Personal Loans that DO NOT Report ?

[Anonymous]

Hey all! Just checking in to see of any personal loans that do NOT report to CR -- I have a few already reporting, all current - but I am looking to buy a condo next month as well and do not want a new loan reporting too to lower score.

Are there any personal loans or LOC out there that do not report to the Credit Bureaus? Any infromation would be appreicated !

[Anonymous]

Not that I know of. Other than Pay Pal, that used(and might still  be) a hidden tradeline. Your only option might be for Bussiness credit, if you don't want an account reporting to personal. After all, it wouldn't really be a good Credit product if it didn't report. Defeats the purpose IMO.

[Anonymous]

Janus,

Thank you but I do not own a business and am unsure if one can have a credit card if one doesnt own a business ! Although matybe some do

[hernaemm90]

You can get a loan from a loan shark, they usually don't report to credit bureaus, even if you default.

LOL, i'm obviously joking, please don't report my comment as inappropriate or take a loan from a loan shark

[CreditInspired]

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@Anonymous wrote:

Hey all! Just checking in to see of any personal loans that do NOT report to CR -- I have a few already reporting, all current - but I am looking to buy a condo next month as well and do not want a new loan reporting too to lower score.

Are there any personal loans or LOC out there that do not report to the Credit Bureaus? Any infromation would be appreicated !

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IMHO, if your goal is to buy a condo, you shouldn’t take out any new credit 12 months prior to mortgage application whether it shows on the CR or not. Loan Officers ask for 2-3 mos of all bank statements and they specifically look at it with eagle eyes for out-of-the-ordinary money deposited. Also, they look for any monthly payments to anything that’s not on your report and you will be asked about it. 

Just my 2cents. 

[Anonymous]

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@CreditInspired wrote:
Loan Officers ask for 2-3 mos of all bank statements and they specifically look at it with eagle eyes for out-of-the-ordinary money deposited. Also, they look for any monthly payments to anything that’s not on your report and you will be asked about it. 

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For years I've pulled about $500 per month out in cash to hold in a Safe, in just in case. So when I redeposit that Money back in periodically, does that mean "out of the ordinary" deposit? Since they only go back 2-3 months, and don't take into account the last 2 years.

And what if you transfer Money to a different Bank's Savings/IRA? That's not on my CR. I assume that I would also have to present those statements? 

[CreditInspired]

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@Anonymous wrote:

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@CreditInspired wrote:
Loan Officers ask for 2-3 mos of all bank statements and they specifically look at it with eagle eyes for out-of-the-ordinary money deposited. Also, they look for any monthly payments to anything that’s not on your report and you will be asked about it. 

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For years I've pulled about $500 per month out in cash to hold in a Safe, in just in case. So when I redeposit that Money back in periodically, does that mean "out of the ordinary" deposit? Since they only go back 2-3 months, and don't take into account the last 2 years.

And what if you transfer Money to a different Bank's Savings/IRA? That's not on my CR. I assume that I would also have to present those statements? 

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When I was a realtor, here are some questions LO asked: 

One person had an IRS installment agreement and did not tell LO. When the LO saw $300 being paid to IRS monthly that amount had to be included in DTI and LO asked for copy of installment agreement. 

When another person had $4K deposited into her checking account, she told LO money was from her mom who was paying back a loan. LO wanted mom’s bank statement to verify funds were really coming from mom and not a loan. 

In your case, I suggest not having any funds going in or out 2-3 prior to applying for a mortgage that can’t be explained and you’ll be good to go.