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Established Member
Posts: 19
Registered: ‎04-05-2013
0

Re: John Deere Financial?

Interesting, I wonder why?

Mega Contributor
Posts: 15,442
Registered: ‎04-09-2011
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Re: John Deere Financial?

Well that might be a plus in your favor that they do not report, Utilization will not hurt your scores!



Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Contributor
Posts: 88
Registered: ‎03-16-2012
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Re: John Deere Financial?

[ Edited ]

Personally,  I think it is because many of  their main customers, who are farmers, operate as sole proprietors and use their personal name or SSN.

 

CaseIH Credit on the other hand reports EVERYTHING.  I used to have primarily Case Equipment, and evey note showed on my personal credit.  When you have several hundred thousand dollars of business debt obligations(equip installment notes and parts revolving accts) showing on your personal report it makes mortgages & credit apps a nightmare.  You can have perfect credit and have a 680 score for obsessive obligations.  Imagine applying for a CC putting 50k as household income and they pull your credit and show $85,000 worth of installment payments due.

 

My score never topped 700 till I switched to a LLC and all those Case notes showed payed.  Now only my house, vehicles and CC show on my report.  My hope is someone high up in JD realizes this and continues their current non-reporting policy.  As most customers are farmers and would be adversely affected by their reporting.

 

Some additional info, they typically check TU, are very lienient on credit especially with a history with them regardless of score.



CHASE FREEDOM 30K; CITI PREMIER 12.9K; CITIAA 6.2K; DUCK 20K; AMEX BCP 1K; DISCOVER 13K; BOFA 20K; USAIR 10K; CABELA 10K; ARRIVAL 12.5K; USAA 12K; CSP 20K; PenFed 5K
Established Member
Posts: 19
Registered: ‎04-05-2013
0

Re: John Deere Financial?

John Deere has been very good to me, simple approval and a CLI after just a few months.

Established Member
Posts: 19
Registered: ‎04-05-2013
0

Re: John Deere Financial?

Here is John Deere's answer to my email:

 

Thank you for your email.  John Deere Financial has made the business decision to discontinue reporting to the three major credit bureau agencies.  We apologize for any inconvenience this may cause.  

If you are applying for credit with another company, we would be happy to provide a credit reference with your permission.  Written requests for a credit reference may be submitted via fax to 800-592-5291.  A response will be sent within 24-48 hours.

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Valued Contributor
Posts: 1,863
Registered: ‎09-20-2011
0

Re: John Deere Financial?

If I knew they didn't report I may have night a Deere instead of a Husky last week...
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