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Posted in Auto Loans
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Question By
Nickonidas

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0 People Helped
Why would a fully paid auto loan, with no late payments, close derogatory?
In remarks it says: "Charged off as bad debt. Profit and loss write-off.

Payment status says" "Collection/Chargeoff"

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Helpful to 10 out of 11 people

You need to write to all three credit bureaus as well as the creditor (whoever you paid for auto loan) and tell them to correct this information right away.  If you have proof of it being paid off, send it along with the letters.

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6 People Helped

Consolidate credit cards.

Helpful to 6 out of 9 people

I have 3 credit cards with each a fairly small balance. Together they are in the amount of $1116.00.  I would like to get rid of these and consolidate them into one credit card so I can pay down my debt. I am not behind in any payments and I have never been late. I should not have these cards and would like to more easily relieve myself of this credit crunch without hurting my credit. Is there a credit card that would allow me to transfer this amount? I only have a credit score of 592, which is better than it was in the beginning as I always pay more than the minimum balance.

Reply by
BILLSGALORE

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Helpful to 4 out of 6 people

tO ME KEEP THE THREE INTACT, THE CREDIT HISTORY OF HOW MUCH YOU PAY OVER DOES NOT EXIST...THEY ARE NOT LOOKING FOR THAT...JUST ON TIME...MY THOUGHT WOULD BE TO PAY MIN ON EACH ONE, BUT IF YOU HAVE EXTRA APPLY IT TO ONE EACH MONTH TO PAY IT DOWN QUICKER. ONCE THAT IS PAID OFF APPLY THE EXTRA TO THE NEXT ONE EACH MONTH UNTIL THAT IS PAID OFF, ETC. THEN THE THIRD. BY THE TIME YOU MERGED INTO ONE ACCOUNT THE CREDIT CARD BALANCES, YOU MAY HAVE INCURRED MORE COST FOR THE LOWER PRICE OR BALANCE TRANSFER, WEIGH YOUR OPTIONS. GOOD LUCK.

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3 People Helped

Co-signer nightmare

Helpful to 3 out of 4 people

I co signed for a car loan.  the person was late very often and 60 days at least twice.  I took over the payment of the loan and was never late in over a year and a half.  It still shows as derogatory on my report.  Is there something I can do to show that the bad part of the loan was not my fault and the end was my doing.  The loan has sence been paid off.  

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2 People Helped

Derogatory

Helpful to 1 out of 1 people

Because the car is totaled. It was a lease car with my name and my sons name for my mother.

She's dead. I don't get any mail or phone calls giving me a hard time about this being on my credit report.

Today is November 6,2014 exactly 1 year ago she had the accident. Died November 25th. Honda let it go as you can see the O. ballance.

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0 People Helped

Derogatory

When a defaulted loan is closed and says "closed-derogatory", does this mean that the next 7 years they can come back for payment?

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8 People Helped

closed as derogatory

Karma is showing a debit has derogatory but Transunion is showing it paid off with no late payments. This debt is almost 10 years old.

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Reply by
Ericuda

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59 People Helped

I have noticed a few differences between credit karma and the actual reports myself. Just curious Now that its nearly 4 months later, are they both still reporting that way?

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