incorrect or missing terms duration

[sassymomof2]

I just realized my timeshare loan does not list a repayment term on equifax; is missing from TU, and has a 10 month repayment term on TRW (experian). The repayment term is 10 years. Should this be a concern?

[RobertEG]

Not in regard to FICO scoring, if it is reporting as an installment loan.  FICO does not even score the payment or nonpayment of debt, let alone the terms of payment on an account.

Those are between you and the creditor. 

However, an issue I wouild be concerned about is that the account is in fact being reported, and thus scored by FICO, as an installment loan.  Preset terms of payment on a specified advance of credit is what generally differentiates an installment loan from a revolving line of credit.  Is the account type listed as installment?

Utilization of installment and revolving credit are scored very differently by FICO, as is their contribution to your mix of types of credit.  I would be concerned with assurance that they account is being treated by FICO as an installment loan.  If that is determined, I dont see a scoring concern.

[fused]

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@RobertEG wrote:

 FICO does not even score the payment or nonpayment of debt

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Robert, that would only apply to collections and public records.

[MarineVietVet]

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

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@RobertEG wrote:

Not in regard to FICO scoring, if it is reporting as an installment loan.  FICO does not even score the payment or nonpayment of debt, let alone the terms of payment on an account.

Those are between you and the creditor. 

However, an issue I wouild be concerned about is that the account is in fact being reported, and thus scored by FICO, as an installment loan.  Preset terms of payment on a specified advance of credit is what generally differentiates an installment loan from a revolving line of credit.  Is the account type listed as installment?

Utilization of installment and revolving credit are scored very differently by FICO, as is their contribution to your mix of types of credit.  I would be concerned with assurance that they account is being treated by FICO as an installment loan.  If that is determined, I dont see a scoring concern.

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As I did several days ago I must respectfully disagree with this. FICO most definitely scores non payment of debt. Ask the person who has a recent 30 day late whether that non payment is scored. Payment history is 35% of your total score. I refer you to What's In Your FICO Score for a refresher.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[sassymomof2]

It reports as an installment loan. My main concern is that if a LO looks at an account opening date of October 2007 with a repayment term of TEN months and a months reviewed of 30+ months with an outstanding balance still remaining-shouldn't it raise a red flag. (Like why is this not paid off…)

[MarineVietVet]

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@sassymomof2 wrote:
It reports as an installment loan. My main concern is that if a LO looks at an account opening date of October 2007 with a repayment term of TEN months and a months reviewed of 30+ months with an outstanding balance still remaining-shouldn't it raise a red flag. (Like why is this not paid off…)

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IMO (could be wrong and often am) all the lender wants to see is a string of "Pays/Paying As Agreed" notations.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[sassymomof2]

Thx! I am trying to avoid any unnecessary surprises. Thanks MarineVietvet