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Established Contributor
Posts: 577
Registered: ‎01-31-2008
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Old Auto Loan still reporting balance?

I re-financed my car loan in March of 2012.  All is squared away on my TU and EQ reports, but EX is still reporting the old loan with the balance that was paid off...so it looks like I have two car loans with balances right now.  I tried contacting the old bank and they said they'd remove it, but it hasn't happened yet.  I'm worried that this might be hurting me in terms of debt to income ratio.  Is there anything else I can do about this?  How big of an impact does this actually have?

Chase Freedom: $1500, Citi Diamond Preferred: $3000, Barclays: $3900, Chase Disney Visa: $1500, Chase Southwest Signature: $5000, Citi TY Preferred: $3000, Cap One Platinum: $1750, Cap One Platinum Rewards: $2500, Orchard Bank: $900, Kay Store Card: $6600, PayPal $2200
Established Contributor
Posts: 577
Registered: ‎01-31-2008
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Re: Old Auto Loan still reporting balance?


EaglesFan2006 wrote:

I re-financed my car loan in March of 2012.  All is squared away on my TU and EQ reports, but EX is still reporting the old loan with the balance that was paid off...so it looks like I have two car loans with balances right now.  I tried contacting the old bank and they said they'd remove it, but it hasn't happened yet.  I'm worried that this might be hurting me in terms of debt to income ratio.  Is there anything else I can do about this?  How big of an impact does this actually have?


Okay update to the above...After posting this, I did call again and they verified that no previous attempt to remove was done by them.  however, this time they did say tha they would send this update to all three credit bureaus...so that's good.  About how long does it take for each of the three to update this?

Chase Freedom: $1500, Citi Diamond Preferred: $3000, Barclays: $3900, Chase Disney Visa: $1500, Chase Southwest Signature: $5000, Citi TY Preferred: $3000, Cap One Platinum: $1750, Cap One Platinum Rewards: $2500, Orchard Bank: $900, Kay Store Card: $6600, PayPal $2200
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Super Contributor
Posts: 9,674
Registered: ‎01-28-2010
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Re: Old Auto Loan still reporting balance?

I wouldn't worry about the balance in terms of your FICO score. Installment loan utilization is a very small component of your score compared to revolving utilization.

In terms of updating, it usually takes the CRAs a few days to process the updates once they receive notification from the creditor.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
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