| Erase late payments off of report? |
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BarleyMob
New Member
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| Erase late payments off of report? |
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Is it possiable to some how get the late payments statements on my credit report deleated? I had a credit card that was closed but payed off the enitre debt already. I still have new credit, so this one thing has affected my credit big time. I'm tring to get a car loan, so any help will be appreciated.
Thanks,
BarleyMob
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Wed Mar 01, 2006 3:30 am |
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chiron
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Easier to offer advice on this knowing if you meant that the account was closed by you, or by the creditor. If closed by the creditor, it was probably in default, and as such the late payments are likely valid per se, and your pay-off in bulk or installments thereafter was probably part of an agreement, but not one that was contingent on them removing late pay history from the account afterwards.
Either way, you can dispute any tradeline entry you want - you are a consumer. Various media and government bodies have assisted in the perception that CRAs are infallible and somehow neutral, but the fact is, a dispute is merely a request to verify or remove a given data item from your record and reports.
The burden of proof is therefore on the creditor and the for-profit CRAs, these latter not helping their case by whining about handling "frivolous" disputes when studies have shown that 75% of consumer reports contain errors. And woe are they to have to investigate your request - Experian for example posted $2B+ in sales of consumer information last year.
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Thu Mar 09, 2006 3:13 am |
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JCook
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I know that you are not asking about the car loan here but the credit report may be keeping you from making a mistake. You don't need to get a car loan especially if you were late on credit card payments.
Even though car loans are very accepted they are a poor financial practice. You are paying interest on an item that is decreasing in value like a rock.
Thank the credit reporting company for saving you some money. Buy a car that you can pay cash for and if you don't have enough to do this yet then you need to save up some more.
If you can't save any money then you couldn't have made a car payment.
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Sun Mar 12, 2006 3:22 am |
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Rolo
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| Re: Erase late payments off of report? |
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quote:
Originally posted by BarleyMob
Is it possiable to some how get the late payments statements on my credit report deleated?
If you can prove they weren't late, yes.
Otherwise, don't die in the next seven years.
quote:
Originally posted by JCook
Even though car loans are very accepted they are a poor financial practice.
Even if the interest rate were 2.9%? Broad generalisations rarely apply and certainly not always with car loans.
However, if you have little credit history and are young, they will financially rape you. Do your homework on the car's actual price/value and pay cash for it. I paid cash for my first vehicle because I certainly was not paying 21.74% interest. I also paid what the dealer paid for it (fleet price, ~$2K under invoice)...DO your homework...www.fightingchance.com.
quote:
Originally posted by JCook
You are paying interest on an item that is decreasing in value like a rock.
Finance or not to finance is a completely separate issue than how much the item retains/loses its value.
Let's say the car actually did NOT fall in value, would it be okay to finance it then? It still depends on the rate/terms and the person's financial picture and not on the car's value...particularly since the value of the car is zero until it is actually sold for a specified value.
"Expect me when you see me."
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Sun Mar 12, 2006 3:37 am |
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JCook
Full Member
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Let me clarify a little here and also say that this is an opinion of mine, but one that will not lose you money.
I do not believe in financing a car since it loses value every day. This is not the way to get on top of your finances.
I do not believe that there are rates and terms that are currently offered that make financing a car the right thing to do.
I believe that the vast majority of people would be way farther ahead if they never financed a car and this is a broad generalizatoin that I'll stand behind.
A house on the other hand in the majority of cases will gain in value, so financing a home is the generaly accepted thing (in my opinion). Just imagine though how much you could save if you did not have a home loan and instead were investing that payment and making interest/dividends/capital gains on that money.
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Mon Mar 13, 2006 3:46 am |
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rockhound
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Location: West Virginia
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quote:
Originally posted by coaster
Although I agree with that in principle, and I'm able to practice it myself, many people who need a good reliable car aren't able to buy such a car unless it's financed. It might come down to a choice between financing a car in order to have reliable transportation for a better job, or not. In that case, a pragmatic approach puts the person further ahead.
Financing a depreciating asset when you're able to pay cash is dumb. I'll agree with that. 
That brings up a question that I have had for a long time, and I would really like to see some calculations regarding just how far ahead a person is who needs to finance a certain cost car to get a better job. For people who commute 100, 50, 30 miles to work, I have to wonder how much they are really getting ahead if they have to finance a more expensive vehicle. I wonder at what point they are simply breaking even, and working to pay for their car and associated lifestyle. I also believe we have to reject the assumption that a more expensive, new car will necessarily be "good and reliable". There is a website called "carsurvey.org" that is loaded with instances of newer cars, with thousands still owed on the loan, that are broken down in the driveway requiring thousands of dollars worth of repairs. Knowledge has a price tag, and correspondingly, so does ignorance. If you can buy a cheap car for a few thousand dollars cash, and have the knowledge to keep it running for a year or two, think how much farther ahead you would be compared to seeing five years of payments stretching out in front of you, with nothing at the end but the prospect of financing another car. I would also tend to support the blanket statement that if a person is already badly in debt, then financing a new car is the last thing they need to do.
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Mon Mar 13, 2006 10:05 pm |
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