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dcammisa · Joined: 04 Jul 2010 Posts: 3 1.97 Dollars($)

My husband does not have hardly any lines of credit,but did default on anauto loan whenhe was 18(he's now 35) It was obviously a long time ago.....will the "scary bank people " see that mistake?/:O

jameshogg · Posted: Mon Jul 05, 2010 11:41 pm Post subject:

Hi dcammisa,

Any negative item remains on the credit report of the consumer for 7 years. As the auto loan default took place a long time back, the lenders will not take that negative item into consideration while giving him a loan.

Thanks

gmakerley · Posted: Tue Jul 06, 2010 10:05 am Post subject:

Your husband's problem won't be with that auto loan that went bad, as James noted. His biggest problem is that he lacks credit - lenders look askance at that just as they fear derogatory items.

peytonsmith · Posted: Mon Jul 19, 2010 10:26 am Post subject:

Derogatory credit from that long ago shouldn't be an issue. When applying for a loan, he might say that he's become conservative toward borrowing money since the auto issue. That could work in his favor.

gmakerley · Posted: Mon Jul 19, 2010 3:32 pm Post subject:

Wow...becoming conservative toward borrowing money does not a credit score give, nor will it result in a favorable lending decision.

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How far back do "they" go?