Posted on: 04th Jul, 2010 06:13 pm
My husband does not have hardly any lines of credit,but did default on anauto loan whenhe was 18(he's now 35) It was obviously a long time ago.....will the "scary bank people " see that mistake?/:O
Hi dcammisa,
Any negative item remains on the credit report of the consumer for 7 years. As the auto loan default took place a long time back, the lenders will not take that negative item into consideration while giving him a loan.
Thanks
Any negative item remains on the credit report of the consumer for 7 years. As the auto loan default took place a long time back, the lenders will not take that negative item into consideration while giving him a loan.
Thanks
Your husband's problem won't be with that auto loan that went bad, as James noted. His biggest problem is that he lacks credit - lenders look askance at that just as they fear derogatory items.
Derogatory credit from that long ago shouldn't be an issue. When applying for a loan, he might say that he's become conservative toward borrowing money since the auto issue. That could work in his favor.
Wow...becoming conservative toward borrowing money does not a credit score give, nor will it result in a favorable lending decision.