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How far back do "they" go?

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Icon Mini Profile dcammisa





Joined: 04 Jul 2010

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Post Posted: Sun Jul 04, 2010 6:13 pm    Post subject: How far back do "they" go?
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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
Icon Mini Profile jameshogg
jameshogg




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Post Posted: Mon Jul 05, 2010 11:41 pm    Post subject:
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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
Icon Mini Profile gmakerley
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Post Posted: Tue Jul 06, 2010 10:05 am    Post subject:
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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.
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Icon Mini Profile peytonsmith





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Post Posted: Mon Jul 19, 2010 10:26 am    Post subject:
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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.
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Icon Mini Profile gmakerley
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Post Posted: Mon Jul 19, 2010 3:32 pm    Post subject:
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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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