I paid all other negative items that were on my credit in Jan.09. This is the only thing that is affecting me. I would like to know can I still by a house in 2010?
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It would be very unlikely if your credit report shows an outstanding judgment against you.
It’s going to be difficult with a repossession in 2009. That stays on your credit for 7 years. It’s kind of an indication to future creditors that you don’t pay your bills.
It is very doubtful that you will qualify for a $100,000+ mortgage when you didn’t make your $20,000 car payment. Looks like you’ll be renting for quite a while longer. Sorry.
It will be hard for you to get a house unless you have a lot of money to put on a down payment. Depending on where you live at, your credit history and score will deterime if you can get a loan as most creditor will look at that and it will affect you for several years down the road. Call your creditor and see what it will take to get the car pay off and be honest with them. If the called you first that is a good sign that they are willing to work with you as they don’t want to have to resale the car and might not get what the value is. No company wants to take a lose and working with them will as help get you back on the road to get your credit good again. good luck.
Given that the answer is likely NO.. your unasked question is what to do about it.
First.. you need to realize that it can haunt you not for 7 years .. but for 14.
All the creditor has to do is to sue you and obtain a judgment. That judgment is valid for typically 7 years and can be renewed for another.
The judgment can be turned over to a collection agency and, as such, they can continue to try to collect it for THAT period. At the end of 14 years it stays on your credit record for another 7.
Soooooo…
Since they have contacted you to work out a settlement.. it costs you nothing to listen to them. If you can work out a reduced total and regular payments (that you start making). It will be a positive action for your credit report and help to offset the negative one.
If you ignore them with a non-response or worse, anger, then you are digging your hole deeper.
bottom line…
call them up and negotiate… after all you DO owe the money, right?
no
You said you payed all other negative items. Even though they are paid they will still show up on your credit report that they were delinquent and it will say that your credit is bad. You have to start from square one and start all over rebuilding you credit rating.