I posted last week,(and no one responded) that I had a car loan with household auto finance co. (household bank) and they were not reporting to the credit bureaus. Well I pulled my experian report last night and they are there reporting. BUT, a few people have said, on other boards, that having a finance company on your report was a killer. It is listed as a installment loan with HAFC. Will this help or not help my credit? Please help me with my dilemia.
RE: Household auto finance.... I'd like to know this also because I have had an installment loan with Primus Financial for a year now. It's time to refinance to get a better rate, but it angers me to know that something as insignificant as who you are approved for a loan from could hinder your score. I tell you, this FICO system really knows how to kick a drowing woman in the head. Kyla
Kristie, do you know the answe Will having household auto finance co. on my credit report hurt or help my credit score.
RE: Kristie, do you know the a Yes, any finance company hurts your credit score. It is best to deal with banks, loan co's and such, if you can.
RE: Kristie, do you know the a Request that the loan be reflected as "Closed End" with a notation of "Auto Loan". That will show that it is a car loan not an installment loan. That is one way to better the rating if it is a finance company. As far as finance companies being killers on your credit, that is not always true. If you have a lot of unsecured credit and many are near the limits then it can be negative. However if you have one or two c-cards and one installment loan that is fine. I do hate however,how finance companies list auto loans as installment with no information to show it is actually an auto loan. Just my opinion.... roni wrote: ------------------------------- I already heard that answer. I want another one.
RE: Household auto finance.... I have a loan with HFAC for 45,000 and it hasn't hurt my credit yet as far as I can tell. I think they only list it on my Experian and not TU or EQFX. Russ
RE: Kristie, do you know the a I think all you would need to do is tell the finance co. that the actual true status is not being reflected and to change it to-auto loan or closed end. I am sure you can also ask that junum help. If all you want is a letter to explain what and why you are requesting from the creditor, I can write you one up and email it to you. From the looks of your grammar, I'd say you have NO problems writing such letters. Just let me know ok? Kristi roni wrote: ------------------------------- Thanks Kristie. I will do that. Can I ask Junum to help me with that?
