How do I get a loan with my credit situation?
I had a Bank of America account that was take to collections a few years back. Even though I payed and settled the balance it has become an obstacle in obtaining a loan with my credit union (new auto buyers can’t have any collections history). I was 17/18 t the time of this and am now 21 and much more financially responsible. I haven’t had any other negative incidences, but desperately need to figure out a way to reverse the effects in order to obtain a new vehicle. Any suggestions?
Tags: Credit, loan, Situation
In this economy, you won’t be able to. Sorry. You’re better off saving and buying a cheaper car you can afford.
I recommend that you look into credit repair. You can try to do it yourself, or hire a company to do it for you…and yes, it CAN be done legally, no matter what anyone says.
If you were only 17 when it was reported, you can write to the reporting agency. Inform them you were not legally responsible for the debt as you were a minor at the time (include a copy of your birth certificate) and tell them you want the item removed under the fair credit reporting act.
Your only other option is to ask Bank of America to voluntarily remove the notation, although that is a long-shot.
freecreditreport.sinfree.net – try this service to boost you credit score before getting loan. After credit repair you can get the loan with minimal interest rate.