Help with credit reporting!

[ficorebulider]

I recently bought a vehicle from a buy-here-pay-here car lot. I had two and a half years of perfect payments, never late, and would love to have that count towards my credit score. The vehicle is now paid off and the creditor is willing to help, however they do not report to the credit bureaus. They were trying to set it up, but never did. How can I get this good positive on my credit report? The car lot is willing to help me if they can. what can I do? I really need this as my score is hovering around 600 now! Please help!

[cw81]

I dont think there is anything you can do  they will have to  pay the  CRAs to report I believe .  The ball is in their court

[TheLegend]

Not sure if u can do anything about that since it's already done. Credit reporting is month to month, I don't think they can go back in retro a payment history from the past.

 My advice is to not do business with creditors that do not report to the bureaus.  They do not report good payment behavior, but I can guarantee you that if u default on ur loan they will definitely find a way to report that.  Therefore, companies like that basically only report the bad, but not the good, which keeps them in business because now u have no payment history and guess where you will have to go for ur next car?  I'm sure you can figure it out.

Also, start viewing positive points as a form of currency.  The more positive points u get, the better loan/rate u get, the more u save.  So them not reporting your good payment history is like taking away savings u would've earned on a potential loan u may have qualified for in the future.

[ficorebulider]

I agree with all of what you said. My situation at the time was little down, 500 FICO and recently divorced. I have come a long way since then and own the vehicle now which means more savings. I have heard that if they wold report it they could back date it to the time the account was open. I appreciate the help. I need my FICO back to 700 at least and the climb is coming to a plateau... not sure what else to do to help myself.

[TheLegend]

I understand.  I would also suggest opening to secured/unsecured cards, and only use about 25% of the balance and pay it off each month.  when trying to raise ur score it's like rebuilding credit, so therefore u have to do things to build up points also. 

[veracious]

Hi, ficorebuilder

Welcome to the forums.

+1 to the advice about opening a secured credit card mentioned by the previous poster.

If you can manage opening one or more secured cards it would help your score in the long run.

The various factors involving FICO scoring reward you in one category and punish you in another.

For example, if you open two secured accounts you may harm your AAoA, yet at the same time ;

you have a  new positive factor working on your behalf.

One other thing to consider is if your scores are low, it is extremely important to clean up your report.

Cleaning up your report is the starting line for future score increases. Opening up a secured credit cards is only

one step during the process, but in IMHO, a step that may be taken after cleaning up your report.

Continue reading and learning the tips here on My FICO and you will see major improvement in a very short time.

Remember, it takes time to repair your credit standing, and only a moment to ruin it.

Good Luck going forward.

[RobertEG]

Information reported to a CRA can certainly be added or deleted "retroactive" of the date they report it.

The criteria is that the information accurately reflect the date that events occured, not the date they are reported. 

If a credtor chooses to intitiate credit reporting, they most certainly can go back and report all prior, accurate activity on an account, in the same manner that they must retroactively correct prior reporting if shown, by way of the dispute process, to have been inaccurate.  The date of actual credit reporting is rarely, if ever done, concurrent with the date of occurance of the event or information reported.