills this November...because December is a busy time for them to respond. I learned a lot this from mycreditadvise.com it help me and my wife understand and take steps to correct my credit score and buy our first home.
take care.
2006-09-09 01:27:47 · answer #4 · answered by Anonymous · 0⤊ 0⤋
theres a compnay that lend money on an intergrity basis, that is you will do the right thing and pay them when you have money to pay
2006-09-09 01:27:28 · answer #5 · answered by chp 2 · 0⤊ 0⤋