I posted this in the test forum which I now understand was the wrong place. I hope someone can give me some advice.I have a small mortgage with a company that does not report to equifax. I contacted the company and they sent me a payment history. I contacted equifax and they said they cant use credit information from a company that doesn't pay their membership fee. It just goes to show you that all they care about is money. So doesanyone know how I can get this on my equifax report? It shows on my TU and EX reports but Equifax says they cant look at those files.
Your credit issuer has to report it for you. Some lenders only report to one or two of the major CRAs, instead of all 3. If you request that they report it and they simply won't, then you're out of luck. There's really nothing you can do about it. At least it's showing up on 2 out of 3 though. That's better than nothing.
Thanks Joshua, Even though its bad news I appreciate your help.We are trying to rebuild our credit score so we can build a house. Got a car loan. We also tried to get a secured credit card through HSBC but even though I sent them $1000.00 they turned me down. They said the car loan was to new and my credit to debt ratio was to high. I dont understand being turned down for a secured credit card. After all, they had my money.I'm going to research your site for more suggestions on bringing up my score. Im at 557and growing, It was 520 when I started so progress is being made.
Yes, even Orchard Bank is turning down applicants for secured credit cards these days. What other credit do you currently have, and how high is your credit utilization ratio?
rcolvin, Another way to add a account to your credit is to ask a friend or family member to add you as an authorized user to one of their existing credit card accounts. You should see a bump in your credit score from your new authorized user account. Just make sure they have perfect payment history and can maintain a balance 10% or less of their credit limit. Thanks! Heather with BoostMyScore.NET
I only have the car loan that is relativley new. That is showing a debt to credit ratio of 99% since it is only two months old.
Technically, the car loan isn't taken into consideration when determining your credit utilization ratio. The CU ratio only includes revolving credit accounts, like credit cards. Still, the fact that you don't have any other open credit cards but you do have a brand new auto loan was probably a red flag for Orchard. After you've responsibly managed the auto loan for awhile and built some more positive payment history, I think you should be able to go the secured credit card route again without a problem.
