Posts Tagged ‘ auto loan ’

Repossession or voluntary surrender will remain for seven years

Dear Experian, How long does a derogatory closure of an account pertaining to an auto loan affect your credit scores? - EST

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Multiple inquiries when shopping for an car loan

Dear Experian, I went car shopping one day and now there are lots of inquires that say they will be on my credit report until 2015. Is it right for all these inquiries to be on my report so long from just one day of shopping for a car? - RLM

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Multiple auto loan inquiries count as only one

Dear Experian, I was shopping for a car recently and multiple lenders checked my credit. I have checked my credit report and all inquiries are showing up. I thought when shopping for a car the inquiries count as one? - SLA

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Inquiries for multiple car loan applications cannot be removed

Dear Experian, While looking for a new car the auto dealer shopped the best rate for a loan, generating seven or eight hard credit inquiries, which have dropped my score. Can I have these hard inquiries removed? - DRL

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Auto repossession remains for a time after being paid off

Dear Experian, How long does an auto repossession stay on your credit, even if you paid it off right after the car was repossessed? - ERV Dear ERV, An auto repossession will remain on your credit report for seven years from the date you missed your first car payment and were never again current. The date of that first missed payment is called the original delinquency date. The status was updated as it became more delinquent, was repossessed and, ultimately, was paid in full. But, paying off an account, whether it’s a repossessed car or a collection account for a credit card, doesn’t cause it to be deleted immediately. Your credit report is a credit history. It shows the life of the account, both good and bad, over a period of time. Having all of your payments current is important, but it is even more important that your credit report show a history of your debts being paid on time. The further in the past a late payment occurred, the less important it becomes. Paying off the auto loan was a very good first step. Now you just need to continue paying your bills on time. Eventually the repossession will be deleted and you will once again have an unblemished record of on-time payments. Thanks for asking. - The "Ask Experian" team

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