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Is it possible

I only have one thing on my credit and it is a bad thing.It is a charged off credit card. The limit was $500.00 and now with penalties and interest they want $1200.00. Anyways i just started a payment plan with them last month, so i don't know if that shows on the credit report or not. I was wanting to look into getting a used vehicle, but don't know if i stand a chance. I dont want to waste the peoples at the dealerships time. Should i try or wait a couple of months for the payments to start showing on the credit report. Would it make a difference or am i just out of luck all together. And when i say a used vehicle i mean definatel under $15,000.00 preferable a lot less. Anyone know how car loans are going right now?

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Anonymous

Asked by Anonymous at 1:46 PM on Jun. 18, 2009 in Money & Work

Answers (3)
  • It's the credit score they are looking for more then the credit history. You can go to www.myfico.com and get your credit score for free. Most places will give you a loan if your score is higher then 500 (which is pretty low.)
    TheDiva320

    Answer by TheDiva320 at 2:32 PM on Jun. 18, 2009

  • if you just started the payment plan, it probably won't be on the credit report. i would wait a while, and you may have to report the payments yourself. you have to call all three credit reporting agencies and you may have to pay a fee. it may not even matter. check your credit score first.
    1stymr

    Answer by 1stymr at 5:12 PM on Jun. 18, 2009

  • I'm sorry but no you don't stand a chance. Its hard for anyone to get approved for credit right now and if you have poor credit with hardly any credit history I'd say your chances are zero.
    Anonymous

    Answer by Anonymous at 12:02 AM on Jun. 19, 2009

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