I could use some help from anyone who might know about this. I am working on cleaning up DH's credit report. I've discovered a tradeline (for a car loan) that is not his, it is mine. It is with a sub-prime lender (if that matters) and is in good standing, however it has a large balance ($17000) and a large payement ($350). It makes up 50% of his outstanding credit balance on the report. My question is, is he better off with this showing on his report since it is not a derog., or will it help his score to have this removed? I don't want to take a step backwards, but my gut says to dispute it. Any advice would be greatly appreciated!!! TIA. anewleaf 09-09-04 TU - 575 EQ - 605 EXP - 492
As long as it is positive, I'ld suggest leaving it UNTIL, someone has a problem with the D/I ratio being too high with the account on his file. If someone is going to deny credit based on it, and they won't accept you just providing them with proof that the car loan is only in your name, then I'ld dispute it. Having it on there should help with the credit mix, and amount of total credit which has been given. Did you check to see if this is only on one report like this, or if all three are showing it?
Thanks for the help! I wondered if that would be the case. The reason I thought it might be a problem is that on the report (from myFICO) it states in the list of top negative factors that "the amount owed on your accounts is too high". Getting this removed would cut that in half. (His car loan is also showing on his report.) I'm working on a few other things as well, dropping utilization, a few lines still showing charge off/collections instead of included in BR, etc. What else could I consider to help raise his score? Thanks again to all!
bump . . . with a few new questions. re: the auto loan tradeline that is not his, it is a loan that was reaffirmed in our bankruptcy and is not reporting accurately, in that it states no activity since January 04 and the balance is overstated by several $000's. It isn't, however, showing as a derog. It is on the 2 credit reports I pulled for him. Under these circumstances, is this helping him or hurting him? 2nd question: Would adding a new credit card increase or decrease his score? I'm guessing since it would reduce his utilization more that it might help some. He has been receiving pre-approved offers from several. Thanks!
