Posted on: 13th Jul, 2012 12:17 am
I have 560 EQ 540 TU scores. There are 2 student loans past due 90 days. Also, a state tax lien which is not listed on the EQ. I need a car but I have a clunker I am going to try and get up and running. The other question I have is, will paying my student loans in advance help increase my fico score?
Hi Andrew,
Well, you have a low credit score and might face difficulty in getting a car loan. You need to improve your credit score and then apply for a loan. As far as student loans are concerned, it is already delinquent. In such a situation, you can pay off the loan in advance but the negative item regarding late payments will remain mentioned in your credit report for 7 years.
Thanks
Well, you have a low credit score and might face difficulty in getting a car loan. You need to improve your credit score and then apply for a loan. As far as student loans are concerned, it is already delinquent. In such a situation, you can pay off the loan in advance but the negative item regarding late payments will remain mentioned in your credit report for 7 years.
Thanks
Welcome Andrew,
You can check out the given page in order to know some steps to improve your credit scores: http://www.mortgagefit.com/credit-rating/credit-repair.html .
You can check out the given page in order to know some steps to improve your credit scores: http://www.mortgagefit.com/credit-rating/credit-repair.html .
With your credit score, you may find it difficult to get the car loan. You must try to improve your score first.
Paying your student loans off faster isn't going to improve your credit scores. I would at least try to get your FICO Scores into the mid 600s before applying for a car loan. What are you doing at the moment to build positive payment history and improve your scores?
Given your poor credit score, it is indeed very difficult to get approved for a car loan. You can repay your student loan fast. But, that does not going to improve your score as you are already delinquent.
Well, in your situationifficult for you to get a car loan. Even if you pay off your student loans the negative item will remain on your credit report for atleast seven years. You cxpect your scores to rise by huge amount after you pay off your loans, it improves gradually and you need to have patience for this to happen. Therefore, I would advise you to first improve your credit scores and then apply for auto loan. However, if you still want to buy the car then, check out this article: "www.articlemonkeys.com/Auto-loan-with-bad-credit-Follow-the-tips-378744.html". Hope this, helps.