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When does a new loan report?

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Valued Contributor

When does a new loan report?

I was approved for an auto loan a week ago. I purchashed the car that day. I don't see it on my reports yet so I'm guessing it will start reporting after the first payment due date. Is that correct? 

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Apple Rewards - $15,000 / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / JC Penney - $10,000 / Discover IT - $9700 / Discover IT - $7500
NFCU - $7300 / Barclay Rewards - $5400 / DCU - $5,000 / Merrick - $2400 - Total - $154,300

EQ - 765 / TU - 761 / EX - 755
Message 1 of 9
8 REPLIES 8
Frequent Contributor

Re: When does a new loan report?

I leased a car in March 2015 and it didn't show on reports until that June!

BK CH7--Filed September 25, 2018--D/C Jan.4, 2019
{FICO8 Feb.12, 2019--TU 580--EX 600--EQ 626}

Credit One Visa ($500 now $700) Nov. 2018
SelfLender (2 year) Nov. 2018
Capital One Platinum MC ($2000) Jan. 2019
Target RedCard ($500) April 2019
Venus Comenity ($500) May 2019 no HP


FICO 8 SCORES: 06-02-2019616 TU613 EX638 EQ
Message 2 of 9
Frequent Contributor

Re: When does a new loan report?

I'd just wait and enjoy the car.

Bought a car exactly a month ago. Nothing yet.

The previous car took about 2 months to start showing up.

Amex BCE | Discover | Chase Freedom | Citibank DC | SYNCB | Barclay Rewards | BoA Cash Rewards | CapOne QS | Chase CSR | Chase FU | Amex Ascend | 2019 Goal: Gotta make it to 200k |
Message 3 of 9
Valued Contributor

Re: When does a new loan report?

The reason is I ask is I paid my other auto loan down to 8% from 27% before I applied for the new one. I'm hoping the new loan doesn't report until after the old one does.  I'm courious to see if I gain any point. I know they will be temperory until the new loan hits my reports. 

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Apple Rewards - $15,000 / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / JC Penney - $10,000 / Discover IT - $9700 / Discover IT - $7500
NFCU - $7300 / Barclay Rewards - $5400 / DCU - $5,000 / Merrick - $2400 - Total - $154,300

EQ - 765 / TU - 761 / EX - 755
Message 4 of 9
Regular Contributor

Re: When does a new loan report?

Credit accounts (of all sorts) show up when the creditor reports them. That can be instantly (I got a credit card from BoA a few years ago. I got a "your application requires further review" screen online. 20 seconds later, I got an email from a credit monitor that I had a new account. ). More common is when you make your first payment. or second payment. Or the date the first statement cuts. But really it depends on the lender. if you call and ask, they might be able to tell you. There are probably also reports here (and elsewhere on the net) of how long it takes a given lender.
Message 5 of 9
Frequent Contributor

Re: When does a new loan report?

In my experience it can take 1 to 3 months to show Smiley Very Happy    Typically 1-2 but I have seen some people say 3 months just be patient and Congrats on your new vehicle!   Smiley Very Happy

Starting Score: 537
Current Score: 725
Goal Score: 775


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Message 6 of 9
Established Contributor

Re: When does a new loan report?

It can be the next day to 3 months out. It all catches up in the end and scores level out.
Enjoy the new ride.





~~ Former Royal Navy Submariner - Proud to have served ~~
Message 7 of 9
Frequent Contributor

Re: When does a new loan report?

OP - If you are still looking for DPs.

My new account started reflecting from yesterday. Bascially all my alerts fired informing me of it, prior to me checking it.

Car bought 12/28 (HP)

New account reported 02/07

Hyundai Motor Finance

TX 

 

Amex BCE | Discover | Chase Freedom | Citibank DC | SYNCB | Barclay Rewards | BoA Cash Rewards | CapOne QS | Chase CSR | Chase FU | Amex Ascend | 2019 Goal: Gotta make it to 200k |
Message 8 of 9
Valued Contributor

Re: When does a new loan report?

Thanks for the info! I'm going to check my reports this weekend.  No alerts to tell me the loan is reporting so I should be able to see if I ganined any points from paying my first loan to under 9%. My EQ08 score gained 3 points a fews ago so it was probably from that.  Then I'll get to see what happens when the new loan starts reporting.  

Cap 1 - $23,000 / Lowe’s - $17,000 / Barclay Apple Rewards - $15,000 / Capital 1 - $15,000 / Walmart - $15,000
Cap 1 - $12,000 / PenFed - $10,000 / JC Penney - $10,000 / Discover IT - $9700 / Discover IT - $7500
NFCU - $7300 / Barclay Rewards - $5400 / DCU - $5,000 / Merrick - $2400 - Total - $154,300

EQ - 765 / TU - 761 / EX - 755
Message 9 of 9
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