09-29-2010 06:42 PM
I have no clue how to phrase this question in the topic line, but I'll explain. I had a good standing loan through my bank. The bank was sold in March and closed/transferred my account in May. The new bank has yet to report my loan on any of the credit bureaus. I have had past problems with collections, have recently paid all, so that dropped my score. This loan and a CC is the only positive accounts ongoing since the bank is not reporting, it has dropped my score 100pts since May. I have called the bank twice and asked when they will be reporting, they told me in July it should up w/in a month or so. Still nothing. Is there something I can do? When they add this account back to my report will it increase significantly? Thanks for any advice.
10-01-2010 07:12 AM
You may not want the new loan reporting. It really doesn't help your mix and I assume it would be one of your newest TLs. If you have a longer history and AAoA, then this new loan could drop your AAoA and drop your FICO score even further, plus the "new credit" would hurt too. If I was in that situation, I would hold off until it hits 1 yr old, then maybe I would try. By that point, damage to AAoA wouldn't be as bad and the effects of the new credit wouldn't be felt by that point.
If you paid off some CAs, send them GWs asking for a deletion.
If you paid off some CO'd OCs, then judiciously ask the newest accounts to remove any lates, CO references, settlement references, etc. I'd hold off on the older ones since they are helping your history with having a thin file.
Also to consider, not all lenders report to all 3. Some don't report at all. I just took out a loan and they don't report. This actually helps my DTI if I were to app for something else later like a car or home.