@Anonymous wrote:
I recently had some major work done on my house and paid by the incorporated firm over $15000 dollars by check. Do I get automatically get credit for this on my FICO score? If not, how can I report this so I can improve my FICO score?
Thanks!
FICO will score whatever is reporting to any of your three credit reports. So, the question is,"will this firm report to any or all of your CRs?". The answer would be "no" because paying cash isn't a credit transaction. It's not like it's a loan, a CC, a LOC, or any other credit-related transaction. FICO also ignores your income, assets, and other non-credit activities so it wouldn't matter if you paid cash $500k for a new home or $5 at McDonalds, there wouldn't be any reporting.
In the future, the only way you could get credit for a transaction like that would be to take out a loan for the $15k, and use the cash from the loan to pay the transaction, then pay off the loan. The only challenge with that is a new account would report and that can drop your FICO scores. Plus installment loans have a tiny part in your FICO and there would be little to no benefit with the liklihood of losing points if done; depends on your overall credit.
