I got a car loan from a small local credit union Feb. 2. It just started reporting to EQ & EX with the classification of "Other" type of loan. When I check it on EQ on Credit Karma I see it listed as a "Secured Loan" with the correct terms - 60 months, payment of $175 monthly. Is it a problem that it doesn't report as a car loan? The reason for my concern is that I don't have any car loans on my CR adding to my mix of credit. My last car loan was in 2003 when I bought my other car, but I paid it off in 6 months with the proceeds from selling a rental condo I had, so that doesn't report any more. I've never liked car loans which is why I paid my 2003 car loan off so fast. But this car loan is only 1.99% for 60 months for $10k on a 2013 car purchased from Hertz, and I like that loan, as I joke to friends I'll take all those kind of loans they want to hand out!
I don't suppose there's any way to get the CU to change how it reports the loan? Or is there no significant difference to an installment loan being reported as Other/Secured vs. specifically as a Car Loan?
I have one other installment loan from Prosper, but I plan to pay that off soon, 10.9% interest is the highest interest I carry, all CCs have higher interest, but I don't carry a balance on CCs. Also, my only mortgage on my CR reports as discharged in BK7, thanks to a screwup from my BK7 attorney, intended to reaffirm, filed that way, but his assistant knew he usually opposed reaffirmation and threw away the reaf agreement the bank sent & never told anyone about it.(I didn't know enough about BK laws then & just assumed he would take care of things) I've still never been late on the mortgage 4 years later, but no one knows about that except me & the bank, so that adds to my concern about my credit mix - I have the house listed for sale & will be apping for a new mortgage for a new house when it sells.
