goodgirl-badcredit wrote:
I have an auto loan that has not reported on all 3 CR since 11/09. I still owe on this loan but it is current and never late. Could I gain a few points from this reporting correctly? Trying to get Carecredit and a Credit Card with a decent CL.
It's a possibility that you might pick up some points, especially if there's some age behind your auto account (not a relatively new account), or if there are no installment loans, or no positive history at all, on the reports that don't have the tradeline. But, it's also a possibility that you might see no gain, or drop a few points due to various factor combinations. If you want the auto loan to report, that's fine-- you can work with the lender to get it reporting, hopefully. But, I wouldn't rely on an installment loan tradeline to position me well for a revolving account.
While you might pick up points (I hope you do!), the FICO score isn't the only factor that GEMB & whatever credit card you go after might look at. To obtain some credit products, you may already have to have x type of credit product with a limit at or above y. Also, limits are sometimes driven by your existing limits-- If your highest credit line is $500, for example, you may not get offered a $5k card with some or most lenders because you wouldn't have sufficient 'experience' handling higher limits.
All this to say, sometimes it's less about the acutal score & more about the history. Demonstrating good credit history, as your auto tradeline is, is a good thing. You just have to make sure that you're looking at the bigger picture in relation to the credit product that you're after. Make sure that you're weighing all of the relevant factors before you app.
