I am trying to get my credit report shaped up as much as possible before the summer. In addition to alot of late payments, I have a credit card that was charged off (and sold to another company?????) in January, 2006. I owed 2,100 on it. My question is this, which would be the best thing to do to improve my chances of getting a car loan: Try to pay off the amount that has been charged off (I don't even really know if I can do this) OR use the $2,000 as part of my down payment. I have the money I just don't know which action will be most beneficial for a car loan.....
2006-12-20 11:38:56 · 1 answers · asked by friedokra99 4 in Business & Finance ➔ Credit
With a charge off and a lot of late payments on your credit report, it might be real hard to find someone to finance a car loan. If you do find someone, you will be paying a very high finance charge.
2006-12-22 16:19:46 · answer #1 · answered by luciousgreeneyedlady 5 · 0⤊ 0⤋
The problem that you have is that the Charged Off Account if you pay it off will now list as a paid Charged Off account. As far as the banks are concerned its still a Chargef Off account to them.
2006-12-23 08:38:49 · answer #2 · answered by Wojtek T 1 · 0⤊ 0⤋