I got my repo removed, but credit score is low!

[Jack25]

Hi,
I just recently had a repo removed from my Equifax credit report and I wanted to finance a vehicle within a month or so. My question is can I still get financing even though my score is
only a 497 w/Equifax? I knw that is pretty low but I have 3 installment accounts in great standing totaling a limit of a little over $3000. And i only have one revolving account but it does not show my credit limit(Capital One) I just recently learned that getting a sub-prime merchandise card will
report just like a normal credit card, is this true? The limit on that account is $10,000.

Congratulations on having your repo deleted. With a credit score in the 400s, you are really not ready to take any kind of loan. Anytime you delete something from you credit reports, you can change the overall credit history length. For example if the car loan was the oldest note you had, and your other loans are less than a year old, then you have impacted nearly one third of your credit score by half. Don't worry, within 3 mos. of paying your stuff on time, your score will bounce. A lot of people that I have helped, noticed that happens to them, me included. It takes longer for the score to catch up to the correction on you report. Just a note: Keep your credit card balances 35 percent or lower. That impacts a third of your score as well. Stop getting credit checks until you are ready to take a loan. That accounts for a tenth of your score. The prime number you are shooting for to get a great interest rate on a car loan is anything over 620. See: Your interest rates will be a lot lower, which allows you to afford more car. Really. I have went the route of sub prime at 540 credit score, and it sucked. My recommendation is to wait on that until you get in the prime range, which should not take you long. Do not rack up debt to boost your credit score either, this could hurt you, especially in these economic times.

Capital One is hurting your credit, contact the credit reporting agencies, and have them place a credit limit on that, otherwise that will impact your score like you are over limit. I dislike capital one.

[Jack25]

Thanks for your advice, I am a subscriber to Equifax credit watch so I keep a good eye on my report, I noticed on my revolving capital one account it only has one month history but still no credit limit. Should I contact Equifax about that even though I do not even have that account anymore? And I am still wondering about the sub-prime merchandise card I just got with a limit of $10000. Will that help my score by alot?

It was also stated that the account will report to the 3CB's. Oh one more thing, a friend of mine is helping me repair my credit and told me if Capital One sends collections efforts to not worry about it, so should I still contact Equifax about correcting my credit limit? I do not even remember what the limit was.

Thanks for all the help!

[Help]

Just out of curiosity, how did you get your repo removed?

How much did you owe, how much did you pay, what letters or wording did you use? How long ago was the repo? I have a repo id like to have removed, so does my brother

thanks in advance

[heather_dawn]

I was able to get a repo removed on my and my husbands credit report. It was showing on Experian and Equifax. All I did was dispute it through both and they either didnt respond back in 30 days of they just deleted it. Hope this helps. Thanks, Heather

[mizzmonick19]

wow wilson_family!

I have 2 repos on my CR that are recent, Nov 09 and April 10.
I will just enrolled for services for credit repair with Lexington Law.

I will be asking them to take care of deleting the two repos...

Good Job...

I'm scared to take the risk of being sued...and I don't want to mess up my chances of having it deleted it the future...since it's so recent...

[RobHand]

How hard was it to get the repo removed?