I am currently trying to rebuild my credit and i'm running into some major road blocks. Any advice would be great! Thank You in advanced. So here is my situation. I just recently bought a car about 4 months ago and when they pulled my credit i was at a 464 Tr 501 Exp and 514 Equ. No one would fund me accept a company called Consumer Portfolio. Yes i know...horrible. My interest rate is like 26% on a used 2014 car. It was my only option. I went through a diverce about 4 years ago and i'm still dealing with things that she was supposed to taken care of. Long story short they asked me about my child support being on my credit report. They showed me it was reporting $12k in back arrears. I got the car and life moved on till about a month ago child support started to garnish my check for arrears. My son's mother and i have an agreement outside of child support. She is going tomorrow to sign an affidavit that i am current on all child support, to have the garnishment stopped also to have the child support oder stopped. After doing some reading on here my question(s) is this, should i have it still report? Or am i better off having the order stopped and then try to have it removed from the reports? Also to what extent does this being there effect my score? When i look at my credit reports now the amount being $13.5K in arrears is being joined in with my total debt. Which is showing at around $30k. It makes it look to me that my debt to income ratio is to high. I make roughly $47k a year. My car loan is around $13k and the report is showing roughly $4k in misc things from when i was going through my divorce. I was recently declined for a Cap One Secured which was the icing on the cake for me. When i spoke to Cap One about it they specifically mentioned the Child Support. When i look at my reports it shows it in the "Others" field. One has it labled as Family Support and the other two do not have a label for it. Im finally at a point in my life i need to take control of my credit. I very new at managing my credit (i'm 36...a little late). As stated prior and advice or guidance would be much appreciated. I'm completely open for any constructive critism!
FCRA 622 requires the CRAs to include any reported overdue child support for a period of 7 years.
However, FICO apparently does not include child support derogs in its scoring.