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jillmarie2004

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Missed payments on credit reports?
I was recently out of work and completely messed up my Excellent Credit...I have several missed payments on there. One 60 day late, and four 30 day late. My credit score dropped drastically but it is still in the 600 range, so not horrible but certainly could be much better. I am now back at work and current on everything. I have sent letters to my lenders explaining my situation and asked for a one time only good faith adjustment in removing these late payments. Each one of them declined. So I am stuck with them on my report. My question is, will I still be able to get a loan such as an auto loan with all of these missed payments showing up. I am so sad about it, but I take responsiblity and at this point there isnt much I can do. I know in time, the impact will be less. But eventually I will need a new car and will have to apply for a loan. Please help!

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All you can do is apply for an auto loan and see what happens. You may have to go to a Bad Credit dealership and take a high interest loan. It would be best to wait until the late payments aged at least a year or two, but that is your call. There are auto lenders out there for just about every credit situation though, but the deal you get you may not want.

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Hi jillmarie2004! Sorry to hear but don't fret- your score WILL improve with time as long as you continue to make on-time payments and those late payments get further away. Auto loans are generally easier to get than unsecured loans because the car is used as collateral (if you default, the lender could confiscate your car). It'll depend on the lender whether you qualify with a score in the 600s. You can always try asking the lender whether they have a mininum credit score before you apply, so you don't risk applying and getting rejected. Some will and some won't (or won't tell you).  But it couldn't hurt to ask. Like TryingToUnderstand said, you could also go with a low credit score lender but you'll get really high interest rates with one of them. Hope this helps!

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