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Installment Loan (HELP)

Regular Contributor

Installment Loan (HELP)

Hello Everyone,

I had a concern about an open installment loan that I currently have reporting.  It is basically an auto loan from Toyota Motor Corporation that dates back to 2008.  My concern is my FICO score potentially being affected by the manner in which the loan is reporting.  The loan was basically inherited about a year ago, so there's been nothing but issues trying to find resolution in getting it to report accurately.

  • EQ is absolutely great;  the loan appears to be reporting correctly.
  • TU shows that, although the loan was opened in 2008, "OK" payment status' have only been provided starting from 2011.  No other status' have been provided prior to that date and/or are missing. Additionally, the scheduled payment amount reflects $435 per month, but the actual payments showing are $434.
  • EX is basically reporting the same as TU.

I am really frustrated at this point and trying to figure out the best course of action.  I have disputed with the credit bureaus numerous times and did have success with getting the information corrected;  unfortunately, the information would get changed back at the end of the month for some odd reason.

Maybe someone could offer some perspective or has had a similar experience.

 

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Message 1 of 13
12 REPLIES
gnf
New Member

Re: Installment Loan (HELP)

I have been through the same- contact the lender and ask them to email or write to their contact in TU or EX (both I believe to be West Coast based) and have them provide the whole history and to copy you on the letter. It has been my experience that if you dispute through TU they just "remove" the credit line completely - which is not good. Turst me this worked for me- I contact them and they sent and email and letter to me and their contacts. saw my score go up 10 points.

hr>Starting Score: 562
Current Score: 624
Goal Score: 750


Take the myFICO Fitness Challenge

Message 2 of 13
gnf
New Member

Re: Installment Loan (HELP)

My starting score was 577  in 09/2012 and it is 624 as of 07/2/2013

hr>Starting Score: 562
Current Score: 624
Goal Score: 750


Take the myFICO Fitness Challenge

Message 3 of 13
Super Contributor

Re: Installment Loan (HELP)

There's really no problem from a FICO scoring perspective ~ at least you won't see points added even if the OK was showing for all months.

The accounts have the correct date opened so they're factored into your AAoA appropriately.

I wouldn't do anything at this point.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 4 of 13
Regular Contributor

Re: Installment Loan (HELP)


pizzadude wrote:
There's really no problem from a FICO scoring perspective ~ at least you won't see points added even if the OK was showing for all months.

The accounts have the correct date opened so they're factored into your AAoA appropriately.

I wouldn't do anything at this point.

So the number of payments doesn't effect a FICO score?

 

American Express Blue Cash Everyday $25000
Barclays Sallie Mae World MasterCard $25000
Capital One Quicksilver World MasterCard $25000
Chase Freedom Visa Signature $25000
Discover IT $27000
US Bank Cash+ Visa Signature $25000
BofA Travel Rewards $18000

Message 5 of 13
Epic Contributor

Re: Installment Loan (HELP)

Message 6 of 13
Regular Contributor

Re: Installment Loan (HELP)


guiness56 wrote:

You said the account was inherited, what do you mean by that?


Like, it was an account transfer from another party.  I took over the contract.

 

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Barclays Sallie Mae World MasterCard $25000
Capital One Quicksilver World MasterCard $25000
Chase Freedom Visa Signature $25000
Discover IT $27000
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Message 7 of 13
Super Contributor

Re: Installment Loan (HELP)

I have account with missing "OK" s. I don't think it makes any difference.

The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 8 of 13
Moderator Emeritus

Re: Installment Loan (HELP)


MidnightVoice wrote:

I have account with missing "OK" s. I don't think it makes any difference.


I agree, it's not the positives that really matter on these, it's the negatives.

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 9 of 13
Regular Contributor

Re: Installment Loan (HELP)

Thanks guys.  So, in other words, a FICO score would see no difference in 5000 on-time payments versus 200?

 

American Express Blue Cash Everyday $25000
Barclays Sallie Mae World MasterCard $25000
Capital One Quicksilver World MasterCard $25000
Chase Freedom Visa Signature $25000
Discover IT $27000
US Bank Cash+ Visa Signature $25000
BofA Travel Rewards $18000

Message 10 of 13