Reply
Member
howmuchistoomuch
Posts: 9
Registered: ‎12-02-2012
0

how to find out if Buy Here Pay Here is reporting to CRA's?

I want to buy a car to help raise my credit score, but I only want to have an older car, don't need to care to take on more debt that neccesary, I'd like to buy something for under $5,000.  Most banks won't finance older than 7 years or less than $7,000.    I don't wish to get into car payments, but need to bring my score up over 700 so I can start looking to buy a home.  While I could just buy a car cash outright for a few thousand dollars, it takes away from my savings and does nothing to build credit, so I'd like to get a loan to increase the amount of accounts I have in good standing.

 

If I get dealer financing, how to I know that they will report my good payment history to CRA's? (other than asking them and hoping to get an honest answer)

Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
0

Re: how to find out if Buy Here Pay Here is reporting to CRA's?

You can always search in here...some will report whether or not their reporting. Otherwise you have to take their word.

Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009
0

Re: how to find out if Buy Here Pay Here is reporting to CRA's?

Before you buy a car just for the sake of credit score, I think you should post some more details on your overall credit profile, perhaps in the general or rebuilding forum, and get some general advice on what you could do to bring up your score.  If you have a current need for a car, then buying a car while also improving your score is a good goal, but I don't know that I would buy a car just for score without exploring other options.     


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


Take the FICO Fitness Challenge
Member
howmuchistoomuch
Posts: 9
Registered: ‎12-02-2012
0

Re: how to find out if Buy Here Pay Here is reporting to CRA's?

Will be buying a cheap car anyhow, just wanted to make payments for the purpose of positive credit reporting, but if it doesn't get reported there's no point in it I could just pay cash for the car.
Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010
0

Re: how to find out if Buy Here Pay Here is reporting to CRA's?


howmuchistoomuch wrote:
Will be buying a cheap car anyhow, just wanted to make payments for the purpose of positive credit reporting, but if it doesn't get reported there's no point in it I could just pay cash for the car.

Buy here pay here lots generally do not report to credit bureaus. They also do not generally check your credit. Your down payment and employment is usually your approval process. Ymmv as in there are a few that do check credit and will report. The one thing that usually happens which would make them report is non payment and or late payments. 

 

In my opinion you could ask them if they report to the credit bureaus before making a purchase. 

 

Another thing depending on what your scores are now is that purchasing a car may not boost your scores to reach the 700 mark. Possibly even lower your scores for a short period of time.

Good Luck
May all your dreams and wishes become a reality!
Moderator Emeritus
webhopper
Posts: 7,230
Registered: ‎09-16-2011
0

Re: how to find out if Buy Here Pay Here is reporting to CRA's?

You should consider using a little cash to open a secured loan with a bank or credit union to help build your credit. You need a 640 to get an Fha mortgage... and 680 for conventional.

Hi! 


I see that you are looking at the possibility of a mortgage in the future...   since that is the case, I highly recommend that you check out the MyFico Mortgage Loan forum.


Below is a short list of helpful mortgage loan related links that may help you prepare for the process:

Guide to Common Abbreviations - Barry



Mortgage Acronyms & Abbreviations (what does PITI mean?) - ShanetheMortgageMan

Good Faith Estimates Explained - ShanetheMortgageMan


The Mortgage Pre-Approval Process - ShanetheMortgageMan


Evaluating Conventional vs. FHA (VA & USDA)- ShanetheMortgageMan


Definately feel free to post any questions you have about DTI and Pre-Approval Odds over there!  In addition, you may qualify for downpayment assistance as well as other programs to help you get into a new home!


Best of Luck to you!



Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



Take the myFICO Fitness Challenge
Frequent Contributor
dabrian
Posts: 336
Registered: ‎12-10-2012
0

Re: how to find out if Buy Here Pay Here is reporting to CRA's?

Just ask for CLI on your current cards and keep utilization low.

NFCU Sig Cash-20k/ Amex BCP-19.4k/ Amex Costco-1.2k/Chase Marriott-12k/CSP-13.4k/ Freedom-4.5k/ Discover IT-11k/NCSECU-5k/Walmart-10k/Lowes-25k

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}