Experian is showing one of my car payments are a revolving line. I currently owe $7K on the care. Original amount was $14K. My score is 596...does anyone know if this is hurting or helping my score? I am debating whether I should contact them to correct?
I would say it is hurting your score because your high limit on the report is probably somewhat close to what you owe for the month throwing your ratio in a higher percentile. This happened to me with my Verizon cell phone account with Experian also. My Verizon credit reporting individual sent a letter to Experian explaining the inaccurate information and had them change it to an "open" type account. 30 days later it did get fixed but as soon as Verizon updated again it changed back to "revolving" and lowered my score by 10 points on credit expert. Now I'm working with Verizon again to get this fixed. Verizon swears up and down they are sending the correct info and Experian is screwing up. Experian states that Verizon is reporting it that way. Neither side will give me documentation claiming their allegations.I guess I have to sue both of them for the damages they may cause based on my lower score due to inaccurate info. Also, their driving me crazy because both of them are so stupid.
Tommyy is correct. I applied for an Amex card in April was denied due to my student loans being reported as revolving accts. I disputed them. They were updated and I gained 50 pts in my scores. I then reapplied and was approved for an Amex card on May 10th.
Soooo, with all that said can you please explain how various loans should be reported to gain maximum effectiveness? ie; car loans-installment, charge card -revolving... Thanks DC
