What Are My Chances?
I have had bad credit for a long time up until 2 or 3 years ago I was over my head in bills. Now I have finally gotten everything under control and have paid off everything. I hardly have any open credit anymore and everything is up to date now. I have had a motorcycle loan with my credit union for about 3 years that has never had a late payment. would my credit be considered good now? If not, then when would it.
apply for a loan and you'll find out. especially if you go for a HELOC usually they'll tell you what your score is. Did you ever have a bankruptcy or foreclosure? those will screw you up for a long time (7-10 yrs) If you are current on all your debts you should be in good shape. they want to see consistency on your record. best thing for your credit is 4+ trade lines (ie car loan, house loan, 2 revolving loans like credit cards or home depot credit type loans) Then they don't want to see missed or late payments. I have a high score but not a lot of trade lines and that makes it a little dificult to get financed. But I can do it with no verifiable income so you may be able to get what you need. Just be wise when you have credit available to you. There are so many lenders out there that to get the loan they have to provide better service and terms so now we are seeing awesome rates and terms available to almost anyone.
Good luck.
Josh
[addsig]
I have probably 10 trade lines as you say and I am never late on those but I do have alot of other crap like medical bills and stuff that I took forever to pay and some they just "charged off". As far as car loans I have had 4 and 1 I just paid off full term after 5 years of payments! I have also had a furniture loan of about 6k that I paid off full term after 4 years of payments. None of which ever had a late payment. I haven't ever had any Bankrupcies or foreclosures. I did however have a repo on one of my recent car loans about 3-4 years ago, but it has never shown up on equifax. It shows up on experian or trans union though. Thats how I got my motorcycle loan. Credit unions usually use equifax in my experience.
Thanks for the reply!
Tom Stewart[ Edited by TomStewart on Date 04/17/2004 ]