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Question About companies Reporting

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Question About companies Reporting

So I have an account on my report. its a good account with 5 years of age and perfect payments. its from Luther sales and they are one of those companies like fingerhut but higher end stuff. i had gotten 7k worth of stuff from them a couple years ago. however on my Credit report it reports as a revolver vs an installment loan. it it killing me util. as it shows a 5000 balance on 7265 limit. is there a way to correct this and have it reporrt as installment as thats what it really is?

Discover it miles 9/19 Sl 5000 | Care Credit 9/19 SL 3500 | Cap 1 QS 4/14 AU SL 500 | Cap 1 QS1 4/14 AU SL 500 | Merrick Bank 5/19 AU SL 550 | NFCU Secured 8/19 200 | Gm Financial 1/19 9.9% 36k | Flagship 3/19 11.9% 39k
Experian- 688
Equifax- 642
Transunion- 635
Util- 9%
Message 1 of 3
2 REPLIES 2
Community Leader
Legendary Contributor

Re: Question About companies Reporting

What are the terms of your account agreement?

Do you have a line of credit, with ability to then make discretionary orders up to that line of credit amount?

 

I dont see how they would credit sales as installment loans, which would be each as a separate loan with set terms for their own installment payments......??

Message 2 of 3
Contributor

Re: Question About companies Reporting

I have a term that the payment comes out auto pay every payday for 36 months. Then it’s paid off. I know the kicker is probably that when I pay so much off or whatever I can “buy” something else. But it resets everything payments and finance amount. So I don’t do that. But I bought merchandise from them for 7k nd have mimthyknoauments till it’s paid off. That to me seems like installment versus revolving
Discover it miles 9/19 Sl 5000 | Care Credit 9/19 SL 3500 | Cap 1 QS 4/14 AU SL 500 | Cap 1 QS1 4/14 AU SL 500 | Merrick Bank 5/19 AU SL 550 | NFCU Secured 8/19 200 | Gm Financial 1/19 9.9% 36k | Flagship 3/19 11.9% 39k
Experian- 688
Equifax- 642
Transunion- 635
Util- 9%
Message 3 of 3
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