Credit Card Payments

Question: I missed 2 credit card payments (dec and jan) but then made a huge payment, how bad will it affect a car loan?

(Posted by: Rigga on 2010-02-25 14:51:21)

I missed 2 credit card payments (dec and jan) but then paid the minimum payment + half my balance more. Its the first time I missed payments, I also have 2 other credit cards that i& #039;ve never missed a payment on and always paid more then min due. My car broke down, and now I need a new one. What are my chances of getting one? Did the 2 missed payments make a huge dent on my credit? And if so, was it the right thing paying the minimum + an a large additional amount (in the same payment)? Or does that not make a difference. Thanks in advance EDIT: Thanks to all answers, obviously I knew it would impact my score. I applied for the loan, and I would have got it if I were to agree to an added 6 months of payments (on top of 5 years) I& #039;ll continue to make big payments and re- apply in 6 months - 1 year. Thanks again, all.

Posted by: sarahsmile90 on 2010-03-01, 06:07:14

Showing 60 days late will make it difficult for a prime interest rate. If your income allows you could probable get a sub-prime auto loan, paying a high interest rate. Your blemishes are minimal, get your balances down and hold out as long as you can before you re-apply. Good luck.

Posted by: Judy on 2010-02-25, 14:56:16

Ideally for a good score you want to keep your credit card usage below 25% of your available balance. So by paying down that card, you probably did a world of good. Of course, it is best for your credit rating to pay in full each month - but people can 't always do that. I don 't think it will make a HUGE dent in your score. Keep in mind, that you did a whole lot of good by paying down your balances. /

Posted by: Ryan M on 2010-02-25, 14:57:22

Those missed payments will be on your credit report for the next 7.5 YEARS. Making the larger payment was a great thing for your personal finances, but it will do nothing to offset the damage to your credit for those missed payments. Your 'chances ' of getting a car loan really depends on your TOTAL credit picture. If you had a 800 FICO score in November, then you are still in good shape. If you had a 600 score, then you can kiss that loan goodbye for about a year or two.

Posted by: bdancer222 on 2010-02-25, 15:32:38

Those two late payments will take a huge bite out of your credit score. You may have problems getting a car loan approved. You will definitely be considered high risk and have a high interest rate. You 're going to need at least 24 months of consistent, on time payment history to begin to offset those late payments.

Posted by: Delmar A on 2010-02-25, 17:50:51

Its just that car loans lately been difficult to obtain recently. The websites places are good and sometimes easier to quailify sometimes. I suggest auto.deal4-you.com

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