Dear Liz: We are trying to negotiate our second mortgage and have not paid it since June. Will this affect my wanting to purchase an auto?
Answer: It may not affect your desire to purchase a car, but it’s likely to affect the actual transaction if you’re not able to pay cash.
Failing to pay a credit obligation can devastate your credit scores, the three-digit numbers lenders use to gauge your creditworthiness. The worse your scores, the less likely you are to find a lender willing to do business with you. Even if you can secure a loan, it’s likely to come with a scandalously high interest rate.
Credit scores are very important, but they are also a JOKE! There are so many entities that let a computor program report to the credit bureaus with no checks and balances! So they report inacurate info then they have the gaul to want us to pay a monthly fee to monitor the scores!!!??? Then the process to correct the score can take 2-3 months! When they report what they have been given, it is almost instant!!! I have had two companies report inacurate info, which they later acknowleged as inacurate, and they corrected! It took me 6 weeks to get it fixed!!!Sham on those who report incacurate info, but sham on the credit bureaus for not having a checks and balance!