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Should I have credit union report vehicle payments to cra's?


jchase
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Hey all,

I have a vehicle that I purchased about a year ago. I have made every payment on-time but this is currently only being reported to EQ. Am I better off with the lower amount and not having it reported or having it reported to all 3 CRA's due to the positive payment history? If so how would I go about doing this?

thanks for any assistance,

matt

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I doubt that it could be a negative factor on the other two reports. Are you in a lot of debt? If your income/debt ratio is where it should be (with that being reported).. I would.

Someone with a gross monthly income of $2,000 who is making minimum payments of $400 on debt (loans and credit cards) has a debt to income ratio of 20 percent ($400 / $2000 = .20).

This formula will vary slightly from lender to lender but only slightly. Some include the mortgage but raise the acceptable ratios... others do not. While variations will result in different percentage outcomes, the overall concept is the same: a debt to income ratio compares debt load to income.

Authorities seem to agree that a debt ratio (without a mortgage, utilities, etc.) of 10% or less is great. Debt ratios at 20% or higher are yellow lights as one emergency could topple the consumer big time.

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