Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Auto Loans
Profile Image

Question By
PASUKA

0 Contributions
0 People Helped
Auto Loan/Repoed-Account Closed
It shows Account closed for my auto loan which I haven't paid. I was going to contact my bank to see if I could make payment arrangements because I just started working again..but then saw this. I'm wondering if I still have to pay it or not because it says closed? And if finally paid off or not how long will my score be poor .. Will it be poor score for life if never paid ?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
5038 Contributions
1134 People Helped

Just because an account is closed it does NOT mean that you are off the hook for the debt. The "Statute of Limitations" in your state will determine how long you are "legally" obligated to pay it. Most negative information found on your reports is removed in 7 years, it is not on there forever (unless it is an unpaid federal loan). If you can afford to make payments to the lender (if they are still willing to accept them) you may want to do so, so a collection does not pop up on your report as well and so you don't get sued for the debt if it is still within the SOL in your state to be sued for debt. I strongly recommend that you do a lot of reading on the subject of credit so you can learn more about it, the information is of extreme value and will help you for the rest of your life.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.