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dn12

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I paid off my car nearly a year ago, how long will it affect my credit?
I had a few late payments for a car loan, I pre-paid months and it wasn't applied as such, rather to the principle. I ultimately got currant and then paid off the car last June, how long will this affect my credit?

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Late payments remain on credit reports for seven years from the time that they occured. Late payments can cause a lot of damage, BUT the good news is that the damage subsides with time. You could write the company that you had the loan with a "Goodwill Letter" asking for forgiveness and removal of the lates, but don't get your hopes up. Do some reading on "goodwill letters" to learn more about them.

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