Kitty's Credit Rebuilding Journal

[Anonymous]

Hey all, 

I need some advice on my installment loan information being reported to CRAs, My installment loan was financed by the dealer, which means the interest was factored in to my payments 326/mo.  The purchase price of the vehicle was 8995, and the Interest and fee's brought the total amount to roughly 14k. The problem is that the debtor is only reporting the 8995, which is tearing me a new one in UTI. I have approximately 12 more payments and the car is PIF but, I want my money to work for me. Is there anything I can do to get the debtor to report the total amount ? 

Thanks in Advance for any help or advice. 

[RobertEG]

They report the principal balance on a loan, not the principal plus interest. 

Installment is not scored the same as revolving, as you dont really have a CL or a % util of credit on an installment loan.  You have the $$ in your pocket, with the obligation to repay the unpaid balance.  If you pay in full today, the future interest never actually becomes due. It is only potential debt.

Thus, it makes sense to me to use the orig loan amout vs unpaid balance, as that reflects the debt you owe today.

% remaining balance on an installment loan is not scored at anywhere near the impact of % util on a revolving account, so I dont think the difference is "tearing you a new one."

[pizzadude]

By far, the biggest part of FICO scoring you should be concerned with is your %util on your revolving accounts, not your installment accounts.

[boomhower]

As mentioned there is no UT for installment accounts.  The total you were given was just to show you how much the loan is going to cost you.  It is being reported correctly.  The only creditor that I have seen recently that will deny based on installment balance to total is Amex.  I have never seen them give that as the only reason either.  CC UT is the one you need to be concerned about.

[Anonymous]

Thanks Guys. 

I just misread or misinterpreted information. Id rather show 4K owed on a 14k IL rather than 4k on 8k In that aspect it makes it look like I owe more, when I in fact owe less.

I will just pray and hope to pay this car off early, account is 1.10 years old no lates. Maybe im at a place like the highest steep on a hill I cant wait until I pay this off. 

* I have no revolving accounts as of yet. Apped Last week with Fingerhut and Waiting on Capitol 1 to send their application telling me to send in information and my deposit before they decide if I can be trusted with my own money. I put myself in this predicament, and I am commited not to ever know this type of desperation again.

I will at some point change the title of this post to reflect my journey here, and I need all the help I can get. 

Thanks all. 

p.s. 

My Goal this week is to start taking care of 2 judgements

I have disputed 1 because they are reporting a innacurate amount.

Will list details of that in another post.

The other Judgement is a situation where If I have Favor I can probably enter into a payment contract, and ask them to vacate.

Will be back with more questions.

-Kitty

[boomhower]

---

@Anonymous wrote:

Thanks Guys. 

I just misread or misinterpreted information. Id rather show 4K owed on a 14k IL rather than 4k on 8k In that aspect it makes it look like I owe more, when I in fact owe less.

I will just pray and hope to pay this car off early, account is 1.10 years old no lates. Maybe im at a place like the highest steep on a hill I cant wait until I pay this off. 

* I have no revolving accounts as of yet. Apped Last week with Fingerhut and Waiting on Capitol 1 to send their application telling me to send in information and my deposit before they decide if I can be trusted with my own money. I put myself in this predicament, and I am commited not to ever know this type of desperation again.

I will at some point change the title of this post to reflect my journey here, and I need all the help I can get. 

Thanks all. 

p.s. 

My Goal this week is to start taking care of 2 judgements

I have disputed 1 because they are reporting a innacurate amount.

Will list details of that in another post.

The other Judgement is a situation where If I have Favor I can probably enter into a payment contract, and ask them to vacate.

Will be back with more questions.

-Kitty

---

You don't ower 14k, you owe 8k.  If you pay the loan until full term you will pay 14k, but you have the option to pay it off at anytime.(unless you have a prepayment penalty loan type)  That is why it shows 8k, that is what you took the loan for.

[pizzadude]

No creditors are going to ding you for this.

The Principal amount that you borrowed is what shows on your CR, not the total amount that you pay back over the life of your loan. This is how every installment loan reports.

Don't worry about your installment %util.

[Anonymous]

Thanks Guys. 

And im sure you laughed in your head... Its okay..

Ok On to My 5 potentially Negative Accounts.

Experian credit report prepared for  --Kitty

No Potentially negative credit items appear on your report.

EASTERN ACCOUNT SYSTEM I    Account Number:  000000000xxx8252  DateOpened: 11/2007  Status: NO STATUS. EASTERN ACCOUNT SYSTEM I    Account Number:  000000000xxx8259  DateOpened: 11/2007  Status: NO STATUS. EASTERN ACCOUNT SYSTEM I    Account Number:  000000000xxx3839  DateOpened: 10/2010  Status: Collection account. EASTERN ACCOUNT SYSTEM I    Account Number:  000000000xxx3880  DateOpened: 10/2010  Status: Paid,Closed. NCC BUSINESS SERVICES    Account Number: xxxxxx5036  DateOpened: 05/2009  Status: Collection account. How can an account have no status ?  Yes, I have Disputed just about all of these. The first 4 are Comcast Bills. The problem with Comcast is when you move or Cancel Service, they bill you that month in advance in addition to taxes and fee's. I may owe them about 100.00 and I want to pay them.  Two questions here 1. Should my focus be on OC or CA ?  2. Does anyone have a good email for Eastern ?  Third question is what would you do in this situation.

[AndySoCal]

DV the collection agency. I would also call Comcast and see if they own the debt. a creditor  can sell the debt to the collection agecny or they can assign the account to the CA. If the case is the latter offer them payment in full if they will recall the account from the CA. Question: are all four Eastern acocunts related to Comcasrt and the same bill?

Also after googling Eastern after seeing some the stuff on the net about them be care ful in you dealings with them.