credit reports, car leases, cr

Discussion in 'Credit Talk' started by Jackie, Apr 6, 2000.

  1. Jackie

    Jackie Guest

    Hello! We are in the process of paying off some debt in the hopes of buying a house within the next year. In planning this and looking at my credit report, I have a few questions I'm hoping someone can answer!

    1. My car lease is showing up with Equifax as an installment account with a high credit of 18k$ and a balance of 16k$. However, it's a 2 year lease that I signed with a TOTAL of something like 7K$. Per my records we should be able to pay off the whole lease for a little over 5k$ at this point. IS it incorrect for Equifax to be reporting it as an 18k$ debt? Is there some sort of weird liability thing with lease cars that they put it in at the full price had we purchased it?? I'm confused.

    2. What would be better -- If we pay off our car lease we'll eliminate a $350/month payment, thus reducing our debt ratio -- or will they assume that when our lease is up we'll need a new one and figure in the amount anyway? Should we instead pay off a $5000 creditline that's a monthly payment of $150?

    Thank you for any help or advice!!

    P.S. If possible, also reply via email. :)

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