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Question

We are thinking about buying a new car, before getting serious we pulled our credit report. 1st my score went up by 80 pts from six months ago... HOWEVER- our current mortage is not even on there with all three reports. We refinanced in March of this year with april being our first payment. We had 2 loans on the house and both showed 0 balance and states closed by the consumer due to refiance. If anyone could answer this it would be greatly appriciated

Answer 1

Sounds like your current mortgage holder didn't report your new mortgage. You could contact your mortgage company and ask them to report it.

I believe there are ways to add credit items to your report but there's a fee involved -- check with the credit bureau sites for specifics.

However, the lack of your current mortgage shouldn't hurt you in getting a car loan, especially since your score went up.

Answer 2

A re-fi is just that, refinancing. Another company that you went to paid off what you were initially paying, then took that same amount and probably gave you a better rate and/or longer terms. So the mortgage you had with the other company will show as a $0 balance because it was paid off, but you still owe someone else, and at a better deal. Since you re-fi'ed in March '07, it may take 3-6 months for a mortgage to appear on your credit reports (mine didn't show until 4 months down the road). But if your credit is as great as you're saying, which if it's a 620 or better, then getting a new car should be no problem.

Truth be told, if no mortgage is showing up, then it'll show you have no big debt connected to you and may give you some great-er offers since you can easily make payments since your money is going nowhere.

Answer 3

First a couple of corrections to the previous answers. You can not add items to your credit report. It must be done by the company that has your mortgage. Second checking your own credit score/report will NOT lower your score no matter how many times you check it.

Now, you said your mortgage was not reporting with all 3? Does that mean it is being reported to some(1 or 2)? If so they may not report to all 3. There is no requirement that says they must report it, but if they report it the data must be correct. However, you should contact them and ask if they do and verify that your info(especially your SSN) is correct.

You don't say what your score is, but if it went up 80 points unless you have a very poor score you are probably over 700. This should give you no problem in getting a car loan as long as your debt to income ratio is okay. If you are truly concerned with your score you can go to a site such as http://www.myfico.com and purchase your score. This runs about $15 per report but is the actual FICO score. If you just want to make sure your report is accurate then you can get a free report by going to http://www.annualcreditreport.com

Answer 4

Hi, my first concern is - stay away from checking your credit report so often if you are not ready to use it. The reason being is it will make your score to go down.

If you know and calculate (which I think you can) and evaluate your incoming money vs. outgoing money everymonth, and if you still have a lot of leftover for the savings account plus you already have some money in your savings account - then I don't see why you can't get a loan for a car.

Sometimes, lenders also look at the dates of your salary increases and the time that you refinance (if you did), or the time you bought anything major in the last 2 years. If you just bought a house this year, and your income is still the same, plus other major expenses like private school for kids, what kind of loan you have in your house, things like that, it could also slow you down. Although some underwriter or lender doesn't care and they will just give you your loan. The lenders could already forcast what's coming to their clients by the kind of loans a client have. (That's the reason why a lot of people are in foreclosure right now). It's like tell me what you have right now - and I tell you what most likely will happen to you in your future.