I have had about 5 medical bills go to collection, whiched totaled around $800.00. I did not negiotiate with the agency to remove the marks from my credit when I paid off the accounts a year ago. I would like to buy a car this June or July, around $10,000 to $12,000 and take out a loan for roughly this amount. Will I be able to get some sort of decent interest rate under 10%? I have a credit card and cell phone in my name and I have ALWAYS paid these bills on time for the last 2 years since I have had both. Also if I cannot get a decent interest rate is there anything I can do in the next 4-6 months to help?
2007-02-14 10:28:26 · 5 answers · asked by luv2shop 2 in Business & Finance ➔ Credit
Check out this link I found on msn. It gives some really good tips.
http://articles.moneycentral.msn.com/SavingandDebt/ConsumerActionGuide/12CoolMoneyTricks.aspx?page=2
2007-02-14 10:33:17 · answer #1 · answered by Danisha R 2 · 0⤊ 0⤋
First off, a cell is not on your credit report.
Therefore you have 5 derogatory accounts and 1 good account. Certainly not a good balance.
Pull your reports and scores. If the scores are under 550 you'll have trouble getting ANY loan. If they're under 650 you wont get a better rate than 10%+.
The best things you can do are:
1) Open up another credit card and maintian a low balance. Be selective in what you apply for so you dont rack up any inquiries!
2) Dispute all the medical bills and hope that you get lucky-- I got tons of stuff deleted from my own report and others just by disputing VALID collection accounts
3) Save a down payment. The higher the down the better the rate you can get.
2007-02-14 11:03:29 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The agencies can't remove those accounts from your credit report anyway, although they should show them to be paid in full. If you have had collections in the past that are paid, and your other credit has always been paid on time, you should have no problem getting an auto loan with a rate well below 10%.
2007-02-14 10:34:14 · answer #3 · answered by Mr. Knowitall 3 · 0⤊ 0⤋
I have placed this in the source box. There is a wealth of information there and a great free debt management software program. I bookmarked the site as I return to it often for the advice it offers. I hope this helps you.
2007-02-14 11:04:26 · answer #4 · answered by Anonymous · 0⤊ 0⤋
no you won't. unless you high interest.
2007-02-18 06:15:53 · answer #5 · answered by J 4 · 0⤊ 0⤋