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Posted in Auto Loans
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gambogibiker

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Never late on car payment but still bad score
Been paying on my car loan for four years. But my credit has gone down a good forty points. I have had one credit issue since then with a bank. If I was to pay off everything on my collections will my credit shoot up?

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Hard to tell.

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It depends on what all you have in your collections. Generally, if you pay off whatever has hit your credit report as a negative entry, it will stay on your credit report for 7 years, but the status will change to "paid in full". Having it changed to paid in full will not raise your score, as it is still on your report. Your best chance of having them removed is to pay them all off and write a letter of dispute to the three credit reporting companies (Experian, Equifax, TransUnion). Sometimes even if you don't pay them off, writing a letter to these companies disputing the transaction will remove the entries from your report. The reason for this is that the debt collector has a certain time limit (I believe 30 days) to prove to the credit agencies why the debt is valid. If for some reason they don't get back in time, or can't prove the debt, it will likely be removed from your credit report.

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on my credit it shows 6 late payments i payed my 2011 car off with chase bank earley never was i late that might have been my son richard f critchfield call chase bank,and I NEVER USED QUICKEN LOANS FOR ANY THING PLEASE TAKE THESE OFF MY REPORT THANK YOU RICHARD A

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