Richard
Chalmette,#2Consumer Comment
Sun, June 04, 2006
If it's not written in the contract, any promises a salesman makes about what's going to happen in the future are worthless. You don't have any control over who your loan gets sold to, but they must adhere to the original contract. I'd recommend doing a little research on credit scores and what affects them.There has to be more on your credit report than the car loan to make your score a 550. Pull all three credit reports and see what's on them. Those credit watchdog services are a waste of money; you're eligible for a free credit report every year from each of the reporting agencies and if you needed to you could pay for additional reports several times a year for less than the $79 or so the watchdog service is charging. If you've been making all of your car payments on time but are seriously behind on some other debts, that's going to keep your score down. Here are the major factors that will lower your score: -being behind on one or more acounts -being maxed out on several credit cards -repeatedly applying for credit I'd advise you to do whatever it takes to deal with the car note to avoid getting behind on it; either sell the car, get a second job, whatever. If the car gets repo'd, that's going to further lower your score, plus it will be d**n near impossible to finance another car for another 7 years. A few minutes with a calculator tells me you proably have a 5-year loan on a used car that you paid about $15,000 for, and I'd bet you couldn't sell it for enough to pay off the loan. If you could clean up your credit reports enough to raise your score to 650, you'd be able to buy a new $15,000 car with a note of less than $300. It would take some work in the short term but will pay off in the long term.