what a shitty world
wel the car is off for know tilli can figuer out some shit, it seems that during my freshamn and subsaquent years following when i was broke off my ass paying for school adn working full time and what not i was ;laet on my credit cards on many an ocasion. well it seems that this has made a "high risk" and not able to get a car loan. as i was told i
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1. Re: Loan person's wet dream. Actually no. The fact that you paid them late, but paid them hurt your credit. Had you declared bankruptcy, -then- you would be their wet dream. Backwards at first glance but logical in the end. See right after declaring bankruptcy, you can't declare it again. Meaning any debt you accumulate is yours to deal with, permanently. It's not a matter of them having a conscience, it's a matter of them being afraid you'll get in over your head again and stiff them for the money.
2. Re: How long things stay on the credit report. Depends on what it is. Bankruptcy is 7 or 10 depending on the type. Late payments show for 3-7, accounts that have gone to collections (more than 3 months late) show for 7. Paying unfortunately does not take it off, but is a major start in getting back to a healthy score. Inquiries on the credit report (from creditors but not from you) show for 2. They do not drop it more than a few points, though an excessive number (greater than 3ish) in a short period of time does reflect badly. They read that as someone who is possibly trying to go on a spending spree or in danger of overextending themselves.
3. Good news: Positive items stay on indefinitely. Those times you were late will go away eventually. The times you were (and are) on time will continue to show. You can get it back on track. It's a matter of perseverance and patience.
4. Information from people more educated than me: Read them.
http://www.neamb.com/lifeplan/credit/credit20.jsp
http://www.legalresource.com/credit1.htm
One final note: Any service that claims to be able to "fix/repair your credit" is lying. As in most things in life, anything that seems too good to be true generally is. You can fix this, especially having learned what you did wrong and hopefully having learned from it, but -only- you can fix this.
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