Had a chargoff and I am ready to buy a car but?

Question

2 questions

My current true-credit.com score is 636 transunion

Credit Expert.com 643 experian

Equifax 646

Now usually when I apply for credit the score is anywhere from 30 to 40 points higher

How long does it take for your score to raise after mulitple inquiries (December to January 4 hard inquiries)

Lastly I had a 600 dollar chargeoff on my credit report how much will my score rise once I pay it at the end of the month and is there any way to get it to rise faster once I am in the dealership?

Whats the chance of me getting a good APR as well?

Answer 1

Auto finance is what I do for a living and I need to point out a few things.

1. The credit bureaus that the dealer and lenders will see is not the one you see, we use what's called a "Auto enhanced" version which is slanted in favor of installment credit so your scores could be very different.

2. 4 hard inquiries is not enough to hurt your score that much you only lose 2-5 points each so don't worry about that.

3. Unless you get a pay for delete agreement for the charge off your score will not change. The only thing that will change is it will read paid with a $0 balance. Your score could actually go down because by paying you will make the account current rather then old.

4. Based on the scores you listed your looking somewhere between 10.5% to 12.5% depending on the structure of the deal and of course what type of credit profile you have.