How much will my credit score increase when my paid auto repo drops off my credit report in February?

I also have an unpaid $80.00 hospital bill in collections that is scheduled to come off in June. I need to buy a new car as soon as possible because I commute about 75 miles round trip every day, and my piece of junk used car that I financed in May 05 ( and am still paying on at a horrible rate through a bad loan company) is ready to break down at any minute. I am hoping to be able to get financing from a regular lender this time, and I am wondering if I would need to wait until both of these items fall off my report, or just the paid repo. Right now my credit score is about 632 . I have my current auto loan, several credit cards, and several student loans on my report which are all in good standing. I have no late payments and no other derogatory items. I am hoping to get a loan for around $17-18000 with about $2500 down.

Public Comments

1. I'd be willing to bet that your repo will still be on your report after the "February" release date. It takes the credit reporting agencies a very long time to get that type of stuff removed. You'll have to hound them and keep on top of it... Your biggest problem sounds like you have too many open lines of credit. Having several cards and student loans with open balances is not good. Just because you're payments are up to date doesn't mean you have "good" credit.
2. If the repo is scheduled to come off in February, it is fairly old. The way the credit scoring works is they give more weight to recent items. Because the repo is old and paid then it is probably not effecting you a whole lot right now. But because the hospital bill is unpaid that is still hurting you even though it is old. It would be good to get the hospital bill taken care of. You can go through the entire debt validation process which may get it removed without you paying it. However, if they validate it you will still have to pay or wait until June. It might be better to just send them a certified letter stating you will pay the $80 if the remove the collection account now. This way you don't have to wait until June. If you do this be sure to not send any money until you have the agreement from them in writting that they will do that. The other thing to make sure is that on all your credit cards you need to be under 30% of your available credit limit. The higher you go above that the more it hurts your score.
3. If you've had you currant car loan for a minim of 1 year with no lates, you will not have a problem getting a loan. I don't think that your repo and old medical collection is making too big of a impact on your credit file because of the age. Make sure that your credit cards are paid in time, and keep them down below 35%. Check out the link that I provided for you. It will help you with all of your credit questions.