Hi All, The saga continues. If I purchase my car at lease end, Wells Fargo says they will update my lease tradeline. Currently it is being reported as included in bankruptcy with no pay history reported. Basically, it looks as if I screwed them for the past few years. They claim they can update it to indicate that all payments were made on time? I suspect that this will not affect my regular fico but will it help the mysterious auto fico?? Is it worth it to buy the car, pay it off for this change to my credit report? Your input is SOO appreciated! Mirage7
Seems to me that if Wells Fargo was not included on your Creditor Matrix, and their debt wasn't on your Debt/Financial Schedule, they should be reporting the TL appropriately anyway. It kinda sounds like there's a provision in the lease regarding Wells' rights should you file BK. If the lease is technically considered terminated at the time of BK, but they took no action for however long you kept the car and made the payments, then they might be legally barred from trying to enforce the BK clause in the lease. It's an interesting spot. They could report nothing and then you'd have to make them do it (for your Auto FICO) or they could report it IF they don't have to take the car back. As a consumer, I'd demand my rights and have them report it properly regardless of my decision to buy the car or turn it in. And you're gonna want to have a positive auto TL whether you turn it in or whether you keep it. Either way you'll need the good credit. I'd lean on them to report it as it is.
My BK7 was discharged in August 2000. They were reporting the tradeline as active and on time through October 2002. I never reaffirmed the debt upon the advice of one of their reps. Apparently BK laws changed in October 2002 requiring them to report the line as included in BK. I spoke with the lease end consultant about my options today. They are offering great terms. I indicated that their reporting the TL as paid as agreed would be a great incentive to enter into the financing offer. She said she would have someone call me about that but that it wouldn't be a problem. When the second person calls, I'll ask if this will be reported whether I keep the car or get rid of it. We shall see...Am also wondering if the TL update will improve my auto fico? Will it improve my regular fico at all? I'm gonna check out my paperwork to see if it states anything about this topic though!! Thanks so much for your input. Mirage7
