Credit reports

[KevDen2005]

I'm sure it's no surprise that credit and finances are confusing to people in this country.

I'm just curious if anyone knows how often the credit bureaus get updated. Is it every month, every quarter? I've been really paying down some bills, getting rid of debt and credit cards, and working hard to improve my credit and I'm curious how often it gets updated or if it's instantaneous (which I would doubt).

[OtterbatHellcat]

I think they only update stuff after they've been hacked and give up gobs of personal info.

You know, ......they're on top of it.

[bobbyfairbanks]

I think it’s reported per billing cycle. Example you don’t pay your bill this month for a major credit card they report you. I also think individual companies have different policies as to when then send negative reporting to credit agencies

[KevDen2005]

I think it’s reported per billing cycle. Example you don’t pay your bill this month for a major credit card they report you. I also think individual companies have different policies as to when then send negative reporting to credit agencies

Well I don't feel that is correct as a couple billing cycles have passed and it really hasn't shown up. I guess it could be every billing cycle if you're late or miss a payment. But when you're doing good they don't care as much.

[KevDen2005]

I think they only update stuff after they've been hacked and give up gobs of personal info.

You know, ......they're on top of it.

I have no doubt they have my best interests in mind.

[ROFL1]

[TFOGGER]

Most creditors report positives quarterly, semiannually, or even annually. Negatives are reported as soon as the law allows (Dodd-Frank made it so credit card companies can't report you unless you're late 2 payments in a row or 3 in 6 month). Late mortgage or installment loan payments may show up as soon as 30 days, high revolving credit balances vary by creditor. Court judgments and collections show up almost immediately.

[KevDen2005]

Most creditors report positives quarterly, semiannually, or even annually. Negatives are reported as soon as the law allows (Dodd-Frank made it so credit card companies can't report you unless you're late 2 payments in a row or 3 in 6 month). Late mortgage or installment loan payments may show up as soon as 30 days, high revolving credit balances vary by creditor. Court judgments and collections show up almost immediately.

Well that sucks. I'll just keep doing what I'm doing and one day it will look good

[theGinsue]

My wife used to be in the finance industry and she used to tell me that it took at least 90 days for more for loan/credit card pay offs to be reflected in any of the 3 major credit reporting bureau's.

[Irving]

As you're paying off debt, also try to raise your limits at the same time. This way you're working in both directions at once. You may only be able to pay down a couple hundred in principle a month, but if you double your limit on a few cards, that's usually a much bigger change. I would call, or go online, and ask for double whatever my limit was, every six months, until they stopped giving it to me.

[KevDen2005]

As you're paying off debt, also try to raise your limits at the same time. This way you're working in both directions at once. You may only be able to pay down a couple hundred in principle a month, but if you double your limit on a few cards, that's usually a much bigger change. I would call, or go online, and ask for double whatever my limit was, every six months, until they stopped giving it to me.

That's a really good idea. I was lowering it thinking it being beneficial but I did read that bad credit scores have a lot to do with credit cards and people being close to max out.

[OtterbatHellcat]

I'm confused....I would get upset when the CC companies raised my limit without asking me first. I would call them when they did that, and tell them to put it back where it was.

Is that wrong?

I didn't need 10K limit in the first place, but they would kick it up to 25K. I don't want that liability I figure...[Dunno]

[Irving]

If you don't have good control, or you're not actively trying to build credit, that's a fine thing to do. However your debt to availability ratio is one of five factors in building your credit score. If you are trying to build credit and you're at a stage where it's good enough to get increases, you should do so. Having debt isn't a problem, having a bad debt ratio is. So let's say you owe $4,000 on your $5,000 limit, and are only knocking down $100 a month. If you can get your limit to $10,000, you just went from 80% credit to debt, down to 40% credit to debt in a single phone call. Paying off $100/mo in principle, that same jump would take you 20 months.

[KevDen2005]

If you don't have good control, that's a fine thing to do. However your debt to availability ratio is one of five factors in building your credit score. If you are trying to build credit and you're at a stage where it's good enough to get increases, you should do so. Having debt isn't a problem, having a bad debt ratio is. So if you owe $4,000 on your $5,000 limit, and are only knocking down $100 a month. If you can get your limit to $10,000, you just went from 80% credit to debt, down to 40% credit to debt in a single phone call. Paying off $100/mo in principle, that same jump would take you 20 months.

That makes a lot of sense. I generally have the control. My wife does not.

[Irving]

It's a constant battle for sure. If I'm not using credit cards, then they won't raise my limits and I get letters reminding me to use their card or they'll shut it off. If I decide to use only credit cards (to either raise cash back, travel hack, or because someone stole $2,200 out of my account in just a few hours earlier this year), then swiping to satisfy every impulse desire I have becomes too easy. Especially if I go from making a lot of money to zero money faster than I prepare for.

[kidicarus13]

I've been really paying down some bills, getting rid of debt and credit cards

Hopefully you don't mean closing credit cards as you pay them off.

Here are some good tips to increase your credit score...
https://www.myfico.com/credit-education/improve-your-credit-score/

[KevDen2005]

Hopefully you don't mean closing credit cards as you pay them off.

Here are some good tips to increase your credit score...
https://www.myfico.com/credit-education/improve-your-credit-score/

Well technically I only have one actual credit card. But we had a personal loan that was recently paid off and we have some vehicle loans that are overpaid on and getting paid off quickly.

[Irving]

Time of credit seems to be semi important as well. Different places see different cards, and I've seen variations of like 80 points depending on how old the oldest cards are. So definitely don't close any, even if they are terrible cards. It bothers me when I see stuff like "Your oldest account is only twelve years old."

[KevDen2005]

Time of credit seems to be semi important as well. Different places see different cards, and I've seen variations of like 80 points depending on how old the oldest cards are. So definitely don't close any, even if they are terrible cards. It bothers me when I see stuff like "Your oldest account is only twelve years old."

So if a company offers a really good credit deal for instance, transferring debt from one card to another to be interest free for 18 months, I should still leave the old card open?

[Irving]

Yes, especially if it's the only one you've had. I really like 0% interest for X amount of time as it helps you power through debt AND gives you a hard time limit to shoot for.

[KevDen2005]

Yes, especially if it's the only one you've had. I really like 0% interest for X amount of time as it helps you power through debt AND gives you a hard time limit to shoot for.

I do too. I've only done it once but I closed the card I had it on. I guess the good part is I still have my oldest credit car which I have had open I think for 14 years.

[brutal]

It's a constant battle for sure. If I'm not using credit cards, then they won't raise my limits and I get letters reminding me to use their card or they'll shut it off. If I decide to use only credit cards (to either raise cash back, travel hack, or because someone stole $2,200 out of my account in just a few hours earlier this year), then swiping to satisfy every impulse desire I have becomes too easy. Especially if I go from making a lot of money to zero money faster than I prepare for.

I need to watch out for this (not using cards) myself.

I tend to use one card only (Amex) unless they won't take it, then my UA mileage card.

The others go unused and have high enough credit limits, but I should probably ping them all once in a while to keep things active. Some of them I got on promo's and used for zero cost balance transfers or purchases (mostly this) and zero interest over xxx time. Then after I paid them off early, got the limits raised, I stopped using them.

P.S. It does suck that I always have a high Amex revolving credit amount showing on the credit agencies records because of the stupid way their billing cycle works with their reporting cycle. Considering there's "no limit" on Amex*, it's kinda stupid.

* It's really based on your credit worthiness and spending habits. FWIW, I charged $25K for some medical bills on my Amex cause I could. Points cha-ching.

FWIW, I pay for one of the monitoring services on one of the big three and pull my new reports/scores for all three nearly every month or two when I think of it. I get weekly e-mail alerts that all is AOK. I can pull the one I pay for as often as i wish, but the free reports/scores for the other two can only be every 30+ days.

[brutal]

So if a company offers a really good credit deal for instance, transferring debt from one card to another to be interest free for 18 months, I should still leave the old card open?

Yea, just watch the transfer fees...

[KevDen2005]

I need to watch out for this (not using cards) myself.

I tend to use one card only (Amex) unless they won't take it, then my UA mileage card.

The others go unused and have high enough credit limits, but I should probably ping them all once in a while to keep things active. Some of them I got on promo's and used for zero cost balance transfers or purchases (mostly this) and zero interest over xxx time. Then after I paid them off early, got the limits raised, I stopped using them.

P.S. It does suck that I always have a high Amex revolving credit amount showing on the credit agencies records because of the stupid way their billing cycle works with their reporting cycle. Considering there's "no limit" on Amex*, it's kinda stupid.

* It's really based on your credit worthiness and spending habits. FWIW, I charged $25K for some medical bills on my Amex cause I could. Points cha-ching.

That's a few extra home depot gift cards

[Great-Kazoo]

Yea, just watch the transfer fees...

And the interest rates you are hit with IF you don't pay off your balance on time.

[Irving]

And the interest rates you are hit with IF you don't pay off your balance on time.

Especially this because many of them will back date the interest and charge you from the entire transfer amount.

[OtterbatHellcat]

So definitely don't close any, even if they are terrible cards.

I've heard that closing any credit card accounts can hurt ya, but it sucks that it does. The credit system is just as fucked up as the government itself is.

I figure the best thing is to not be a dumb ass buying shit you can't pay for reasonably quickly.

[encorehunter]

I went over my limit on a card a couple months ago. I knew it would be close, but it did go over. I made a full payment about a week later earlier than the due date. It showed on my credit score the next month, and dropped it 40 points. However, the next month it was pulled off and my score went back up 50 points. They have been trying to get me to increase my limit for years, so maybe I will go ahead and do it this coming year.

[KevDen2005]

Yea, just watch the transfer fees...

I did this one time. My wife didn't understand how credit cards worked and had a maxed card and I had nothing on the only card I had. I opened another card for the 18 month interest free. They gave me a great deal. It was only $100 transfer fee and $5 a year maintenance at the time. Plus the interest rate only went to the normal interest rate if we didn't pay off in time, which I did so it didn't matter.

[Madeinhb]

I've closed credit cards this year. They didn't have any effect on my credit score. But I had to. I had too many open which can hurt in the future if I want to take advantage of some deal and they say - you have too much credit. It all sucks.

[KevDen2005]

I've closed credit cards this year. They didn't have any effect on my credit score. But I had to. I had too many open which can hurt in the future if I want to take advantage of some deal and they say - you have too much credit. It all sucks.

That doesn't make sense...but I have heard of that. The fear being that you can then max out the credit cards once you get the next line of credit, is that right?

[Madeinhb]

That doesn't make sense...but I have heard of that. The fear being that you can then max out the credit cards once you get the next line of credit, is that right?

Not max out. But like - say I'm planning a trip to Hawaii. I might want to open the Hawaiian Airlines credit card. Spend the 1k in like first 3 months to get X amount of free miles. If a person has too much credit, the new card will say - they have too much credit and need to close some.

Edit - wait read yours wrong. Yea CC company fear of too much open and going into too much debt they don't get paid.

[Irving]

I've been denied a credit increase and they said it was because I had X amount of available credit on another card that I wasn't using. I don't have many cards and I don't have very high limits (imo), but with almost zero debt, they don't want to hand out credit.

[Bailey Guns]

The only thing to watch for by opening new accounts to take advantage of 0% rates (besides the transfer fees already mentioned) is new credit account applications. It's got a low impact on credit scores but opening any new credit acct almost always dings your score a bit. And it lowers your avg credit age which can also be a negative factor with a bit higher impact.

It's always something...

[KevDen2005]

The only thing to watch for by opening new accounts to take advantage of 0% rates (besides the transfer fees already mentioned) is new credit account applications. It's got a low impact on credit scores but opening any new credit acct almost always dings your score a bit. And it lowers your avg credit age which can also be a negative factor with a bit higher impact.

It's always something...

Yeah I got dinged pretty good because of that in the past when I had several checks done on it. I thought they changed the law saying a credit check was no longer a ding against your credit or am I wrong on that?

[hurley842002]

Yeah I got dinged pretty good because of that in the past when I had several checks done on it. I thought they changed the law saying a credit check was no longer a ding against your credit or am I wrong on that?It still hits your score, I had two hard inquiries done within a short time frame recently and my score dropped 3 points, not terrible, but it could be the difference between a poor/fair/good/excellent score.

[Irving]

Soft inquiries like checking your credit for an insurance rate have less of an affect than a hard inquiry like applying for a loan.

[OneGuy67]

I use Credit Karma and I actively watch my credit score change every couple of weeks based upon payments, credit card use, etc. They also advise me if new credit has been opened.

[00tec]

I use the "Credit Wise" that I have with my Cap1 card. Has a little simulator that can show what potential impact certain actions have, such as closing a card, paying down, or increasing debt.

The credit limit increase stuff is spot on. When I totalled my car and paid it off, before financing the new(ish) car, I requested limits on my cards. My score jumped significantly.

Reminded me, just requested increase on my Home Depot card that has a zero balance, for giggles.

[hurley842002]

Soft inquiries like checking your credit for an insurance rate have less of an affect than a hard inquiry like applying for a loan.Yeah I should have clarified, mine were hard inquiries.

[hurley842002]

I use Credit Karma and I actively watch my credit score change every couple of weeks based upon payments, credit card use, etc. They also advise me if new credit has been opened.I use the same, have the app set to give me push notifications for any changes.

[Bailey Guns]

It's also amazing the range in scores you can get, on the same day, from the 3 big bureaus.

[KevDen2005]

I use Credit Karma and I actively watch my credit score change every couple of weeks based upon payments, credit card use, etc. They also advise me if new credit has been opened.

I might need to get onboard with Credit Karma.

[Bailey Guns]

I've used Credit Karma for a while now. One thing to note, Credit Karma doesn't use the FICO model which is far and away the most popular credit scoring model and the one most lenders (over 90%) use. Credit Karma uses VantageScore 3.0. I use it mostly as a monitoring service. Credit Karma is actually really quick about notifying you of new accounts opened in your name or when you have a hard inquiry...often in the same day. It's a pretty handy tool. Most credit cards offer the same service now.

[00tec]

I don't use credit karma because if you aren't paying for a service, you are the product, not the customer. They use your information to tailor ads to you.

[hurley842002]

They use your information to tailor ads to you.

I'm married, if I can ignore my wife, I can ignore a few ads..

[00tec]

I'm married, if I can ignore my wife, I can ignore a few ads..

Hahaha... good point.

[KevDen2005]

I'm married, if I can ignore my wife, I can ignore a few ads..

Geez, I just spit out my drink!

[KevDen2005]

I don't use credit karma because if you aren't paying for a service, you are the product, not the customer. They use your information to tailor ads to you.

Is Credit Wise a product you pay for?

[CS1983]

I don't use credit karma because if you aren't paying for a service, you are the product, not the customer. They use your information to tailor ads to you.

It’s not been bad. I log in. I get updates. They say I could practically shoot off my own nuts with materialistic glee if I just get these credit card offers. I decide that’s dumb and log out after checking score.

[00tec]

Is Credit Wise a product you pay for?
Kinda, since I am using their card (Cap One), it is included. I do not get ads. (Well, any more ads than I got from Cap One prior to using the service. I still get junk mail "refi your car" type stuff.)

It uses the same scoring system that Credit Karma uses, the vantage score thingy. According to the simulator, I should get 16ish points from the $2k increase on my Home Depot card I requested earlier.

[th3w01f]

One thing I found interesting with Citi and Chase.... it started when Citi came out with their double cash card which is (at least it used to be) one of the best for general purchases that aren't in a high reward category on some other card. They approved me but gave me a pretty low limit for our typical spending. I called and requested an increase but I was told I needed to have the card for at least three months before an increase. I then asked them to cancel a seperate Citi card I had with a much higher limit and after a few minutes they came back and increased the double card to match the other, even though I left it open.

With Chase, I had a similar experience (2 card with essentially the same limit). I really wanted to cancel the 2nd card because of yearly fees, and they not only added that credit to my main Chase card, they added another 50% and I still cancled the one with the high fee.

[Irving]

I have an Amex with a yearly fee. Out of curiosity I called them once and asked if I could convert to the No Fee version of the card if I wanted and they said that I could. Keep that option in mind so you don't have to cancel a card.

[CoGirl303]

Question.

If you have a loan account that was charged off and the company that had the loan sent it to a debt collection agency, can they continue to report that as a missed payment every month even though they show it as charged off on my credit report?

It's my understanding that a charge off means they will never get paid for the debt and have written it off.

Seems like a double penalty to me.


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[Irving]

Hmm, I don't think so. That sounds like a question for ChunkyMonkey.

[Wulf202]

Question.

If you have a loan account that was charged off and the company that had the loan sent it to a debt collection agency, can they continue to report that as a missed payment every month even though they show it as charged off on my credit report?

It's my understanding that a charge off means they will never get paid for the debt and have written it off.

Seems like a double penalty to me.


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Maybe you should pay the debt? Or atleast offer a settlement.

[CoGirl303]

Maybe you should pay the debt? Or atleast offer a settlement.

that still doesnt answer the question.


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[theGinsue]

It is my understanding that any time a company "charges off" a debt they sell it to the debt collection agency. The terms of the initial loan stipulate you can be charged exorbitant fees for missed payments. The collection agency buys the debt with the rights to charge up to and including the original fees declared on the contract for missed/late payments.

We recently got a "Final Notice" from a collection agency for a medical bill for my wife from a place we'd never used. When my wife called the "original" medical establishment she was told the charge was for them reading an EKG but admitted that their records indicated no bill was ever submitted by them in the first place. We're still trying to backtrack to find out how they have any claim as we never used them or any other agency outside of an ER or military care facility. We're bringing our insurance (TriCare) into it as well. Looks to us to be medical billing fraud.

[Bailey Guns]

Question.

If you have a loan account that was charged off and the company that had the loan sent it to a debt collection agency, can they continue to report that as a missed payment every month even though they show it as charged off on my credit report?


Short answer: Yes.

http://blog.credit.com/2017/10/my-debt-was-charged-off-what-does-that-mean-120856/

[Wulf202]

that still doesnt answer the question.


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yeah I went from A to C. They can sell the debt, usually for pennies on the dollar. You can probably make an offer of around %10 to the collection agency and settle (get it in writing). If it is legally your debt you should pay the debt you created, or file for a legal bankruptcy, or continue to suffer the consequences.

[Grant H.]

yeah I went from A to C. They can sell the debt, usually for pennies on the dollar. You can probably make an offer of around %10 to the collection agency and settle (get it in writing). If it is legally your debt you should pay the debt you created, or file for a legal bankruptcy, or continue to suffer the consequences.

My HS math teacher used to yell at me for skipping steps... She always said that if you skip steps, people can't follow what you did.

[Grant H.]

Credit is a fickle bee otch...

It can be useful, but if you don't use it enough you get penalized for it more than if you misuse it.

One of my buddies has made some poor financial decisions, and has been working to fix it. He's in a strange spot because he's behind on payments, but not very far, so what do the big CC companies do? Offer him more CC's at horrible interest rates, or up his limit.

Credit can be very useful, or it can be the path to indentured servitude in modern society...

[CoGirl303]

yeah I went from A to C. They can sell the debt, usually for pennies on the dollar. You can probably make an offer of around %10 to the collection agency and settle (get it in writing). If it is legally your debt you should pay the debt you created, or file for a legal bankruptcy, or continue to suffer the consequences.

Yes, I'm aware of the second portion if your comment. The debt is being settled Monday. I made arrangements Friday. Waiting on the confirmation email with the signed and dated letter stating once its paid they will no longer continue to report or attempt to collect.

This loan was supposed to have been deferred due to hardship 6 months after I graduated college but someone on their end screwed up and its been costing me ever since. Tried countless times to work with them and get my credit back in good standing, have all the documentation and submitted it numerous times, to no avail.

Makes no sense all my other student loans were deferred except for that one. But I settled for 25% of what was owed (they wouldn't take 10%), so piss on them. I was hoping they would take me to court so I could show the Judge all the documentation of the deferral and get it thrown out but no one wanted to go that far for some odd reason. Gee I wonder why? [emoji849][emoji848]


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[KevDen2005]

Here's a new question on this thread. So I have been doing the repairs to credit over this time period and making some huge successes. I challenged a couple items with each credit bureau. Now, one credit bureau has definitely agreed to remove an item that I challenged and I instantly got a 60 point increase. Although my credit score has been increasing with the other bureaus they were all pretty much the same and rising a few points per month. Now I have two bureaus that have nearly the same score with a third bureau that is nearly 60 points higher than the other two. What issues arise from this situation? Will the other bureaus see that and leave me where I am or are they likely to agree with what the first bureau did?

[cstone]

The credit bureaus definitely monitor what the other two are saying about debtors. Trying to decipher why they make decisions is like trying to figure out the cost of a specific airline seat on any given day. There is an algorithm for that. We’ve never seen it and the people who wrote it are all dead so good luck with that.

Keep your score as high as you can get it. Don’t try to micro manage your score. Above 750 and you are facing diminishing returns on your efforts. Everyone can get credit. It’s just about the interest rate you can get from lenders.

[Wulf202]

No issues.

It may be you looked at it when one moved your score and the others just hadn't updated yet. Also one will almost always be higher, they don't all grade on the same scale. The max points vary between bureaus.

[KevDen2005]

No issues.

It may be you looked at it when one moved your score and the others just hadn't updated yet. Also one will almost always be higher, they don't all grade on the same scale. The max points vary between bureaus.

I have seen that they all vary from bureau to bureau but they have all been within 15 to 20 points of each other, not a range of 60 points. My thought is that it somehow hurts me. I don't know how, but what I have learned about credit thinking, "this will certainly be good for my credit when I pay this bill" and for some reason it isn't. So I'm sure it's gonna screw me somehow.

[Irving]

It shouldn't hurt you any more than if all three scores were equal to your lowest score. I have all different scores, and part of that reason is because at least one of the reporting agencies doesn't show about half of my cards, so my credit history doesn't look the same depending on which agency I'm viewing. Sounds like you've been making good progress though. Have you increased limits here and there as a part of your effort?

[KevDen2005]

I haven't increased limits only because I thought they may do a credit check and was worried that would lower my score. When I first posted about this I needed every point for sure. Now I've made significant progress but I still was worried about lowering if they checked my credit.

[Irving]

I don't believe that requesting a higher limit counts as a hard inquiry. Remember that doubling your available credit helps your debt:available credit ratio way faster than making payments of any amount.

[00tec]

My Cap1 and Home Depot do not do hard pulls when requesting increases.

[Irving]

I don't believe that requesting a higher limit counts as a hard inquiry. Remember that doubling your available credit helps your debt:available credit ratio way faster than making payments of any amount.

I recently requested a credit increase in my Chase card and they said it was a hard inquiry. They also instantly approved me for a $2,000 increase. I told them that was nice but I wish they would have talked to me first since I was looking for much more of an increase than that. She said I could apply for my requested amount, but it'd be a separate hard inquiry so I'd have two back to back. That pissed me off. I called my other credit card and asked up front to double the limit and they applied for me. The next day they called back with a counter approval that was pretty much the same as the first, but at least explained that the reason was that they don't like to go past double your monthly income (based on what you tell them with no verification). I was fine with at least having an explanation. Use your household income of you want higher limits I guess.

None of this is relevant as I only came here to post this article that says that I've you get over 750, going higher doesn't really do anything for you. Someone may have already mentioned that in this thread.

https://www.usatoday.com/story/money/personalfinance/2018/10/13/fico-credit-score-higher-best-loan-rate/1577225002/

[BPTactical]

Furious right now.
Bought a different truck 24 August of this year. Payment date for the old loan was set up for the 28th of the month.
Always paid on time and paid extra towards principal.
I did not pay the August payment due to trading it in.
The dealer I bought the new truck from dicked around for a month before paying off the loan on September 24th, have the letter from the finance company Stating the account is paid in full.
I get a notice today from my credit watch that a late payment was recorded on my old loan.
I will dispute it but anybody got any additional ideas?

[SideShow Bob]

Buy the dealer a cocktail, of the Molotov variety ?

[BPTactical]

Buy the dealer a cocktail, of the Molotov variety ?

Helpful Bob but won't help the credit report.

[ChickNorris]

I suspect that even if ownership was transfered prior to the due date of your payment, legally you are still considered responsible for the punctuality of payment as the financial agreement was with you & not the dealership.

Unfortunately the dealership jerked you & you're left with selling the symantec gymnastics of it. They need to own the transfer date in a letter at minimum so that even if you can resolve it on the official record, you have a tangible document to support your position for the 'unofficial' consideration that may come up after this.

Ive never traded in a vehicle so I have no idea what the paperwork says about assuming responsibility for the remaining debt & the liabilities they did or did not assume.

Geez what a hassle. My sympathy.

[BPTactical]

I suspect that even if ownership was transfered prior to the due date of your payment, legally you are still considered responsible for the punctuality of payment as the financial agreement was with you & not the dealership.

Unfortunately the dealership jerked you & you're left with selling the symantec gymnastics of it. They need to own the transfer date in a letter at minimum so that even if you can resolve it on the official record, you have a tangible document to support your position for the 'unofficial' consideration that may come up after this.

Ive never traded in a vehicle so I have no idea what the paperwork says about assuming responsibility for the remaining debt & the liabilities they did or did not assume.

Geez what a hassle. My sympathy.



There is a legally binding document showing the date the receiving dealer accepted the trade in vehicle.
It is called a Bill of Sale.
Account shows paid in full and I was even sent a refund check from the lender for overpayment.
Anyway I have disputed it and provided documentation to the Credit Bureau showing that payment was current at trade in and a copy of the Bill of Sale showing trade in date.
The real bitch is the loan on the new vehicle is carried by the same lender with a date of effect of 8-24-18, the new loan was already approved and in place when the old vehicle was physically traded in.

Dealer playing fuck-fuck games, they likely didn't pay it off until they sold it.
That's not my problem.

[brutal]

There is a legally binding document showing the date the receiving dealer accepted the trade in vehicle.
It is called a Bill of Sale.
Account shows paid in full and I was even sent a refund check from the lender for overpayment.
Anyway I have disputed it and provided documentation to the Credit Bureau showing that payment was current at trade in and a copy of the Bill of Sale showing trade in date.
The real bitch is the loan on the new vehicle is carried by the same lender with a date of effect of 8-24-18, the new loan was already approved and in place when the old vehicle was physically traded in.

Dealer playing fuck-fuck games, they likely didn't pay it off until they sold it.
That's not my problem.

The rub is that it is now your cross to bear, not theirs.

Fuckers.