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About two years ago, instead of using this sight and opening up a business LOC to start a new venture, I bought a truck and some equipment in me and my wifes name. I also have about 20k left in student loans (no late pays, currently deffered) 13 late payments on a truck that is currently 30-59 days late. (still paying, just not catching it up)
Tha auto loan and about $15k remaining in student loans (no late pays, currently deffered) are the ONLY thing on my credit report, asside from medical bills. However I pay another $24k annually in property and equipment leases that are NOT being reported. Onfe of those leases is $1,400 a month and I havent been late once in 3 years.
I see there are some methods to force them to report for credit making decisions (I forget the acronyms) so I just want to get the forums opinion on:
1) With no other changes in my situation, will having the nearly $60k ive paid in the last 3 years on one lease make a difference?
2) With no other changesin my situation, will taking my educational loans out of deffered and resumign payments make a difference?
3) With no other changes in my situation, will openiing a fuel card for our $400/monthly in fuel payment make a difference?
Credit reporting is almost always totally voluntary, with very rare exception, such as a requriment under the Higher Education Act to report derogs under federal student loans.
A party must have a credit reporting agreement with the CRA in order to report, which requires certification of their ability to report using the Metro 2 electronic format and system, and payment of fees. There is no process to require a party to report.
You can contact the party and request that they report their account, but in most cases, they will decline, either because of the time and expense, or because they do not have a credit reporting agreement with the CRAs, and thus cannot report.
@Anonymous wrote:
1) With no other changes in my situation, will having the nearly $60k ive paid in the last 3 years on one lease make a difference?
2) With no other changesin my situation, will taking my educational loans out of deffered and resumign payments make a difference?
3) With no other changes in my situation, will openiing a fuel card for our $400/monthly in fuel payment make a difference?
Unfortunately, saturating your report with positive tradelines is not going to help while your behind on your auto loan. That truck loan is killing your score every single month. Why get your student loans out of deferment when you can't get your truck payment caught up?
The single best thing you can do for your credit score is to get current on your truck loan and stay current.
Wow- thanks for the prompt replies!
I was shocked when I say my report recently and didnt see the lease on there- and thought there was a way to force them to report.
Additionally, we closed the business down and I was about to walk away from the truck, but things have turned around- which is how it got out of repo-status but not-current.
We are expecting a bit of a windfall next quarter, and will be bringing every thing current.
Thank you for your replies!
@grillandwinemaster wrote:
@Anonymous wrote:
1) With no other changes in my situation, will having the nearly $60k ive paid in the last 3 years on one lease make a difference?
2) With no other changesin my situation, will taking my educational loans out of deffered and resumign payments make a difference?
3) With no other changes in my situation, will openiing a fuel card for our $400/monthly in fuel payment make a difference?
Unfortunately, saturating your report with positive tradelines is not going to help while your behind on your auto loan. That truck loan is killing your score every single month. Why get your student loans out of deferment when you can't get your truck payment caught up?
The single best thing you can do for your credit score is to get current on your truck loan and stay current.
I agree. With fresh 30's on there, adding tradelines is like spitting on a forest fire. Do anything you can to get current, and GW them off if you can. 30's will kill your scores when fresh, but not have much impact after 24 months.