Medical Collections Q & A
Q:
Hi I have some medical collections on my credit report and was wondering if this will affect me getting a car loan. I have not pulled my credit report yet so I am not sure what my scores are, but know the debt I owe is around $2500 for a surgery I had. What type of credit scores are auto lenders looking for? What is considered a good credit score for auto loans?
James
A:
Hi James,
I am not sure if your medical collection was the result of the hospital not coding something correctly so your insurance would pay. I do know that this is a common problem if you have insurance. The insurance claim was coded wrong; therefore the insurance company would not pay. If this is not the case, yes any collection hurts your credit report. This negative mark on your credit report reports every 30 days. My suggestion would be to settle on it, so the balanced owed goes away. Typically car dealerships are able to get low credit scores financed, but you will pay for it. To get the best rates you typically need a credit score of 660 or above.
About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness
Hi I have some medical collections on my credit report and was wondering if this will affect me getting a car loan. I have not pulled my credit report yet so I am not sure what my scores are, but know the debt I owe is around $2500 for a surgery I had. What type of credit scores are auto lenders looking for? What is considered a good credit score for auto loans?
James
A:
Hi James,
I am not sure if your medical collection was the result of the hospital not coding something correctly so your insurance would pay. I do know that this is a common problem if you have insurance. The insurance claim was coded wrong; therefore the insurance company would not pay. If this is not the case, yes any collection hurts your credit report. This negative mark on your credit report reports every 30 days. My suggestion would be to settle on it, so the balanced owed goes away. Typically car dealerships are able to get low credit scores financed, but you will pay for it. To get the best rates you typically need a credit score of 660 or above.
About the Author: Mike Clover is the owner of http://www.creditscorequick.com/. CreditScoreQuick.com is the one of the most unique on-line resources for free credit score report, fico score, free credit check, identity theft protection, secured credit cards, student credit cards , credit cards, mortgage loans, auto loans, insurance, debt consolidation ,and a BlOG with a wealth of personal credit information. The information within this website is written by professionals that know about credit, and what determines ones credit worthiness
Labels: auto loans, credit report, credit score
posted by Credit Guru at
5:16 PM
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