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How long does it approximately take to gain credit?

Recently been denied by bank and dealer to purchase used vehicle. I have a credit card in collections ?

  • If i clear up the credit cards, does it entitle me to get a auto loan right away?, instead of financing w/ high interest withough a credit check, and leaving the credit cards for now ? what is better, finance a car w/ maybe hight interest , but to re-gain my credit this way ? or Pay off credit card, then trying to apply for a normal auto loan better interest rate ? I afraid i have re-establish credit by getting a useless credit card to show i am responsible , take time to build? what is best option ? we do need a car ASAP, part of my job transporting children to and from work ?

  • Answer:

    Paying off the card will not clear the negative data from your credit. It will change to show 'paid off' but the missed monthly payments and collection activity will remain reflected on the report and affect your overall credit score. Unless...you are able to make a deal with the card company for a full immediate payoff if they agree to ask the info be removed from your credit report (and get it in writing first). If you need something immediately, it makes no difference anyway. Even if you can make a deal with the card company, it will be 3-6 months before your report is cleared. Myabe you take the high interest loan now and re-finance later?

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What are you doing? Get a used car you can afford with your own money. If you cannot afford a used car then you need to find a better job.

Frank Castle

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