Credit score affect on auto loan interest rates...?
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I am 24 and just began working full time and making pretty good money. I've had 1 credit card and 2 department store credit cards for over 2 years and have excellent payment history and plenty of credit left on all cards. I just applied for an auto loan and got back really outrageous rates like 15-16% so I went on and checked my credit report and realized I had some problems.
I had two claims from a doctor's offices when I was in college one for $500 and one for $180. I also had a $14 outstanding balance from somewhere and a $200 outstanding with my cable company for failure to return equipment. I think a few of these are mistakes and I am going to do everything possible to get them resolved ASAP but I would like to know worst case scenario if I do have to pay all these, which is about $900 and I could afford to do right now...
What will happen if I pay-off and settle all these claims and then reapply for autoloans, will I see a big difference in the rates I'm given?
Credit score affect on auto loan interest rates...?Auto finance is what I do for a living and the correct answer is unless you get a pay for delete agreement which simply says that in return for your payment they agree to remove the accounts from your credit the only thing that will happen is your score will actually go down because when you pay them they will become current instead of old accounts.
If the collection companies agree, get it in writing before you pay them a dime.
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