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hey guys i have a quick question:

im wanting to get 01 cobra from a private party dealer. its got everything i want with low miles. they want 12 922 for it and i plan on trading my car in as well. thing is even with 1000 down and 300 or so dollars from the trade-in with my car their lender wont loan me the money b/c of a delinquent credit card on my credit report. its been sent to a collection agency. today i talked them down to a price that would have me paying the whole debt ff in the next 2-3 weeks. my question is after i pay it off how long will it be before the bank lenders will see that the card is paid off. also how long will it take for my credit score to go up, and finally do you guys think that the car will still eb avaliable in a mont in a half or so.
 

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hey guys i have a quick question:

im wanting to get 01 cobra from a private party dealer. its got everything i want with low miles. they want 12 922 for it and i plan on trading my car in as well. thing is even with 1000 down and 300 or so dollars from the trade-in with my car their lender wont loan me the money b/c of a delinquent credit card on my credit report. its been sent to a collection agency. today i talked them down to a price that would have me paying the whole debt ff in the next 2-3 weeks. my question is after i pay it off how long will it be before the bank lenders will see that the card is paid off. also how long will it take for my credit score to go up, and finally do you guys think that the car will still eb avaliable in a mont in a half or so.
most companies report every 3 months, and so it just depends on where they are in the quarter. some companies will report each month, so if you pay something off the first of the month, it's not gonna get reported till the end of that month, but it may not even show up on your credit report until the next full month passes
just depends.

get a letter from the company when you pay it off, verifying it's been paid off, and give that to the auto lender as proof you took care of it.

as for your credit score going up? Think of it this way...it's just like school and your GPA. one screwup and it can take forever to get your GPA back up, credit is the same way. you can do everything right for 5 or 6 years, and then bam you get whacked by unforeseen circumstances, and then you get behind, and just as with grades, it knocks your credit score down an easy 40 - 50 pts...but it might take 2 or 3 years to get that 40 - 50 points back.
 

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It's a skewed system designed to protect businesses, not consumers. (I hate the credit reporting agencies.)

They'll let anyone put a negative mark on your credit with little or no proof of debit, but when it comes time to have it removed it almost takes an act of congress.

In your case, there's little chance that you can drive your score up all that high by simply paying it off. You need to put some time between when you buy on credit and the late payment.

The upside is you can see NOW how important good credit is.

For what it's worth, I spent two hours on the phone yesterday getting a medical collection that wasn't my responsibility cleared up. I never received notice of any sort of debit and it turned out to be a bill from an anesthesiologist used during an emergency appendectomy in 2006. They didn't submit to my insurance company properly, so when my Ins. Co. denied the bill they came after me without actually telling me.

It was friggin' 75 dollars and took my score from 710 (ish) all the way down in to the 640's...

They faxed me a letter stating they had incorrect information and have committed to reporting it properly to the big three credit companies.

What a pain in the ass...

Ridiculous...
 

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It's a skewed system designed to protect businesses, not consumers. (I hate the credit reporting agencies.)

They'll let anyone put a negative mark on your credit with little or no proof of debit, but when it comes time to have it removed it almost takes an act of congress.

In your case, there's little chance that you can drive your score up all that high by simply paying it off. You need to put some time between when you buy on credit and the late payment.

The upside is you can see NOW how important good credit is.

For what it's worth, I spent two hours on the phone yesterday getting a medical collection that wasn't my responsibility cleared up. I never received notice of any sort of debit and it turned out to be a bill from an anesthesiologist used during an emergency appendectomy in 2006. They didn't submit to my insurance company properly, so when my Ins. Co. denied the bill they came after me without actually telling me.

It was friggin' 75 dollars and took my score from 710 (ish) all the way down in to the 640's...

They faxed me a letter stating they had incorrect information and have committed to reporting it properly to the big three credit companies.

What a pain in the ass...

Ridiculous...
yeah I agree. I find it interesting a collection agency can come after you for something and they either get the money within 30 days, or they report it to the credit bureau and you're screwed, but if a company owes you money, they can string you along for 30, 60, 90, 120 days even and there's not a damn thing you can do about it and their credit rating goes unaffected. there's something entirely wrong with that picture.

everything in this country is geared towards the rich and elite, and the middle class on down just get screwed over.

just more motivation for me to get through college, so maybe one day I don't have to be lower middle class anymore.
 

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Amen, brother. :)
 
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