Buck89RS Posted October 8, 2004 Report Share Posted October 8, 2004 Okay here is the spill:I bought a house from a owner for tax value. Since then i have remolded everything about the house and currently live there. We did not use attorneys or anything, ( we are family ) so closing cost on the house were like 200.00 dollars. I have no PMI or Escrow. I have been paying on this house for about 1 and a half years. The deed to the house is in mine and my wifes name ( we have this in hand ) and the only thing that i am paying on is a promsisary note. He does not report to the big 3 agencys. I am wanting to buy a motorcycle for the rest of the fall and next spring but my credit is not strong enough with a discharged CHP 7 in 2001 to get one. So my question is should i hide the payment and tell him not to report or should i ask him to report, how would this affect my credit rating in both ways? I also have three CC's that i have been paying on for like 1 and half years, other than those thats it. Thanks in advance for your time.-Buck Link to comment Share on other sites More sharing options...
firstsource Posted October 8, 2004 Report Share Posted October 8, 2004 If he can report to the agencies, that will help in the long term for your refinance if you should ever choose to do one. It will also raise your credit scores as a "good pay" account. Auto's credit industry scoring is a bit different than mortgage industry, but all good accounts help. For mortgage industry scoring, with 5 good tradelines, paid on time-at 20% utilization, you will end up with awesome scores, but that will be about 7 years from your BK.Charles Link to comment Share on other sites More sharing options...
Buck89RS Posted October 8, 2004 Author Report Share Posted October 8, 2004 Im not sure that i will ever refinance the house it was 5.5% at 20 years and it is 50.00 cheaper a month than renting. Anyway do you know how he could report? I mean what channels and what-not? All i want is a 3800.00 loan for a bike, and have no idea how to get it. Any suggestions? Thanks-Buck Link to comment Share on other sites More sharing options...
liverichly Posted October 8, 2004 Report Share Posted October 8, 2004 The private lender would have to sign an agreement with experian, equifax, and trans union in order to transmit data to them. Link to comment Share on other sites More sharing options...
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